Hanoi (VNA) – Vietnam and Uruguay convened the fourth session of their Joint Committee on Economic, Trade and Investment Cooperation in Hanoi on August 18, agreeing to expand cooperation and unlock new opportunities for bilateral trade and investment.

The meeting was co-chaired by Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang and Uruguayan Deputy Foreign Minister Valeria Csukasi.

The two sides reviewed bilateral cooperation in trade, investment, customs, agriculture, science and technology since the committee’s third session in April 2023, while discussing measures to further advance economic ties.

Thang said economic and trade relations between Vietnam and Uruguay have developed positively, with strong growth in bilateral trade highlighting significant room for further expansion.

The two economies have complementary trade structures, creating opportunities for mutually beneficial value chains. Vietnam supplies industrial, electronic and consumer goods, while Uruguay serves as a source of raw materials for Vietnam’s production and export activities.

During the session, delegates discussed measures to boost two-way trade turnover and diversify the structure of imports and exports, aiming for a sustainable trade balance. The co-chairs agreed to step up trade promotion activities to help businesses from both countries to access each other's markets, while continuing discussions on opening up markets for each country’s key agricultural products.

Vietnam and Uruguay welcomed the goodwill and determination shown in negotiations on the Vietnam-MERCOSUR Preferential Trade Agreement (PTA), and pledged to work toward a successful first negotiating round as a foundation for subsequent rounds of negotiations and a mutually beneficial agreement.

The meeting also identified new areas of cooperation, including agriculture, customs, science and technology, software, timber processing, renewable energy, innovation, culture, sports and tourism.

Csukasi highlighted Uruguay’s strengths in the food-processing industry and value-added agricultural products, noting that the country is also prioritising innovation, science and technology.

Within the multilateral framework, both countries are assuming important roles. Vietnam is serving as Chair of the CPTPP Council in 2026 and will host APEC 2027, while Uruguay has held the pro tempore presidency of the Community of Latin American and Caribbean States (CELAC) since March and the rotating presidency of MERCOSUR since July. The roles provide opportunities to expand cooperation beyond bilateral ties to broader regional and market blocs.

The two sides also agreed to work closely to develop concrete action plans to effectively implement the outcomes of the meeting.

At the conclusion, Thang and Csukasi signed the minutes of the fourth session of the Joint Committee.

They also exchanged a memorandum of understanding on cooperation between Vietnam’s Trade Promotion Agency under the Ministry of Industry and Trade and Uruguay’s investment and export promotion agency (Uruguay XXI).

According to statistics, two-way trade between Vietnam and Uruguay reached 268.42 million USD in 2025, up 58.4% from 2024. Vietnam’s exports to Uruguay rose 64.8% to 179.92 million USD, while imports from Uruguay increased 46.8% to 88.50 million USD.

In the first six months of 2026, bilateral trade reached 148.35 million USD, up 21.8% year on year. Vietnam’s exports surged 57.5% to 106.52 million USD, while imports fell 22.7% to 41.83 million USD.

Vietnam’s major exports to Uruguay include phones and components, footwear, toys and sports equipment, garments and textiles, computers and electronic products and components, and machinery and equipment.

Major imports from Uruguay include wood and wood products, milk and dairy products, textile, garment, leather and footwear materials, wheat, animal feed and raw materials, and chemicals./.