Bright prospects for Viet Nam-Latin Americas trade cooperation
14:21 | 14/05/2021

VGP – Trade turnover between Viet Nam and countries in Latin America registered vigorous growth in the 2011-2019 period, particularly expanding by 24.17 percent in 2014 and 23.63 percent in four years later, thus opening bright prospects for bilateral trade cooperation in the years to come.

According to the European-American Market Department (Ministry of Industry and Trade - MOIT), the aforementioned results have been attributed to the fact that during 2011-2020, the Party and State’s guidelines facilitated the expansion of Viet Nam’s economic, industrial and trade relations with other nations worldwide, including those in the Americas.

Specifically, up to now, Viet Nam has strongly participated in the global economy through 13 free trade agreements (FTAs) that have come into effect and three others that have already been signed or are being negotiated. The Southeast Asian country has fostered economic links with 60 economies across continents, including 15 member countries of the Group of 20 (G20), with a combined GDP accounting for nearly 90% of the global GDP.

In particular, the Government has implemented the policy of multilateralizing trade relations and actively exploiting traditional markets in parallel with potential markets, in order to promote trade between Viet Nam and partners. A number of measures have been taken by the   MOIT to attract foreign investment, as well as to create favorable conditions for import-export activities.

As a result, trade turnover between Viet Nam and the world in general, and with American countries in particular, has achieved remarkable growth, opening up prospects for cooperation in the coming period.

The United States – an important partner

In the Americas, the United States is Viet Nam’s largest trading partner, accounting for about 80% of the country’s total trade turnover in the continent, with strong growth having been recorded over the past years.

Specifically, between 2011-2019, Viet Nam-US trade revenue registered conspicuous improvements, with the import value increasing by 234.7% (an average of 26.08% annually). Viet Nam’s exports to the US in the period soared by 233.8% (an annual average of 25.98%), while its imports surged by 238.2% (26.5% on average).

Especially, since the US-Viet Nam Bilateral Trade Agreement (BTA) was signed in 2000, the structure of Vietnamese export goods has changed significantly. From mainly textile-garment and leather-footwear products as previously, many groups of commodities have emerged, making up a large proportion of bilateral trade, such as agriculture, forestry and fisheries; computers; telephones; electronic components; and machinery and spare parts.

According to the European-American Market Department, along with the bright prospects for trade ties, businesses in Viet Nam and American countries have made great progress in their efforts to boost bilateral collaboration, particularly in the fields of mining and energy.

By Vien Nhu

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