At the invitation of State President Nguyen Minh Triet, Chilean President Michelle Bachelet will begin her official visit to Vietnam from November 17-18.

During her stay, the Chilean President will attend the 14^th APEC Economic Leaders’ Meeting (AELM) in Hanoi. This is the first visit of the Chilean President since she took office in March 2006.

Located in South America, Chile is a country rich in natural resources such as copper, iron, coal, wood, and seafood. Chile is the world’s largest copper producer, accounting for 35.4 percent of the global output and 46 percent of the country’s exports.

Chile has a rather sustainable and stable economy, with an average growth of 6 percent per year during the 1990s. Although Chile has suffered from the global economic decline and crises in some regional countries, the country has gained high economic growth in recent years. In 2005, Chile gained a high rank in economic achievements, according to the World Economics Journal. Chile’s Gross Domestic Product (GDP) reached US$6.800 per head on average in 2005.

The Chilean President’s official visit to Vietnam takes place when relations between the two countries have developed well with the exchange of official visits to Chile by former State President Tran Duc Luong in November 2004, and former Prime Minister Phan Van Khai in October 2002 and a return visit to Vietnam by former Chilean President Ricardo Lagos in October 2003.

In foreign policies, Chile continues to attach importance to strengthening and expanding relations with countries in the Asia-Pacific region, including Vietnam. Recently, both countries have marked the 35^th anniversary of the establishment of diplomatic ties (March 25, 1971 - March 25, 2006). In addition, the two countries have also coordinated closely to assist each other at international and multilateral forums. In particularly, Chile strongly supported Vietnam’s joining the World Trade Organisation and hosting AELM. It nominated Vietnam as a member of Economic and Social Council (ECOSOC) of the United Nations in 1997, and the Asia Pacific Economic Cooperation Forum (APEC) in1998. It was also the first South American country to have concluded bilateral negotiations on Vietnam’s accession to the WTO (November 2004) and to have encouraged Latin American countries to support Vietnam’s joining the trade body.

Vietnam and Chile have gained huge socio-economic achievements and political stability, and are actively integrating into the world economy. Two-way trade between the two countries has increased sharply, reaching US$120 million in 2005, doubling 2004’s figure. Vietnam’s key exports to Chile are footwear, garment and textiles, coal, electronics, rice, wooden furniture, rubber, and handicrafts. Vietnam’s major imports from Chile are pulp, wood, copper, fresh grapes, and wine.

Both sides have signed many important cooperation documents and agreements relating to economic and trade cooperation, investment encouragement and protection, political consultation and cooperation between the two foreign ministries, cultural cooperation, animal quarantine cooperation, mutual visa exemption for diplomatic and ordinary passport holders, scientific and technological cooperation and tourism cooperation.

It is believed that the Chilean President’s visit to Vietnam will contribute to promoting and strengthening the friendship and multi-faceted cooperation between Vietnam and Chile, especially in the field of economics, trade and investment. The visit will also help encourage and support enterprises of the two countries to establish business ties, bringing the Vietnam-Chile relationship to a new level.