FTAs boost Vietnam-Chile trade: conference
Free trade agreements to which both Vietnam and Chile are signatories have given a boost to their bilateral trade ties, heard a virtual conference on September 23-24.
The event is jointly held by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT), the Trade Office and the Vietnamese Embassy in Chile, and the Chilean Chamber of Commerce in Vietnam.
With the participation of more than 50 enterprises from the two countries, the conference aims to help Vietnamese enterprises step up exports to Chile.
Statistics by the MoIT reveal that by the end of August, the two-way trade reached US$1.27 billion despite impacts of the COVID-19 pandemic, with Vietnam’s exports to Chile up 44% and imports, up 15% year-on-year.
Vietnam mainly ships phones, components, machinery, equipment, footwear, and garment-textiles to Chile, while importing seafood, fruit and production materials from the South American country.
Le Hoang Tai, deputy head of Vietrade, said the conference gave businesses of both countries an insight into each other's markets, towards sustainable cooperation.
He said the Vietnamese Government has taken various measures to recover the economy like removing barriers in administrative procedures, promoting digitalisation, and creating optimal conditions for enterprises to join the global business network.
Vietnamese Ambassador to Chile Pham Truong Giang said since the Vietnam-Chile Free Trade Agreement took effect in 2014, the two-way trade has expanded rapidly.
The deal has enabled Vietnamese firms to access quality and affordable materials such as wood pulp and fish paste, and other products like salmon and champagne, he added.
Giang suggested Vietnamese enterprises increase exports to Vietnam in health care, fibers of all kinds, biodegradable bags, and ropes for salmon farming. Meanwhile, Chile should step up the export of sawn timber and wood pulp to Vietnam.
There is still ample room for Vietnamese exporters in Chile – an open market with import tax among the lowest in the world, at below 2%, he said, adding that through Chile, Vietnamese enterprises could also expand their operation in other South American nations.
