Ample room ahead for Vietnam-Argentina trade links

Most notably, since the original establishment of the comprehensive partnership back in 2010, the bilateral relationship has made impressive progress, especially in terms of economics and trade.

According to details given by the European-American Market Department under the Ministry of Industry and Trade, Vietnam is the Argentinean side’s sixth largest trading partner and fifth largest importer in the world. It also represents a key Southeast Asian partner in the Latin American nation’s South-South co-operation. Meanwhile, Argentina remains the country’s third largest trading partner in Latin America.

Bilateral trade has been constantly increasing, rising from US$316 million in 2007 to more than US$4.8 billion in 2022. Of the figure, Vietnamese exports were valued at US$851 million, up 2.4% on-year, while its imports stood at US$4.03 billion, up 9.7% on-year.

The Vietnamese side has primarily exported phones of all kinds and components, computers, electronic products and components, footwear, and machinery to Argentina, while importing maize, animal feed and raw materials, cotton of all kinds, and soybeans in return.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien said that bilateral trade turnover remains modest compared to the existing potential.

He therefore expressed his hope that both sides will press forward with existing efforts to intensify trade exchanges, diversify imports and exports, as well as gradually equilibrating the trade balance.

According to information given experts, with a population exceeding 46 million, Argentina represents a large potential market to which Vietnamese businesses can export advantageous products such as footwear, garments and textiles, furniture, and handicrafts.

Meanwhile, with a population of nearly 100 million and a gradual increase in terms of purchasing power, Vietnam is also a potential market for Argentinean exporters.

At a meeting held alongside representatives of the Vietnamese Ministry of Industry and Trade, Governor of Entre Rios province Gustavo Bordet underscored the importance of Vietnam in terms of Argentine trade relations, as well as the three provinces of Cordoba, Entre Rios, and Santa Fe in particular.

The Governor said that the two sides continue to boast huge potential to further step up co-operation in the fields of trade, investment, and agriculture. He therefore agreed with the Vietnamese side’s proposals on providing support for the two countries’ businesses in terms of trade promotion and market research.

As a means of bolstering exports to the Argentinean market, the European and American Market Department has proposed enterprises actively seek information regarding the market and update Argentina's economic, trade, and investment policies through government agencies and units such as the Ministry of Industry and Trade, the Vietnamese Embassy in Argentinean, the Argentinean Embassy in Vietnam, and various trade promotion centres.

Businesses should seek to accelerate promotion activities, increase the overall quality of products, develop items in line with the market’s demand and taste, and seek ways in which to reduce transportation and logistics costs.

Minister Dien suggested that the Argentinean side offer optimal conditions for Vietnamese exporters to make inroads into the Argentinean market, especially for goods such as agricultural products, garments and textiles, along with wood products and handicrafts.

Vietnam and Argentina are seeking to tap into opportunities to expand their bilateral trade towards raising bilateral trade to US$10 billion by 2025.