Delegates and businesses attended the trade exchange session Vietnam - Argentina, on the morning of November 15 - Photo: Dinh Dai.

Speaking at the opening of the trade exchange, Mr. Luis Pablo Mari'a Beltramino said that trade exchange is one of the three important focus points in the bilateral cooperation. Therefore, in the past 10 years, Argentina has recorded positive cumulative growth from the export of goods to Vietnam to about 600%. Meanwhile, exports from Vietnam to Argentina increased by about 700% in the same period. Vietnam has become the 6th largest partner worldwide for Argentina and vice versa, Argentina has become the 3rd largest partner in Latin America for Vietnam.

Mr. Luis Pablo Mari'a Beltramino assessed, Vietnam is gradually asserting itself as a great trade exchange opportunity for the world, especially for Argentina. This is due to the outstanding growth potential based on the development of trade and direct investment in more than 140 countries.

“Vietnam's development over the past 35 years is reflected in a series of impressive economic figures. For example, GDP per capita is more than 3,600 USD; international trade exchange reached more than 600 billion USD; foreign direct investment reached 426 billion USD. In addition, the commercial expansion is up to 191%. At the same time, Vietnam has also signed 15 Free Trade Agreements (FTAs). All of the above has helped Vietnam have cooperative relations with more than 70 countries and the average growth rate has reached 6.5% in the past 2 years,” said Mr. Luis Pablo Mari’a Beltramino.

Mr. Luis Pablo Mari'a Beltramino - Argentine Ambassador to Vietnam. Photo: Dinh Dai.

He also said that Argentina and Vietnam have synergistic economic strength thanks to the characteristics of each industry group and in fact the two countries have a strategic relationship, because most of the export of goods from Argentina to Vietnam has joined the production chain. 

Since then, the products have been exported to third countries, contributing to improving Vietnam's global trade.

“Currently, the Vietnamese market continues to be an ideal destination for Argentine businesses in general, which helps Argentine businesses develop and expand in parallel with the increasing demand for goods in Vietnam”, emphasized Mr. Luis Pablo Mari'a Beltramino.

However, Mr. Luis Pablo Mari'a Beltramino also said that the trade exchange between the two countries cannot avoid difficulties such as geographical distance, time difference, language barriers and other factors.

According to Vice Chairman of the Vietnam Chamber of Commercial and Industry (VCCI) Vo Tan Thanh, Argentina is Vietnam's third largest trading partner in Latin America. On the other hand, Vietnam is Argentina's largest trading partner in Southeast Asia and sixth globally, and at the same time, Vietnam is also an important partner of Argentina in cooperation policy. 

Vice Chairman of the Vietnam Chamber of Commercial and Industry (VCCI) Vo Tan Thanh. Photo: Dinh Dại.

Vo Tan Thanh said that in 2021, the two-way trade turnover between Vietnam and Argentina will reach over 4.5 billion USD (up 14% over the same period in 2020). In which, Vietnam's export value to Argentina reached over 832 million USD, up 47% over the same period in 2020 and Vietnam's import value from this market reached nearly 3.7 billion USD, up 9% compared to the same period in 2020. Particularly in the first 7 months of 2022, bilateral trade turnover between the two countries reached over US$2.8 billion. In which, the export value from Vietnam to Argentina reached over 577 million USD, the import value of Vietnam from this market reached over 2.3 billion USD.

The main export items of Vietnam to Argentina include: mobile phones and components; computers, electronic products and components; footwear; machinery, equipment, tools and spare parts; textile raw materials, leather shoes… In contrast, Vietnam's main imports from Argentina include: maize; forage and raw materials; cotton of all kinds; soybean; vegetable oil…

"In order to soon bring bilateral trade turnover to a new height, Vietnam wants Argentina to create more favorable conditions for Vietnamese businesses to access the Argentine market, especially for goods that Vietnam has strengths such as agricultural products, textiles, furniture, handicrafts…” emphasized VCCI Vice Chairman Vo Tan Thanh.

Besides, Mr. Thanh also said that Vietnam and Argentina need to strengthen coordination in carrying out trade promotion activities, providing information to the business community of the two sides about each other's markets; supporting businesses to attend specialized fairs and trade connection activities of the two countries.

Regarding investment relations, according to Mr. Vo Tan Thanh, as of May 2022, Argentina ranked 121 out of 139 countries and territories investing in Vietnam with 4 projects, total registered capital of 150 thousand USD. Some large Vietnamese companies are also looking for investment opportunities in Argentina such as Viettel and Petro Vietnam.

In the coming time, the two sides agreed to consider the possibility of cooperation in new and potential fields such as: energy development, high-tech agriculture, food processing, biotechnology, etc. digital transformation... to further deepen the economic cooperation relationship between Vietnam and Argentina", VCCI Vice Chairman Vo Tan Thanh added.

Some pictures at the event, looking for business cooperation opportunities between enterprises of the two countries of Vietnam - Argentina: