Developing investment and trade between Vietnam and American region

The Investment and Trade Promotion Center of Ho Chi Minh City (ITPC), in coordination with Department of American Markets under the Ministry of Industry and Trade, organised a seminar on November 24 on potential and opportunities to develop investment and trade between Vietnam and American region.

Vietnam currently holds trade relations with 33 countries in the American region. The two-way trade turnover reached US$145 million in 2000 and increased to US$2 billion in 2009 with an annual average growth rate of 30 percent.

At the seminar, delegates discussed urgent measures to promote exports to the American region, such as strengthening introduction of Vietnamese goods to businesses in this region, coordinating with foreign countries’ embassies in Vietnam to promote advertisement, and organising delegations for exchange.

In the first nine months of this year, Vietnam’s export turnover gained over US$1 billion in the American region, including in 10 main markets: Brazil, Mexico, Cuba, Panama, Argentina, Chile, Ecuador, Colombia, Peru and Venezuela.

By the end of 2010, Vietnam’s export turnover in this region is estimated to achieve US$1.8 billion, rising 40.6 percent compared to the same period in 2009, and the two-way trade turnover may also rise to US$3.5 billion. The growth rate is predicted to continue increasing in the upcoming years.

Participants at the seminar also proposed websites in Spanish to support Vietnamese export businesses, gather Overseas Vietnamese and foreign businesses to bring Vietnamese goods to enter the American region. – VOV