SANTIAGO — Vietnamese enterprises can expand export markets to South American countries through Chile, Vietnamese Ambassador to Chile Phạm Trường Giang told the Vietnam News Agency.
He emphasized that both Chile and Viet Nam are signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and that Chile is the first South American nation with which Viet Nam has inked an FTA (CPTPP).
Before the Chile-Vietnam Free Trade Agreement (FTA) went into effect, two-way trade turnover only reached around US$500 million annually, and Vietnam always had a trade deficit. Since the FTA went into force in January 2014, Viet Nam has had a trade surplus with Chile and is now the biggest exporter to Chile among ASEAN states.
In the first nine months of this year, two-way trade reached $1.72 million, with Viet Nam’s exports coming in at $1.38 million, up 11.8% annually.
According to the ambassador, Viet Nam and Chile have complementary goods structures that could advance economic cooperation.
According to Giang, Viet Nam imports raw materials for these kinds of products while exporting footwear, textiles and apparel, and electronic products to the Chilean market.
There is a tremendous chance for Vietnamese consumer goods to enter this market because Chile has a strong need for these necessary
The ambassador did note that Vietnamese companies still had to compete with comparable items from China, India, Bangladesh, and other nearby nations like Peru, Paraguay, Uruguay, and Colombia that are priced lower. Vietnamese enterprises also face difficulty with language barriers, lengthy distances, and high shipping expenses, he added.
According to the diplomat, the embassy would enhance and expand the ways it uses its website to promote Vietnamese businesses in the future. It will also organize a Viet Nam Products Week at prominent supermarkets and retail chains in Chile.
In order to take advantage of Chile’s position as a logistics hub in South America, reduce shipping costs and times for Vietnamese goods, and at the same time promote experience sharing and investment cooperation in renewable energy – a sector of Chile’s interest and strength, he said, the initiative will also conduct an intensive survey of the two free trade zones in the north and south of Chile.
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