Vietnam, Chile to strengthen trade relations

Vietnam and Chile see plenty of opportunities to lift their trade ties to a new level, after recording many recent benefits, said Jaime Rivera, Chilean trade counsellor to Vietnam.

Since 2000 until now, increases have been made in both the volume and value of goods the two countries export to each other.

According to the Vietnamese Ministry of Trade and Industry’s Import-Export Department, in 2000, only 18 Chilean businesses exported 22 lines of products to Vietnam with a total value of 6.3 million USD.

Currently, 204 Chilean products are present in Vietnam ’s market, including wines, fresh fruits, seafood, canned foods and timber, worth 104 million USD.

Vietnam ’s export earnings from the South American country have risen ten-fold from the 12.3 million USD in 2000 to 126 million USD at present.

At this rate of progress, two-way trade between both countries is expected to reach 300 million USD this year.

At present, many Chilean businesspeople are keen to develop mining and information technology industries in Vietnam while Vietnamese businesses see an opportunity to sell garments, sport shoes, tropical fruits, coffee, rice, crude oil, furniture and tourist products in Chile .

Having a population of 17 million and having already signed a free trade agreement with its neighbouring countries, Chile could provide an excellent gateway for Vietnamese goods to other South American markets, said Rivera.

According to him, Chilean and Vietnamese businesses should link up to produce commodities with the raw materials coming from Vietnam and the processing done in Chile so they can enjoy preferential tariffs and become more competitive.

Vietnam is also likely to join the Trans-Pacific Partnership (TPP) which Chile co-founded, as this will enable both countries to boost trade between one another in the future, he added.

Tags: Vietnam Chile cooperation, Vietnam Chile trade