Vietnam, Argentina seek ways to enhance business connectivity

Doan Thi Thu Thuy, deputy director of Ho Chi Minh City’s Investment & Trade Promotion Centre

The remarks were shared by Vietnamese and Argentinean entrepreneurs at a program in Hanoi on December 1 to examine ways to further enhance bilateral trade links.

The program saw the participation of 12 leading Argentinean farm produce businesses, and representatives from the Argentine Embassy in Vietnam, the Ho Chi Minh City’s Investment & Trade Promotion Centre, and the Vietnam Trade Promotion Agency.

Doan Thi Thu Thuy, Deputy Head of Ho Chi Minh City’s Investment & Trade Promotion Centre (ITPC) said Vietnam and Argentina have seen steady growth in trade ties over recent years. Two-way trade reached US$2.3 billion in 2015, US$2.9 billion in 2016, and is already at US$2.3 billion for the three quarters of this year.

Vietnam primarily exports leather, footwear, garments, and textile materials to Argentina, while importing cattle feed and materials from the South American nation.

Ms Thuy credited the impressive results recorded in bilateral trade turnover over the past years to the great efforts by the two countries’ relevant government agencies, and businesses’ responsible and active participation in trade promotion activities.

Aside from trade attainments, both nations boast great potential for stronger cooperation and development thanks to large markets covering more than 145 million people, which have  mutually supplementary products meeting similar demands in the global production chain, thus  facilitating businesses' deeper market penetration in their respective countries.

Vietnamese and Argentinean business communities are promoting market expansion and their products through trade promotion activities, investment projects, and extensive surveys on market demands of each nation in order to deal with limitations due to geographical distance, Thuy said.

Rosario Martearena, undersecretary for agricultural markets from the Argentinean Ministry of Agriculture said her nation ranks second among countries exporting farm produce into Vietnam, accounting for 11% of the country’s total import turnover.

However, Argentinean products have only focused on key items such as soybeans, corn, and wheat flour, she noted while expressing hope that Argentina can expand exports of mainstay goods such as cereal and forestry products to the Vietnamese market in future.

Argentinean Ambassador to Vietnam Juan Carlos Valle Raleigh said such an event will help businesses of both nations seek trade opportunities and expand business operations. What are achieved from pragmatic trade activities will promise to generate more good products and jobs in the common interests of the two countries, he added.