Vietnam, Argentina target 5 billion USD in bilateral trade value
Updated : Tuesday, June 05, 2018 3:39 PM (GMT+0700)

Vietnamand Argentina hold potential to push bilateral trade to 5 billion USD in thenext few years, heard a commercial exchange event in Ho Chi Minh City on June4.

Making garment for export at a factory. Apparel is among key exports of Vietnam to
Argentina - Photo: VNA

The event was co-organisedby the Argentina Federal Investment Council and the Vietnam Trade PromotionAgency (VIETRADE) under the Ministry of Industry and Trade.

Speaking at the event,Argentinean Ambassador to Vietnam Juan Carlos Valle Raleigh said Vietnam is astrategic partner that Argentine businesses want to boost commercialcooperation.

According to the diplomat,the two countries elevated bilateral relations to the level of strategicpartnership in 2010, creating a premise for the development of economic ties.

Bilateral trade increased to3 billion USD in 2017, with Argentina’s exports to Vietnam reaching 2.5 billionUSD. In the first four months of 2018, Argentina exported 950 million USD worthof commodities to Vietnam and imported 170 million USD worth of Vietnamesegoods.

Despite recording a tradedeficit, Vietnam’s exports to Argentina surged 70 percent in 2017 compared to2016. Vietnam mostly shipped to Argentina high value added products such asapparel, footwear, electronic products, farm produce and processed food. Thetwo markets supplement and cater to each other’s demand.

Argentina is ready to openits market for high quality products from Vietnam, the ambassador said, addingthat Vietnamese farm produce have potential to gain a better foothold inArgentina. The goal of 5 billion USD in bilateral trade is reachable, he stressed.

Vice Governor of Entre Riosprovince Bahl Adan Humberto, who is leading a delegation of three Argentineanprovinces on a visit to Vietnam, said Argentinean firms consider Vietnam animportant market with a lot of potential and opportunities for foreigninvestors.

According to the official,Vietnam has recorded a high and stable economic growth rate, with increasingper capita income pushing up demand for high quality products. Apart frompromoting exports to Vietnam, Argentinean businesses also want to find partnersfor their imports of Vietnamese products.

The vice governor suggestedorganising business exchanges and trade promotion activities to help improvebalance in bilateral trade. Argentina welcomes Vietnamese firms to study itsmarket and introduce their goods, he added.

Argentinean companies alsowant to cooperate with Vietnamese partners in the areas of agriculturalproduction, animal husbandry, tourism and investment, he said.


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