Vietnamese Deputy Minister of Industry and Trade Do Thang Hai (L) and Colombian Deputy Minister of Trade, Industry and Tourism Soraya Caro Vargas sign a Memorandum of Understanding (MoU) on trade, investment, and industrial cooperation, Bogota, Colombia, September 27, 2023 - Photo: VGP

The MoU was inked by Vietnamese Deputy Minister of Industry and Trade Do Thang Hai and Colombian Deputy Minister of Trade, Industry and Tourism Soraya Caro Vargas.

The two officials co-chaired the first meeting of the Joint Economic Committee of the two countries.

The signing of the MoU marks the first time the two countries have established a mechanism of joint economic commission, thus creating an official and comprehensive channel for periodic dialogue, reviewing cooperation, addressing issues, and discussing measures to promote economic, trade, and investment cooperation.

Speaking at the meeting, Do emphasized that Viet Nam considers Colombia an important partner in the Latin American region and is ready to collaborate with the country to implement measures towards boosting trade, economic recovery, and global supply chain connectivity.

For her part, Vargas expressed her satisfaction with the positive developments in Viet Nam-Colombia trade relations in recent years, especially in the context that the two sides have been cooperating and supporting each other in international organizations, multilateral forums, and regional cooperation mechanisms.

The positive growth of two-way trade turnover is clear evidence that bilateral trade relations are increasingly strengthened, she said.

The two officials, however, acknowledged that the economic, trade, and investment relations between the two countries, in terms of scale, have not yet fully matched the potential and that the Vietnamese and Colombian business communities still face several challenges in business cooperation.

Both sides agreed on the need to promote bilateral economic relations as well as cooperation within multilateral frameworks.

As an active member of the Pacific Alliance, Colombia will serve as a bridge for Vietnamese goods to penetrate the Latin American market. Meanwhile, Viet Nam opens doors for Colombian products to enter the ASEAN market and the Asia-Pacific region.

To realize the goal of lifting two-way trade to US$1 billion in the next three years, the two sides have agreed to continue discussing specific plans to promote the export of strong products of the two sides to their respective markets.

The MoU and the establishment of the Viet Nam–Colombia Joint Economic Committee are a significant step in bilateral economic cooperation, demonstrating the commitment and determination of both sides to promote the bilateral cooperation in a substantive and comprehensive manner in all areas, especially in economics trade, and investment.

Colombia is one of Viet Nam's top important partners in the Latin American region, with the two-way trade hitting US$742 million in 2022, up 11.4 percent year-on-year.