Vietnam - Panama talks facilitate trade, investment ties

Deputy Minister of Industry and Trade Do Thang Hai had an online meeting with Panamanian Deputy Minister of Commerce and Industry Juan Carlos Sosa on November 24 to discuss ways for bolstering bilateral trade and investment.

Hai noted with satisfaction that trade between the two countries grew strongly in the first 10 months of 2021, by 21% year on year, to US$337.26 million. Of the figure, Vietnam’s exports to Panama reached US$336.23 million, rising 24.35%.

However, he said, to develop economic and trade ties on par with potential, the two sides should increase coordination in trade and investment promotion both in person and via videoconference.

They also need to share information about their product quality standards, boost mutual visits by enterprises, and increase business matching, especially when the COVID-19 pandemic is gradually brought under control.

The Deputy PM also asked Panama to create favourable conditions for Vietnamese firms’ trade promotion activities in the country and help its businesses learn about the Vietnamese market.

For his part, the Panamanian official said his country hopes to foster the export of some agricultural and aquatic products to Vietnam.

He agreed that the two sides will coordinate closely to step up bilateral trade and investment via activities assisting their businesses to explore and access each other’s markets.

Panama will organise the ExpoComer international trade exhibition in Panama City from March 23 to 26 next year, Sosa noted, inviting Vietnamese firms to attend the event to seek chances for trade and investment partnerships with the country and other Latin American nations.

At the meeting, the officials agreed to keep working together to hold the second meeting of the Vietnam - Panama Joint Committee for Economic, Trade, and Investment Cooperation in 2022.