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Viet Nam looks to US$20 bln trade value with Latin America

VGP – Viet Nam seeks to raise its trade value with Latin America to US$20 billion by 2025 and attract US$12-23 billion in investment capital from the region.

December 09, 2021 6:51 PM GMT+7

Deputy Minister of Industry and Trade Do Thang Hai made that above statement at the Viet Nam-Latin America Trade Forum held in Ha Noi on December 9. 

Viet Nam has established trade relations with 33 nations in Latin America. The bilateral trade value increased 63 times from US$245 million in 2000 to US$15.6 billion in 2020. Viet Nam’s exports and imports from the region hit US$8.3 billion and US$7.3 billion, respectively. 

Currently, 27 nations and territories in Latin America poured US$9.3 billion in 297 projects in Viet Nam. 

The nation has maintained the operation of the inter-Governmental Committees and the Joint Committees on economic, trade and investment cooperation with Argentina, Brazil, Cuba, Haiti, Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela.

These committees are regarded as crucial channels for both sides to exchange information, identify cooperative mechanisms and projects and promote the implementation of cooperative programs of mutual concerns. 

The country signed a number of agreements with Latin American nations, including the Free Trade Agreement (FTA) with Chile in 2011 and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in which Mexico, Chile and Peru have joined. 

Viet Nam expects to promote trade and investment ties with nations in Latin America, focusing on such sectors as energy, communications, high-tech agriculture and other industries, affirmed the Deputy Minister. 

By Thuy Dung