Vietnam, Venezuela beef up economic, trade cooperation hinh anh 1 Ambassador Le Viet Duyen speaks at the online conference. (Photo: Vietnamese Embassy in Venezuela)

Caracas (VNA) -
The Embassy of Vietnam in Venezuela together with the Venezuela-Vietnam Chamber of Commerce (CAVENVIET) organised a webinar on December 10 to launch an office to connect the two countries’ businesses and bolster bilateral trade and investment.

It will also mark the 31st anniversary of Vietnam-Venezuela diplomatic ties and help the countries promote each other’s advantages.

Addressing the event, Vietnamese Ambassador Le Viet Duyen said the countries’ friendship and cooperation have been flourishing in all spheres after 31 years of diplomatic relations, with major achievements seen in politics, diplomacy, and culture.

Regarding economy and trade, Venezuela is a potential market that may help Vietnam reach its goal of expanding and diversifying markets. 

Meanwhile, Venezuela boasts various famous products of high quality that can satisfy market demand in Vietnam, he added.

The diplomat underlined that Vietnam is capable of meeting Venezuela’s demand, especially for pharmaceuticals, garments and textiles, food, and consumer goods.

For his part, CAVENVIET President Oswaldo Hernandez said Venezuela could be a supplier of machinery, electrical devices, biochemical products, and wood and wooden products, which posted value of 4.7 million USD last year.

He also pledged that the agency will frequently update market information, policies, and regulations on investment to support Vietnamese firms and foster economic, trade, investment, and tourism cooperation in the time to come.

Vietnam shipped goods worth about 9.11 million USD to Venezuela in the first nine months of this year.

Two-way trade, however, remained modest compared to potential, standing at just 26.7 million USD in 2019./.