VCCI President Pham Tan Cong receives Uruguay’s Deputy Foreign Minister Valeria Csukasi Cabrera

Complementary economies driving trade ties

According to data from the International Monetary Fund (IMF), Uruguay, with a population of 3.5 million, achieved a Gross Domestic Product (GDP) of US$80.1 billion in 2024 and a per capita income of nearly US$22,600, the highest in Latin America. More than 60% of its people are part of the middle class. The country maintains political stability, steady economic growth (3.2% in 2024), and strong integration into global value chains. Uruguay is a founding member of the Southern Common Market (MERCOSUR), has concluded Free Trade Agreements (FTAs) with the European Union (EU), the European Free Trade Association (EFTA), and Singapore, and is pursuing accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Vietnam and Uruguay established diplomatic relations in 1993. Bilateral trade reached US$169.41 million in 2024, up 35.4% compared with 2023. Vietnam’s exports totaled US$109.14 million, consisting of footwear, apparel, handicrafts, rubber, and ceramics, while imports from Uruguay amounted to US$60.26 million, led by beef, leather, wool, dairy products, timber, and seafood.

VCCI President Pham Tan Cong said: “With more than 200,000 member companies, VCCI is ready to act as a bridge for Uruguayan businesses to enter the Vietnamese market and vice versa, especially in agriculture, food processing, logistics, information and communications technology (ICT), and tourism.”

Deputy Minister Valeria Csukasi Cabrera said that Vietnam’s coffee could find opportunities in Uruguay’s rapidly growing capsule coffee market, while Uruguay’s world-renowned beef could expand into Vietnam. She also proposed strengthening online connections through industry-specific webinars.

Toward a stronger ASEAN-MERCOSUR cooperation

Both sides agreed that Vietnam-Uruguay relations should advance beyond bilateral cooperation and serve as a bridge between ASEAN and MERCOSUR. Uruguay has been an active promoter of MERCOSUR-Asia dialogue, while Vietnam holds a central role in ASEAN.

Deputy Minister Csukasi affirmed that Uruguay is “MERCOSUR’s strongest supporter of negotiating an FTA with Vietnam,” emphasizing the complementary nature of the two economies. VCCI President Pham Tan Cong expressed the expectation that a Vietnam-MERCOSUR FTA will soon be launched to create a broader framework for cooperation.

Beyond trade and investment, tourism and people-to-people exchanges are viewed as important new drivers of growth. Vietnam is a leading destination in Asia, while Uruguay is recognized for its beaches and safe living environment. Promoting visitor exchanges, particularly through business delegations, will strengthen mutual understanding and open new opportunities.

Both sides reaffirmed their shared commitment to transform geographical distance into a catalyst for cooperation. In the coming period, expanded delegations, sector-specific seminars, FTA discussions, and business networking will play a key role in advancing Vietnam-Uruguay economic relations in line with the potential and expectations of both countries.