Peru’s mega-port to open opportunities for Vietnam's import-export, logistics
According to experts, designed to handle 1.5 million TEUs annually, Chancay is poised to play a vital role in boosting economic and trade relations between the Southeast Asian nation and its Latin American peers. Forecasts suggest that trade between Vietnam and Latin America could grow by up to 10% on a yearly basis, provided that improvements in logistics and transport connections are made.
Leveraging the mega-port as an optimal logistics solution, Vietnam could significantly increase its import-export turnover with Latin American partners, especially in sectors such as industry, agricultural goods, and energy. As a result, Chancay is expected to become a crucial link for economic and trade relations between Vietnam and Peru in particular and Latin America in general. The former will be better positioned to capitalise on existing trade agreements with countries in the region, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam-Chile and Vietnam-Cuba free trade agreements.
Vietnam's import-export turnover with Latin American countries reached 20.6 billion USD last year. Its major exports to the region include farm produce, garments-textiles, footwear, processed foods, wood products, electronics, and components. Meanwhile, Vietnam primarily imports raw materials, agricultural products, wood, garment accessories, and animal feed.
With new maritime routes connecting Chancay and Vietnam, Vietnamese businesses can optimise both time and transport costs. It is estimated that the port could reduce shipping times from the country to Latin America by up to 30%, or even 50%, which could help firms involved save up to 20% in logistics costs compared to traditional routes. This would enable Vietnam to export key products like textiles, electronics, and agricultural goods (such as rice and coffee) to and import minerals, agricultural products, and petroleum from Latin American countries at more competitive costs./.
Related News
Latest News
Vietnam Report announces top 500 most profitable enterprises
15:45 | 25/10/2024 Import-Export
Fruit and vegetable exports soar, nearing US$6 billion
14:19 | 25/10/2024 Import-Export
An export item to China accounts for more than 90%
14:17 | 25/10/2024 Import-Export
Vietnamese steel industry under pressure amid protectionism tension and dumping
14:48 | 24/10/2024 Import-Export
More News
Vietnamese goods enter US through global supply chain
14:47 | 24/10/2024 Import-Export
Vietnam's exports to Singapore maintain high growth
14:46 | 24/10/2024 Import-Export
Focus on sustainable development, greening the textile industry
15:11 | 23/10/2024 Import-Export
Seafood exports to boom in year-end despite headwinds: Experts
15:09 | 23/10/2024 Import-Export
Vietnam’s lobsters claw back prominence in China
15:08 | 23/10/2024 Import-Export
Over 9,000 foreign cars imported to Vietnam to in the first half of October
13:44 | 23/10/2024 Import-Export
Enterprises develop sustainably thanks to effective trade defense
13:43 | 23/10/2024 Import-Export
Green transformation - the challenge of businesses in sustainable development
14:08 | 22/10/2024 Import-Export
Trade ministry proposes helping SMEs move up global value chains
14:03 | 22/10/2024 Import-Export
Your care
Vietnam Report announces top 500 most profitable enterprises
15:45 | 25/10/2024 Import-Export
Fruit and vegetable exports soar, nearing US$6 billion
14:19 | 25/10/2024 Import-Export
An export item to China accounts for more than 90%
14:17 | 25/10/2024 Import-Export
Vietnamese steel industry under pressure amid protectionism tension and dumping
14:48 | 24/10/2024 Import-Export
Vietnamese goods enter US through global supply chain
14:47 | 24/10/2024 Import-Export