State President’s Chile trip to boost bilateral trade ties

The upcoming official visit to Chile by President Lương Cường is expected to open up new opportunities for trade relations between the two countries, especially as bilateral trade ties have made impressive progress in recent times.
State President’s Chile trip to boost bilateral trade ties
Việt Nam's key export products to Chile are phones and accessories; machinery, equipment, and other spare parts. — VNA/VNS Photo

According to the Ministry of Industry and Trade (MoIT), since the Việt Nam-Chile Free Trade Agreement (VCFTA) officially came into effect in 2014, Việt Nam has consistently maintained a trade surplus with Chile.

Notably, Việt Nam's exports to Chile have increased fivefold over the last decade. Furthermore, businesses from the two countries have effectively capitalised on the opportunities brought by the FTA to tap into each other's markets.

Statistics from the General Department of Customs show that in 2023, amidst challenges in the global economy, two-way trade between Việt Nam and Chile reached US$1.57 billion. Of this, Việt Nam's exports totaled $1.2 billion, while its imports amounted to $375.16 million.

Việt Nam’s exports to Chile have continued to grow since the beginning of this year. In the first nine months of 2024, bilateral trade value hit $1.29 billion, with Việt Nam exporting $1.04 billion worth of goods. Chile is currently the fourth largest trade partner of Việt Nam in Latin America, following Brazil, Mexico and Argentina.

Việt Nam's key export products to Chile are phones and accessories; machinery, equipment, and other spare parts; textiles and garments; footwear; clinker and cement; rice; bags, wallets, suitcases, hats, umbrellas; and coffee. Among these, phones and accessories make up the largest share of Việt Nam's exports to the Latin American country.

Meanwhile, Việt Nam’s imports from Chile mainly consist of raw materials for producing export goods, such as copper, plantation wood, paper pulp, wine, fresh fruits, animal and vegetable oils, animal feed and ingredients, and scrap metal.

According to the European-American Market Department under the MoIT, in recent years, the MoIT and the Ministry of Foreign Affairs of Chile have alternately organised the Việt Nam-Chile Free Trade Council (VCFTC)’s meetings.

The council serves as an effective mechanism to review the implementation of the VCFTA and promote bilateral cooperation in areas of economics, trade, investment, agriculture, education, healthcare, and science - technology.

The VCFTC’s fifth meeting was held in June this year in Hà Nội under the co-chair of Deputy Minister of Industry and Trade Nguyễn Hoàng Long and Vice Minister for International Economic Relations of the Ministry of Foreign Affairs of Chile Claudia Sanhueza. It identified key issues that need to be implemented in the coming time to boost bilateral economic, trade, and investment cooperation.

Although the VCFTA only includes commitments on goods, it has provided a significant boost to the economic and trade relations between the two countries.

Experts said the trade pact allows Vietnamese products to enter the Chilean market with tariff preferences, facilitating their competition with products from other countries. Additionally, the CPTPP, which officially came into effect for Chile in February 2023, has brought about new opportunities for businesses from Việt Nam and Chile to expand trade and investment cooperation in each other's markets.

Chile's membership in the Pacific Alliance makes it easier for Vietnamese businesses to access not only the Chilean market but also other member countries of the alliance such as Peru, Colombia, and Mexico.

With a population of over 19 million and high per capita income, Chile has significant consumption demand in South America. Vietnamese products are favoured by Chilean consumers, creating favourable conditions for Vietnamese businesses to export to this market.

To promote the export of Vietnamese goods to Chile, businesses are advised to focus on market survey to gain a thorough understanding of consumer demands and trends; as well as stay updated on Chile's economic, trade, and investment policies through state support agencies, such as the MoIT, the Vietnamese Embassy in Chile, and the Chilean Embassy in Việt Nam.

Attention must be paid to trade promotion and connection activities, as well as building brands and marketing strategies through communication channels and international events, to seek cooperation opportunities with Chilean partners, experts said. — VNS

Source: VNS
vietnamnews.vn

Related News

Latest News

HCM City set to welcome fresh wave of US investment

HCM City set to welcome fresh wave of US investment

Ho Chi Minh City is poised to attract a new wave of investment from US enterprises, with numerous projects proposed in key sectors.
Party leader’s Malaysia visit highlights Vietnam’s ASEAN-centric approach: Thai newspaper

Party leader’s Malaysia visit highlights Vietnam’s ASEAN-centric approach: Thai newspaper

The official visit to Malaysia from November 21-23 by General Secretary of the Communist Party of Vietnam Central Committee To Lam highlights Vietnam’s ASEAN-centric approach, positioning both nations as key players in counterbalancing external influences in Southeast Asia, scholar Kavi Chongkittavorn wrote in an article posted on the Thai Public Broadcasting Service (Thai PBS)'s website on November 22.
Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.

More News

Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
NA Chairman departs for official visit to Cambodia

NA Chairman departs for official visit to Cambodia

National Assembly Chairman Tran Thanh Man and a high-ranking delegation of Vietnam’s Party and State left Hanoi on November 21 for an official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).
Innovating gold market management mindset

Innovating gold market management mindset

VCN - To better manage the gold market in the current context, Ass. Professor Dr. Nguyen Thuong Lang, Senior Lecturer at the Institute of International Trade and Economics, National Economics University, believed that a shift in gold market management was needed. Moving away from administrative control toward more economically driven mechanisms and policies is essential.
Businesses need support from vietnamese representative offices abroad

Businesses need support from vietnamese representative offices abroad

VCN - Several heads of Vietnamese representative offices abroad believe that Vietnamese businesses need to prepare solutions to respond to the changing global economy and meet the increasing demands of the international market.
Vietnam-Cambodia relations expected to enter new development period: official

Vietnam-Cambodia relations expected to enter new development period: official

The upcoming trip to Cambodia by National Assembly (NA) Chairman Tran Thanh Man is expected to advance the relations between the two countries into a new development period on the basis of equality, mutual benefit, effective cooperation, and respect for each other's interests, a legislator has said.
Vietnam emerges as forerunner in global nearshoring trend

Vietnam emerges as forerunner in global nearshoring trend

Vietnam has emerged as a leading destination for companies relocating their production facilities, aiming to protect supply chains from potential disruptions, according to an article published by Brazil’s riotimesonline.com on November 17.
PM’s visit to Dominican Republic to cement ties

PM’s visit to Dominican Republic to cement ties

Following his trip to Rio de Janeiro Brazil for the G20 Summit and bilateral engagements, Prime Minister Pham Minh Chinh, accompanied by his spouse and a high-ranking Vietnamese delegation, is set to embark on an official visit to the Dominican Republic from November 19-21.
Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

VCN - On November 8, 2024, Vietnam Report in collaboration with VietNamNet Newspaper announced the VNR500 Ranking - Top 500 Largest Enterprises in Vietnam in 2024. The indicators under the VNR500 Ranking show that the business performance has been positive although there are still "headwinds".
"Explosion" of aviation retail with new services

"Explosion" of aviation retail with new services

VCN - With many large investment projects, Vietnam is considered a potential destination for the aviation trade industry in the Asian region, in which aviation retail will "explode".
Read More

Your care

Latest Most read
HCM City set to welcome fresh wave of US investment

HCM City set to welcome fresh wave of US investment

Ho Chi Minh City is poised to attract a new wave of investment from US enterprises, with numerous projects proposed in key sectors.
Party leader’s Malaysia visit highlights Vietnam’s ASEAN-centric approach: Thai newspaper

Party leader’s Malaysia visit highlights Vietnam’s ASEAN-centric approach: Thai newspaper

The official visit to Malaysia from November 21-23 by General Secretary of the Communist Party of Vietnam Central Committee To Lam highlights Vietnam’s ASEAN-centric approach, positioning both nations as key players in counterbalancing external influences in Southeast Asia, scholar Kavi Chongkittavorn wrote in an article posted on the Thai Public Broadcasting Service (Thai PBS)'s website on November 22.
Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.
Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
Mobile Version