On April 22, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), in collaboration with ProChile – the Export Promotion Bureau under Chile’s Ministry of Foreign Affairs held a seminar on promoting trade and investment in the Chilean market and South America.

Ho Thi Quyen, Deputy Director of ITPC, emphasized that market expansion, diversification of trade partners, and attracting foreign direct investment (FDI) are essential tasks for Vietnam, especially amid deepening international economic integration.

With its dynamic economy and open trade policies, Chile is considered a key partner of Vietnam in the South American region. The two countries signed the Vietnam–Chile Free Trade Agreement (VCFTA) in 2014 and are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), creating a favorable legal framework and broadening cooperation opportunities.

Quyen noted that Vietnam sees ample potential to boost its presence in this market, particularly in agricultural processing, thanks to FTAs and preferential tariffs.

In 2023, bilateral trade between Vietnam and Chile reached nearly US$1.8 billion, including US$1.4 billion in Vietnamese exports and US$330 million in imports. Vietnam’s key exports to the South American nation include seafood, coffee, rice, and cement. The country currently ranks as Chile’s 12th largest goods supplier and the fourth among Asian exporters, following China, Japan, and the Republic of Korea.

As of April 2024, Chile had four investment projects in Vietnam with a total registered capital of US$295,000.

Delegates at the seminar noted that as Vietnam’s leading economic engine, Ho Chi Minh City plays a major role in national exports and is actively seeking new trade and investment opportunities in South America.

The city and Chile, in particular, hold strong potential for expanding cooperation in exports, investment in processing and manufacturing, technology transfer, and sustainable development.

In 2023, Ho Chi Minh City’s export turnover to Chile was estimated at US$53.3 million, still modest compared to the untapped potential on both sides.

Pablo Arancibia Salazar, Trade Representative of ProChile, reported that Vietnam’s total exports to Brazil, Chile, Argentina, and Colombia reached US$5.13 billion in 2023, a 7.2% decline from 2022. He stressed the importance of diversifying export products and stabilizing raw material supply to better capitalize on market opportunities.

Salazar also reaffirmed Chile’s growing role as a strategic investment destination in South America, particularly in the seafood, wood processing, and clean energy sectors - areas that offer diverse and promising prospects for Vietnamese businesses in the coming years.

Bright prospects ahead for footwear exports to Chilean market

VOV.VN - As members of two free trade agreements (FTA), there remains ample room ahead for both Vietnam and Chile to increase the trade turnover, including footwear products, according to insiders.