The Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade has inked a memorandum of understanding (MoU) on trade and investment promotion with Uruguay’s Investment, Export and Country Brand Promotion Agency.

At the signing ceremony on August 14 (Photo: VNA) 

At the signing ceremony in Hanoi on August 14, Vietrade Director Vu Ba Phu said the MoU will serve as a cornerstone for the two sides to further cooperate in trade promotion and bring businesses of Vietnam and Uruguay closer, thereby raising bilateral trade revenue in the coming time.

 He expressed his hope that the sides will increase the exchange of business delegations to enhance mutual understanding and deepen relations between Vietnamese and Uruguayan firms.

 According to statistics, two-way trade stood at 140 million USD in 2018, a year-on-year rise of 19 percent. Of the figure, Vietnam exported 82 million USD worth of goods to the South American nation, up 17.3 percent from the previous year.

 Vietnam’s key export staples included footwear, garments, computers, electronic products and spare parts, aquatic products, mobile phones and spare parts, and rattan, bamboo and sedge products, among others.

 Meanwhile, the country mostly imported timber and wooden products, leather and footwear materials, pharmaceutical products, milk and dairy products, cattle feed and chemicals from Uruguay.