At the Vietnam-Ecuador Business Forum (Photo: VNA)

Hanoi (VNA) – The Vietnamese Embassy in Chile and Ecuador and Ecuador’s Chamber of Commerce of Quito recently organised the Vietnam-Ecuador Business Forum to promote trade and investment between the two countries.

The event drew the participation of officials from Ecuador’s Ministry of Foreign Affairs and Ministry of Foreign Trade and Investment, and more than 90 businesses.

According to Vietnamese Ambassador to Chile and Ecuador Nguyen Ngoc Son, this is the best time for the two countries to enhance trade and investment ties, particularly when the Vietnamese Government’s policies are to enhance economic cooperation with Latin American nations and Ecuador in particular.

Ecuadorian products will have opportunities to enter the 620-million-strong ASEAN market via Vietnam. Meanwhile, Vietnamese goods to Ecuador share the same chances to get in Latin American countries, he said.

Also, the Vietnamese diplomat spoke highly of the Ecuadorian Government’s decision to open its embassy in Hanoi as well as accelerate the signing of several cooperation documents with Vietnam. In addition, Ecuador’s process to join the Pacific Alliance is a vivid illustration for the country’s interest in promoting trade with Asia in general and Southeast Asia in particular.

President of the Chamber of Commerce of Quito Patricio Alarcon Proano affirmed that the business forum is an important event for the bilateral economic-trade cooperation.

He said that Vietnam, with progress in economic growth, foreign investment attraction, competitiveness, and socio-economic stability, is a typical example for Ecuador to learn from.

At the event, Vietnam’s potential exports like food, equipment for agricultural and fishery sectors, and garments were introduced to Ecuadorian businesses.

According to a report from the Central Bank of Ecuador, Vietnam is a strategic export market of Ecuador in Asia, with export revenue reaching over 1.4 billion USD in 2017. However, Vietnamese shipments to the Latin American country are still modest, with a value of 150 million USD. Thus, both sides still see huge potential for further cooperation in the future.-VNA