Boosting Vietnam-Mexico Business Cooperation

The potential for collaboration between Vietnamese and Mexican enterprises remains extensive across multiple sectors. The renewal of an MOU between the Vietnam Chamber of Commerce and Industry (VCCI) and the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) will strengthen substantive partnerships, promoting prosperity and sustainable development for businesses in both countries.

Speaking at a recent meeting with Stephane Michel, Chairman of COMCE’s Asia and Oceania International Committee, held at VCCI headquarters in Hanoi, VCCI Secretary General Tran Thi Lan Anh noted that the traditional friendship and cooperation between Vietnam and Mexico have continued to grow, expanding sustainably and delivering practical benefits to the people of both countries. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has been recognized as a milestone, generating strong momentum for trade and investment cooperation between Vietnam and its partners in general, and Mexico in particular.

Mexico is currently Vietnam’s second-largest trading partner in Latin America. Since both countries joined the CPTPP, bilateral trade has increased at an average annual rate of nearly 15%. Vietnam’s main exports to Mexico include electronic equipment, machinery, footwear, steel, and seafood, with Mexico ranking as the third-largest importer of Vietnamese pangasius.

Conversely, the Vietnamese market offers significant opportunities for Mexican exporters in sectors such as machinery and electrical equipment, pharmaceuticals, meat and food products, as well as signature beverages like mezcal and tequila.

In just the first two months of 2025, Vietnam’s exports to Mexico reached US$930.3 million, up 13.1% year-on-year. Imports from Mexico totaled US$158.6 million, up 1.5%. Vietnam recorded a trade surplus of nearly US$772 million with Mexico during this period.

The two countries have signed agreements in agriculture, health, culture, education, science and technology, along with visa exemptions and political consultations. Enterprise presence is also growing, with Mexico’s largest retailer Coppel repeatedly seeking Vietnamese partners to import footwear, clothing, plastics, rubber, and more.

In return, major Vietnamese corporations have actively expanded operations in Mexico. FPT has opened a branch in Guadalajara, while VinFast has conducted market surveys and completed procedures to establish a company for exporting and distributing electric vehicles in Mexico and Central America. Notably, in October 2024, VinFast signed an MOU with the Durango Drivers' Union to supply 3,000 VF 5 electric cars and 300 electric buses to Mexico.

VCCI Secretary General Tran Thi Lan Anh also noted that on August 5, 2025, VCCI and COMCE successfully facilitated a meeting for Mexico’s microfinance company Finvivir to explore business expansion in Vietnam with three partners: the Vietnam Women’s Union, Tinh Thuong One-Member Limited Liability Microfinance Institution (TYM), and PwC Consulting.

VCCI encouraged Mexican businesses to leverage Vietnam’s supply ecosystem to diversify sourcing with CPTPP tariff preferences for products such as textiles, footwear, wooden furniture, and electronics, with priority also given to exports in sectors including seafood (pangasius, basa, tuna) and agriculture (rice, animal feed, and raw materials).

Both sides should also strengthen cooperation in foundational industries such as materials, metallurgy, mechanical engineering, processing and manufacturing, electronics, chemicals, and pharmaceuticals; and enhance collaboration through the Vietnam-Mexico Joint Committee on Economic, Trade and Investment Cooperation.

Agreeing with this perspective, Stephane Michel emphasized that COMCE serves as the coordinating body for Mexican private businesses in international trade, including promoting commerce and attracting foreign direct investment. COMCE is also a member of the APEC Business Advisory Council (ABAC). In July 2024, the Mexican Embassy in Vietnam, in cooperation with COMCE and Mexico’s Foreign Trade Bank, published the guidebook “Doing Business in Vietnam for Mexican Companies.”

Looking ahead, both sides will boost trade promotion, expand core exports, and cooperate on CPTPP implementation to improve market access and maximize benefits in agriculture, intellectual property, and financial services.

 Stephane Michel expressed his expectation that through cooperation with VCCI, Mexican companies will increase exports of their most competitive products to Vietnam while fostering a healthy, competitive, and secure business environment for both sides in the future.

Also, during the meeting, VCCI and COMCE signed a new MOU. Previously, the two sides had signed a cooperation agreement on October 22, 2019, during a COMCE business delegation visit to Vietnam. Both sides have also repeatedly discussed upgrading bilateral relations and plan to increase high-level visits while finalizing the bilateral legal framework.

By Lan Anh, Vietnam Business Forum