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Friday, June 21, 2024

Vietnam-Latin America bilateral trade continues expanding

By Hong Ngan

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HCMC – Despite global economic uncertainties, Vietnamese trade with Latin America in January-October expanded 10.5% year-on-year to US$18.7 billion, according to a Vietnamese trade official.

The figure was released at the Vietnam-Latin America Trade Forum 2022 held yesterday, November 25, in HCMC.

During the 10-month period, Vietnam exported some US$10.2 billion worth of products to Latin America, while importing US$8.6 billion worth of products from the region, rising 10.5% and 17.3% year-on-year, respectively, Do Thang Hai, deputy minister of Industry and Trade, announced at the hybrid event.

Last year saw two-way trade between Vietnam and Latin America amounting to US$21.4 billion, of which Vietnam’s export value expanded over 46% compared to the 2020 figure to reach US$12.5 billion.

Besides Vietnam’s top trading partners in the region, such as Brazil, Mexico and Argentina, many thriving markets comprising Panama, Columbia, and Peru have become bright spots in bilateral trade with Vietnam.

In 2021, Vietnamese trade with Columbia improved more than 41% over a year earlier, at nearly US$675 million. Also, Vietnam’s trade with Peru and Panama inched up 62% and 45.5% against 2020, at roughly US$633 million and US$465 million, respectively.

Regarding two-way trade between the region and HCMC, there remains much room for further growth, said Vo Van Hoan, vice chairman of the HCMC People’s Committee.

In the year to November, two-way trade between HCMC and Latin America increased 13.5% compared to last year, at US$1.25 billion. HCMC shipped products worth US$700 million to Latin American countries during the period. Mexico, Brazil, and Chile were among the major trading partners of HCMC, the vice chairman added.

Latin American countries remain potential markets for Vietnam’s key exports, such as textiles, footwear, agro and fishery products. These countries are also key suppliers of raw materials for the manufacturing sector in Vietnam.

As for investment projects, Vietnam has been executing a number of key projects in Latin America, with total pledged capital amounting to hundreds of millions of U.S. dollars. Among them, Viettel, a major military-run telecom carrier in Vietnam, is developing telecom projects in Peru and Haiti.

Meanwhile, investors from 21 Latin American countries have carried out 114 projects in Vietnam, with total registered capital of some US$671 million.

The Vietnam-Latin America Trade Forum 2022 was held by the Vietnamese Ministry of Industry and Trade, in coordination with the HCMC government. The forum provided updates on economic and trade policies of Latin American countries, analyzed the market situation and demands for Vietnam’s export industries at present, in order to identify opportunities and solutions to promote exports and attract more investors from Latin America.

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