The agreement was reached during the third session of the Vietnam - Peru Intergovernmental Committee virtually held on March 27 and co-chaired by Deputy Minister of Industry and Trade Phan Thi Thang of Vietnam and Deputy Minister of Foreign Affairs Luis Enrique Chávez Basagoitia of Peru.

Addressing the session, Thang emphasized that, in the context of global economic uncertainty, strengthening bilateral relations and cooperation within multilateral frameworks is crucial for global economic recovery.

Vietnam considers Peru an important partner in Latin America and is ready to work closely with the Latin American country to strengthen supply chains and restore trade, she affirmed.

The Deputy Minister also suggested that both sides increase support for the business community through activities such as providing market information, organizing trade and investment promotion programmes, and facilitating both direct and online business connections to enhance economic cooperation effectively.

Sharing the same perspective, Chavez Basagoitia affirmed that Vietnam - Peru cooperation continues to be reinforced through their participation in regional and global integration mechanisms such as Asia-Pacific Cooperation (APEC), Association of Southeast Asian Nations (ASEAN), Forum for East Asia-Latin America Cooperation (FEALAC), and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

These mechanisms play a crucial role in expanding the trade of goods, services, and investments between the two countries, he noted.

Both sides agreed to prioritize measures to boost trade exchanges by utilizing the benefits of the CPTPP agreement, diversifying import-export structures, and promoting the export of key products from both sides, particularly agricultural products.

During the session, both sides also engaged in in-depth discussions on specific measures to strengthen bilateral cooperation, particularly in the fields of economy, trade, and investment. They acknowledged and highly appreciated the positive developments in bilateral trade relations, despite the uncertainties in the global economic and political landscape.

In 2024, two-way trade between the two countries reached US$517.57 million, marking a 6.5% increase compared to 2023. Peru remains Vietnam’s sixth largest trading partner in Latin America.

Regarding investment cooperation, both sides shared information about several potential projects and emphasized the role of the Bitel telecommunications project, a brand of the Military Industry and Telecommunications Group (Viettel) which is operating effectively in Peru.

Thang expressed Vietnam’s desire for the Peruvian government to continue facilitating Vietnamese investors currently operating or planning to launch projects in Peru.

Beyond economic cooperation, the two sides also discussed opportunities for cooperation in agriculture, tourism, and multilateral frameworks.

On agriculture, both sides agreed to enhance the exchange of information, policies, and legal regulations to promote the trade of fresh agricultural products and expedite market access.

On tourism, the Peruvian side expressed particular interest in Vietnam’s sustainable tourism development model, specifically the Hoi An – A Green Destination project. They regard this project as an exemplary initiative that could serve as a model for developing community-based and sustainable tourism in Peru.

President Luong Cuong suggests cooperation opportunities for Peruvian businesses

VOV.VN - President Luong Cuong proposed various potential areas for cooperation between Vietnam and Peru during his meeting with leaders of major Peruvian corporations, in Lima on November 14 as part of his engagement in the APEC 2024 High-Level Week.