She highlighted the supplementary nature of the Argentine and Vietnamese economies. Within the final 5 years, two-way commerce expanded 54%, she mentioned, including that Vietnam has develop into the sixth largest commerce associate of Argentina, with Argentina’s exports of three.2 billion USD and imports of 1.24 billion USD.
|NA Chairman Vuong Dinh Hue (2nd, left) on the Vietnam-Argentina enterprise discussion board – Picture: VNA|
Argentina largely exports beans and corn to Vietnam, whereas importing industrial merchandise, footwear, rubber and machineries from the Southeast Asian nation.
Cecilia Todesca Bocco held that there are many rooms for the 2 sides to advertise collaboration, underlining the necessity for them to strengthen cooperation amongst ministries, sectors and localities.
Highlighting Argentina’s strengths within the meals trade, she mentioned that the nation can help Vietnam in agricultural equipment and meals processing.
The 2 sides additionally boast nice cooperation within the discipline of vitality and renewable vitality, she mentioned
Argentina, because the Chair of the Southern Frequent Market (Mercosur), will proceed to strengthen exchanges with Vietnam.
|NA Chairman Vuong Dinh Hue and delegates on the discussion board – Picture: VNA|
For his half, NA Vice Chairman Tran Quang Phuong reviewed the achievements of cooperation between the 2 international locations over the previous 50 years. Because the two sides arrange their complete partnership in 2010, the Vietnam-Argentina relationship has loved spectacular progress, with financial – commerce cooperation turning into a vivid spot, he famous.
Phuong mentioned that two-way commerce has elevated strongly to 4.88 billion USD in 2022 from solely 378 million USD in 2007, making Argentina the fifth largest commerce associate of Vietnam within the Latin American area and Vietnam the sixth largest commerce associate of Argentina globally.
Argentina is among the main suppliers of corn and animal feed to Vietnam. Relating to funding, Argentina presently has 5 initiatives in Vietnam, rating 122 among the many 140 international locations and territories investing in Vietnam.
The 2 sides have carried out many joint initiatives in agriculture, anthropology-forensics, science and expertise, he mentioned.
NA Vice Chairman Phuong mentioned that Vietnam is able to work with different international locations, together with Argentina, to hunt measures to get well the worldwide commerce and provide chain.
He mentioned he hopes Argentina, as a member of the Mercosur, will function a gateway for Vietnamese items to enter the South American market. In the meantime, Vietnam will act as a bridge connecting Argentina and the ASEAN in addition to the Asia-Pacific area.
Nevertheless, he pointed to difficulties dealing with companies of each side in commerce actions, together with an absence of a direct transport route, and prompt that the 2 sides variety import-export merchandise, enhancing and customarily balancing bilateral commerce.
Vietnam needs to extend the export of high-quality merchandise of its energy assembly the wants of the Argentine market similar to textile merchandise, leather-based and footwear, agricultural and aquatic merchandise, wooden and furnishings, and development supplies. In the meantime, Argentina can proceed to export corn and soybeans with secure provide and costs to Vietnam, he proposed.
Alongside, the 2 sides ought to develop technical cooperation and funding partnership in promising areas similar to hi-tech agriculture, mining and lithium manufacturing, agricultural product processing, agricultural inexperienced hydrogen fuel manufacturing expertise, biotechnology, well being care, inexperienced vitality, and AI expertise, he mentioned.
The official additionally underlined the necessity for a rise in commerce and funding promotion actions, affirming that Vietnam all the time welcomes and gives optimum situations for Argentine companies to hunt enterprise and funding alternatives in Vietnam.
Along with fostering coordination in settling obstacles hindering financial cooperation, the 2 sides ought to think about the opening of their markets for one another’s robust merchandise following an appropriate roadmap, he mentioned.
The official mentioned he hopes Vietnam and Argentina will resume negotiations on a free commerce settlement between Vietnam and the Mercosur, which is anticipated to assist create a breakthrough in enhancing the aggressive benefits for companies of each side in penetrating one another’s market.
On the discussion board, underneath the co-chair of Cecilia Todesca Bocco, Argentine Secretary for Worldwide Financial Relations, and Deputy Minister of Business and Commerce Do Thang Hai, contributors exchanged data on one another’s market and explored enterprise and cooperation alternatives, particularly within the areas of one another’s strengths and calls for.