Vietnam, Argentina set sights on US$3.5 billion bilateral trade by 2020

Argentina’s President Mauricio Macri and Deputy PM Vu Duc Dam attend the Vietnam-Argentina Business Forum. Photo:VNA

The bilateral relationship between Vietnam and Argentina has reaped impressive results over recent years, notably in the fields of economics and trade.

Argentina is now Vietnam’s second biggest importer in the American continent while the Southeast Asian nation is Argentina’s fifth largest trading partner on a global scale. Last year, the two countries yielded positive results in bilateral trade ties.

However, there remain a large number of challenges hindering mutual cooperation between the business communities of the two countries, including geographical gap, language barrier, and a lack of market information. As such, direct transport routes between the two sides have yet to be launched, leading to high logistic costs.

To overcome the above-said challenges and reach the set bilateral trade target of US$3.5 billion, both countries should redouble efforts to fine-tune their legal system and institutions, step up administrative reforms, remove trade barriers, and facilitate businesses’ access to market information.

Additionally, enterprises should stay proactive in grasping business opportunities, defining potential fields for broader co-operation, and seeking support from the two Governments to deal with the challenges.

President Macri voiced his hope for fruitful cooperation between the two nations and called on both sides to further augment cooperation in fields and products of their strength.

He also affirmed his nation’s desire to further boost bilateral trade ties as well as cooperation with Vietnam across multiple fields, including trade, technology, cattle feed production, agriculture, and telecommunications.

The President said he believes that extensive global integration would offer a good prospect for stronger cooperation in the time to come.