Ample room ahead to develop trade opportunities in Latin American market
VOV.VN - There is plenty of room for further trade development in the Latin American market for Vietnamese businesses, said economist Mario Schuff of the Argentine Chamber of Commerce for Asia at the Pacific at the Vietnam - Latin America Trade Forum held in Ho Chi Minh City on September 14.
However, Schuff said local businesses must devise concrete plans in a professional manner if they are to make further inroads into the market.
He affirmed the Argentine Chamber of Commerce for Asia and the Pacific is willing to support Vietnamese businesses in introducing their goods to the market, providing legal guidance as well as creating the most optimal conditions possible in order to facilitate the investment activities of these firms.
At the forum, business representatives of Coppel Group, Mexico, Federico Bucher from Cencosud Group in Chile, and Renner Textile and Garment Group in Brazil also provided Vietnamese businesses with useful information relating to seeking ways to penetrate the market.
Simultaneously, they also instructed Vietnamese businesses to identify potential products for each market segment and stringent regulations regarding quality to introduce their products into distribution and retail channels in the Latin American countries.
Ta Hoang Linh, director of the European - American Market Department at the Ministry of Industry and Trade, said over the past five years two-way trade turnover between Vietnam and Latin America has doubled, climbing from US$14.2 billion in 2018 to US$23 billion in 2022.
Most notably, several emerging markets such as Panama, Colombia, and Peru have become bright spots in the country’s trade exchanges with Latin America, recording impressive growth over recent years.
Latin America remains among Vietnam’s most important export markets, especially for advantageous local products such as textiles, footwear, agricultural, and aquatic products, Linh pointed out.
As part of the forum, nearly 30 Latin American and Vietnamese business delegations participated in the direct B2B (business-to-business) session.
At the event, local firms were given the opportunity to gain greater insights into the needs and requirements of Latin American businesses, opening up plenty of opportunities for further cooperation in the future.
