VCCI Chairman Pham Tan Cong and Mr. Ignacio Fernández Ruiz - General Director of ProChile signed a Memorandum of Understanding on cooperation under the witness of President Luong Cuong and President of Chile

On the occasion of President Luong Cuong's official visit to Chile, VCCI signed a cooperation document with the General Department of Export Promotion of Chile (Pro Chile) and the Chilean Production Promotion Association (SOFOFA).

Ahead of attending the APEC Summit Week in Peru, President Luong Cuong led a high-ranking Vietnamese delegation to officially visit Chile at the invitation of Chilean President Gabriel Boric Font. Joining the official delegation of the President on this trip were Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong and leaders of a number of central ministries and branches.

During his visit to Chile, VCCI Chairman Pham Tan Cong signed two important memorandums of understanding (MOUs) with the Chilean Export Promotion Agency (ProChile) and the Chilean Production Promotion Association (SOFOFA).

The Chilean Export Promotion Agency (ProChile) is an agency under the Chilean Ministry of Foreign Affairs, tasked with promoting Chilean exports of goods and services to the world through ProChile's extensive international network worldwide to support Chilean companies in promoting, diversifying and expanding exports.

The signing of the MOU with ProChile is expected to contribute to promoting investment cooperation between the two countries in the energy sector. It is known that ProChile is implementing Chile's national Green Hydrogen initiative as renewable energy in Chile accounts for 40% of total electricity production and 13% of the world's green hydrogen is produced in the South of the country.

The Chairman of VCCI and the head of ProChile, Mr. Ignacio Fernández Ruiz, General Director, signed the MOU in the presence of President Luong Cuong and the President of Chile. Afterwards, Chairman t Pham Tan Cong visited the ProChile headquarters and held talks with Mr. Ignacio Fernández Ruiz.

VCCI Chairman Pham Tan Cong and SOFOFA President Rosario Navarro sign a Memorandum of Understanding

SOFOFA is a 141-year-old business federation that brings together 22 business associations from all over the country, including more than half of the companies with the most important stock indexes in Chile, in the fields of mining, forestry, pulp and paper, agribusiness, salmon farming, fishing, infrastructure and logistics, energy, wine, retail, information technology, telephones, food and beverages, bakery, venture capital, and many other industries.

In separate meetings between the VCCI Chairman and the heads of ProChile and SOFOFA, both sides affirmed their desire to strengthen cooperation, support Vietnamese and Chilean businesses, increase information exchange on business opportunities of each country to the business community; organize seminars to introduce market potential; welcoming Chilean business delegations to Vietnam, connecting Chilean businesses with localities, as well as ProChile and SOFOFA supporting Vietnamese business delegations to Chile.

It can be seen that over the past 53 years, since the day Vietnam and Chile officially established diplomatic relations in March 1971, the friendship and cooperation between the two countries have been continuously consolidated and developed well. Vietnam highly appreciates the role of Chile and always considers Chile as one of Vietnam's leading important partners in the Latin American region.

Chile is currently Vietnam's 4th largest trading partner in Latin America. The import-export structures of the two countries can complement each other well. Vietnam is a rapidly growing market with a large population and high consumer demand, aiming to become a high-income developed country by 2045. Chile is now a developed country, joining the OECD since 2010. Chile is a country rich in natural resources, leading the world in copper and lithium mining and processing reserves and ranking second in the world in iodine and molybdenum production.

In particular, the Vietnam - Chile Free Trade Agreement in 2011, effective since 2014, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership - CP TPP in 2018 and officially effective in Chile from February 2023, has brought a lot of development potential to promote trade and investment cooperation between Vietnam and Chile to a new level.

With Vietnam currently being a key and active member of the ASEAN bloc. Meanwhile, Chile is a member of the Pacific Alliance (AP), and the two sides can be a gateway for integration, helping businesses penetrate deeper into the markets of the two regions in the coming time.

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