Last updated: Thursday, May 23, 2013
"Vietnam and Latin America: Trade and Investment Partners for Development"Posted: Monday, June 11, 2012
Vietnam will attend a ministerial forum on Vietnam - Latin America trade and investment, the Ministry of Foreign Affairs announced at a recent press conference in Hanoi.
This is an important foreign affairs effort for Vietnam, aiming to boost policy-making and discuss bilateral cooperation in trade and investment between Vietnam and Latin America. It will offer a good opportunity for businesses on both sides to exchange information, seek investment opportunities and sign cooperation agreements.
The event is expected to draw the participation of 400 - 500 delegates from 27 Latin American countries including ministers, deputy ministers in charge of international trade and investment, representatives from Latin America embassies in Vietnam, Latin American business communities operating in Vietnam or interested in the country.
Prime Minister Nguyen Tan Dung will lead a delegation of Vietnamese ministers, provincial leaders, mayors and CEOs to the forum.
Currently, Vietnam and Latin American countries have huge prospects for trade and investment development. With a GDP of more than US$5,500 billion and a population of 580 million, Latin America represents great investment opportunities for Vietnamese companies. Brazil, Mexico and Argentina are among the G20 block of emerging countries. This market needs to import many products which are key exports of Vietnam.
Robustly expanding economic integration and market opening have formed many interregional linkages like APEC, TPP, FEALAC, ASEAN - MERCOSUR.
According to statistics, trade relations between Vietnam and Latin American countries are very good. Bilateral trade turnover increased from US$300 million in 2000 to US$4.5 billion in 2011. To date, Vietnam has pledged to invest US$7 billion into this area while Latin American countries vowed to invest US$3 billion in Vietnam.
The forum will look into the Vietnam - Latin America relationship background; potentials and opportunities, advantages and obstacles to trade, economic and investment relations between Vietnam and Latin America; and cooperation orientations. Besides, there are three symposiums themed “Vietnam - Latin America business investment and ideas for trade - investment promotion,” “Vietnam - Latin America traffic connectivity, logistics, telecommunications and services” and “Vietnam - Latin America partnership in agriculture and energy.”
In addition, some business-matching events will be organised together with the forum and symposiums.
Seeing a good opportunity for Vietnamese enterprises to learn and expand cooperation with Latin American partners, the Vietnam Chamber of Commerce and Industry (VCCI) will organise a meeting for Vietnamese businesses with Latin American companies. Interested enterprises may contact Ms Li or Ms Phuong, VCCI International Relations Department; Tel: 04-35742022 ext 247, 248.