Latin America among most important markets for Vietnam: official

Latin America is always one of the most important markets for Vietnam, an official of the Ministry of Industry and Trade (MoIT) told the recent Vietnam International Sourcing 2023.

Latin America among most important markets for Vietnam: official hinh anh 1

Companies of Vietnam and Latin American countries seek partnership chances at at business matching event of Vietnam International Sourcing 2023. (Photo: VNA)

Latin America is always one of the most important markets for Vietnam, an official of the Ministry of Industry and Trade (MoIT) told the recent Vietnam International Sourcing 2023.

Over the past years, trade and investment relations between Vietnam and Latin America have continually developed and expanded, said Ta Hoang Linh, Director of the MoIT’s European - American Market Department, at the event, held in Ho Chi Minh City from September 13 to 15.

He cited statistics showing that bilateral trade doubled to 23 billion USD in 2022 from 14.2 billion USD in 2018. It stood at 13.4 billion USD in the first eight months of 2023, down 14% from a year earlier.

Despite the fall during January - August, it is encouraging that the decline has recently slowed down compared to the first months of the year. Particularly, the eight-month trade with some markets has posted year-on-year increases, signalling the recovery of Vietnam - Latin America trade, he went on.

Notably, aside from the biggest Latin American markets like Brazil, Mexico, Argentina and Chile, many others in the region such as Panama, Colombia, and Peru have also recorded impressive growth in trade with the Southeast Asian nation in recent years.

Considering Vietnam’s trade relations, Latin America is always one of the most important markets, Linh said. He added that it is not only a potential importer of Vietnam’s strong products such as textiles-garments, leather-footwear, farm produce and fisheries products, but also a supplier of important materials like corn, soya bean, and animal feed for the country’s manufacturing industries.

A representative of the Vietnamese Trade Counsellor in Chile said the Vietnam - Chile Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), have provided mechanisms for Vietnam to step up exporting goods, including many entitled to zero tariffs, to Chile.

Chile is currently the third largest destination of Vietnamese goods in Latin America, after Brazil and Mexico, the representative said.

Latin America among most important markets for Vietnam: official hinh anh 2

Businesses showcase products at Vietnam International Sourcing 2023. (Photo: VNA)

Meanwhile, Tatiana Prazeres, Secretary of Foreign Trade at the Brazilian Ministry of Development, Industry, Trade and Services, noted her country is the biggest trading partner of Vietnam in Latin America.

In 2022, bilateral trade rose 6.5% year on year to 6.78 billion USD. That consisted of 2.24 billion USD in Vietnam’s exports to Brazil, down 1.3%, and 4.55 billion USD in imports, up 10.8%.

The trade turnover reached 3.86 billion USD during the first seven months of 2023, down 7.5% from a year earlier, comprising 1.47 billion USD in Vietnam’s exports (up 14%) and 2.39 billion USD in imports (down 17.1%), data show.

Vietnam’s main exports to Brazil include mobile phones and components, computers, electronic devices and components, machinery and spare parts, vehicles, steel, and footwear. Meanwhile, the Southeast Asian nations mainly imports ores and minerals, cotton, animal feed and materials, soya bean, corn, timber and wood products, and garment and footwear materials from the Latin American country, according to Prazeres.

Linh said there remains much room for Vietnamese enterprises to boost cooperation with Latin America, but they need to take methodological and professional steps.

They should identify potential products for each market, work to meet quality standards, and distribute goods via retail networks of Latin American countries, he recommended.

Nguyen Manh Cuong, a representative of the Vietnam Organic Agriculture Association, noted that since 2024, some Latin American countries will begin enforcing regulations on imports of genetically modified products. This is a chance for producers and suppliers of clean farm produce to grow shipments to Latin America./.
en.vietnamplus.vn

Related News

Latest News

Vietnamese, Lao NA leaders hold talks in Vientiane

Vietnamese, Lao NA leaders hold talks in Vientiane

Vietnamese National Assembly (NA) Chairman Vuong Dinh Hue held talks with his Lao counterpart Saysomphone Phomvihane in Vientiane on December 4 as part of Hue’s trip to Laos for the Cambodia-Laos-Vietnam (CLV) Parliamentary Summit.
Vietnam, Canada cooperate in IP management

Vietnam, Canada cooperate in IP management

The Global Affairs Canada through the Expert Deployment Mechanism for Trade and Development (EDM) provided a training course on improving intellectual property (IP) management capacity for a delegation from the Vietnamese Ministry of Science and Technology (MoST) and Ministry of Finance from November 27 to December 2.
Vietnam earns almost 26 billion USD from tourists in 11 months

Vietnam earns almost 26 billion USD from tourists in 11 months

Vietnam recorded about 628.3 trillion VND (over 25.8 billion USD) in total earnings from tourists during January - November, said the Vietnam National Authority of Tourism (VNAT).
PM meets leaders of countries, int"l organisations on COP28 sidelines

PM meets leaders of countries, int"l organisations on COP28 sidelines

Prime Minister Pham Minh Chinh had bilateral meetings with leaders of countries and international organisations in Dubai on December 2, on the sidelines of the 28th UN Climate Change Conference of the Parties (COP28).

More News

Vietnam’s PMI drops to lowest level in five months: S&P Global

Vietnam’s PMI drops to lowest level in five months: S&P Global

Vietnam's Manufacturing Purchasing Managers' Index (PMI) dropped to a five-month low of 47.3 in November from 49.6 in October, according to international independent credit rating data source and index provider Standard & Poor’s Global (S&P Global).
High-quality manpower could level up semiconductor development

High-quality manpower could level up semiconductor development

Vietnam is in need of high-quality engineers for the semiconductor industry, which holds great potential to create a breakthrough for sustainable economic development.
To achieve growth goals, businesses must "suffer" restructuring

To achieve growth goals, businesses must "suffer" restructuring

VCN - To achieve socio-economic goals in 2024, Prof.Dr. Hoang Van Cuong (photo), Hanoi National Assembly delegate, Vice Rector of the National Economics University, Member of the National Assembly's Finance and Budget Committee emphasized the work of restructuring businesses, even businesses must endure " one-time pain to innovate and recover.
President hosts General Secretary of World Federation of Trade Unions

President hosts General Secretary of World Federation of Trade Unions

President Vo Van Thuong hosted a reception in Hanoi on December 1 for General Secretary of the World Federation of Trade Unions (WFTU) Pambis Kyritsis, who is in Vietnam to attend the 13th National Congress of the Vietnam General Confederation of Labour (VGCL).
President’s Japan visit yields comprehensive outcomes: FM

President’s Japan visit yields comprehensive outcomes: FM

President Vo Van Thuong’s freshly-concluded visit to Japan has reaped significant and comprehensive achievements, Minister of Foreign Affairs Bui Thanh Son told the press.
Vietnamese, Turkish national flag carriers cooperate on goods transport

Vietnamese, Turkish national flag carriers cooperate on goods transport

Vietnam Airlines and Turkish Airlines signed an agreement on November 29 to promote cooperation in the field of air cargo transport to bring long-term value to customers and both airlines.
President calls for more support from Japan-based specialists" association for Vietnam

President calls for more support from Japan-based specialists" association for Vietnam

President Vo Van Thuong received a delegation of the Japan - Vietnam specialists’ association led by President of Hiroshima University Prof. Ochi Mitsuo in Fukuoka city on November 30.
November’s CPI grows 3.45%

November’s CPI grows 3.45%

The consumer price index (CPI) for November has gone up by 0.25% compared to the previous month and 3.45% to the same period last year, announced the General Statistics Office (GSO) on November 29.
Ensuring employment, social welfare creates motivation for economic development: Official

Ensuring employment, social welfare creates motivation for economic development: Official

Ensuring employment and social welfare for people is an important and regular task and responsibility of both the political and social systems, and always receives due attention of the Party and State, contributing to motivating economic growth, maintaining political stability, and demonstrating Vietnam's commitment to implement the Sustainable Development Goals to 2030.
Read More

Your care

Latest Most read
Vietnamese, Lao NA leaders hold talks in Vientiane

Vietnamese, Lao NA leaders hold talks in Vientiane

Vietnamese National Assembly (NA) Chairman Vuong Dinh Hue held talks with his Lao counterpart Saysomphone Phomvihane in Vientiane on December 4 as part of Hue’s trip to Laos for the Cambodia-Laos-Vietnam (CLV) Parliamentary Summit.
Vietnam, Canada cooperate in IP management

Vietnam, Canada cooperate in IP management

The Global Affairs Canada through the Expert Deployment Mechanism for Trade and Development (EDM) provided a training course on improving intellectual property (IP) management capacity for a delegation from the Vietnamese Ministry of Science and Technology (MoST) and Ministry of Finance from November 27 to December 2.
Vietnam earns almost 26 billion USD from tourists in 11 months

Vietnam earns almost 26 billion USD from tourists in 11 months

Vietnam recorded about 628.3 trillion VND (over 25.8 billion USD) in total earnings from tourists during January - November, said the Vietnam National Authority of Tourism (VNAT).
PM meets leaders of countries, int"l organisations on COP28 sidelines

PM meets leaders of countries, int"l organisations on COP28 sidelines

Prime Minister Pham Minh Chinh had bilateral meetings with leaders of countries and international organisations in Dubai on December 2, on the sidelines of the 28th UN Climate Change Conference of the Parties (COP28).
Vietnam’s PMI drops to lowest level in five months: S&P Global

Vietnam’s PMI drops to lowest level in five months: S&P Global

Vietnam's Manufacturing Purchasing Managers' Index (PMI) dropped to a five-month low of 47.3 in November from 49.6 in October, according to international independent credit rating data source and index provider Standard & Poor’s Global (S&P Global).
Mobile Version