Mr. Ngo Van Tuan, Minister of Finance (second from left), and VCCI Vice President Nguyen Quang Vinh (MBA) (far left) welcome President of Panama José Raúl Mulino (second from right) to the Vietnam–Panama Business Forum.

Vietnam and Panama have many complementary strengths in manufacturing, exports, agriculture, processing industries, logistics, maritime transport and services. While Panama can serve as a gateway for Vietnamese businesses to access Latin American markets, Vietnam can also act as a bridge for Panamanian businesses seeking to expand into ASEAN and the Asia-Pacific region.

Significant Potential for Cooperation

Speaking at the Forum, VCCI Vice President Nguyen Quang Vinh (MBA) highlighted the complementary advantages of the two economies and noted that there remains considerable potential for cooperation between Vietnam and Panama.

According to the VCCI Vice President, during the earlier sessions of the Forum, the Vietnamese business community had the opportunity to hear comprehensive presentations on Panama, covering its economic potential, the strategic importance of the Panama Canal, as well as opportunities for cooperation and agricultural exports.

“The information shared has provided the Vietnamese business community with more specific insights into Panama and demonstrated the considerable potential for cooperation between our two countries,” the VCCI Vice President emphasized.

According to the VCCI Vice President, Vietnam and Panama possess many complementary advantages. Panama holds a strategic position in Central America and serves as a major hub for maritime transport, logistics and international trade connectivity.

Meanwhile, Vietnam has strengths in manufacturing, exports, agriculture and processing industries, while playing an increasingly important role in the production and trade networks of Southeast Asia and Asia. Vietnam also boasts a dynamic, highly open economy with deep integration into regional and global markets, particularly in the production and export of agricultural and processed industrial products.

VCCI Vice President Nguyen Quang Vinh (MBA) delivers remarks at the Vietnam–Panama Business Forum.

The Vietnamese business community is becoming increasingly proactive in expanding into new markets and seeking international cooperation and investment opportunities. This provides a foundation for both sides to strengthen economic ties, not only in traditional areas such as merchandise exports but also in emerging sectors, including port logistics, agriculture, telecommunications, electrical and electronic equipment, banking and finance, and other areas of mutual strength.

The VCCI Vice President emphasized that the key outcome following the Forum should not simply be the establishment of meetings, but also the continued maintenance and development of the connections created, enabling discussions on potential opportunities to gradually translate into concrete cooperation.

VCCI stands ready to work closely with the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), as well as Panamanian agencies and partners, to help Vietnamese businesses gain deeper insights into the Panamanian market. VCCI will also provide information on the business environment, policies, and trade and investment opportunities, while supporting Panamanian businesses in finding partners and expanding their operations in Vietnam.

Vice President Nguyen Quang Vinh noted that VCCI's role extends beyond organizing information-sharing events to accompanying businesses throughout the process of market access, partner matching and follow-up on cooperation opportunities arising from trade promotion programmes.

“We stand ready to serve as a bridge between the Vietnamese business community and Panamanian agencies, organizations and partners, contributing to making economic relations between the two countries increasingly substantive and effective,” the VCCI Vice President emphasized. He also expressed his desire to work with CCIAP and Panamanian partners to strengthen trade and investment promotion activities, organize business delegations, develop sector-specific business matching programmes and conduct market introduction activities tailored to actual business needs.

In particular, VCCI seeks to promote cooperation in sectors with strong potential and complementary advantages, helping Vietnamese businesses better capitalize on opportunities in Panama and Latin America, while creating further opportunities for Panamanian agencies, organizations and businesses to explore the Vietnamese market and Southeast Asia.

The VCCI Vice President also expressed his hope for support from the governments of both countries in creating a more favourable business environment, focusing on four priority areas: continuing to improve the legal framework and enhance the effectiveness of bilateral economic cooperation mechanisms; strengthening logistics, maritime and supply chain connectivity; maximizing the strategic advantages of the Panama Canal; and promoting trade, market access and business connectivity, while encouraging specific investment and cooperation projects in sectors with strong complementary potential.

Mr. Aurelia Barria, President of CCIAP, delivers remarks at the Vietnam–Panama Business Forum.

Cooperation Opportunities Arising from the Complementary Strengths of the Two Economies

Sharing the same perspective, Mr. Aurelia Barria, President of CCIAP, noted that cooperation opportunities with Vietnam stem from the similarities and complementary strengths that the two economies can share.

Although Vietnam and Panama are located on opposite sides of the globe, the two countries share several similarities, ranging from climatic conditions to agricultural products such as coffee. More importantly, both are export-oriented economies with the capacity to connect with larger markets.

Against the backdrop of global uncertainties, including supply chain pressures, conflicts and market volatility, Mr. Barria noted that Panama benefits from a relatively stable business environment.

One particular advantage highlighted by the CCIAP President is that Panama uses the US dollar, allowing businesses to mitigate exchange rate risks in international business transactions.

In addition, Panama offers various incentive mechanisms for foreign businesses, including policies for multinational enterprises and special regimes for manufacturing and service activities. The country also boasts a financial centre and a system of services supporting international businesses.

VCCI Vice President Nguyen Quang Vinh and Mr. Aurelio Barría, President of the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), exchange a Memorandum of Understanding (MoU) in the presence of H.E. José Raúl Mulino, President of the Republic of Panama.

However, according to Mr. Barria, Panama's greatest advantage lies in its connectivity. From Panama, businesses can access markets across the Americas. Therefore, Panama seeks to strengthen its relations with Vietnam, particularly in sectors where regional market demand is growing, including electronics, footwear, rice, coffee, seafood and furniture.

Mr. Aurelio Barria stated that Panama aspires not only to become a market for Vietnamese goods but also to serve as a strategic gateway enabling Vietnamese businesses to expand further into Latin America.

To promote these connections, Mr. Aurelio Barria invited the Vietnamese business community to participate in EXPOCOMER, a major trade fair organized by CCIAP that has been held regularly for many years.

This provides an avenue for Vietnamese businesses to explore the Panamanian market firsthand, meet potential partners and assess opportunities for expansion into Latin America. Against the backdrop of ongoing global supply chain restructuring, this could provide a foundation for transforming Vietnam–Panama relations from potential opportunities into more substantive trade, investment and business partnerships.