Peru regards Vietnam as an important partner in Southeast Asia

Vietnamese Ambassador to Brazil concurrently the Republic of Peru Pham Thi Kim Hoa recently paid a working visit to the South American country to hold working sessions with Peruvian leaders.

During the course of the working sessions, the Ambassador highlighted the stable and friendly ties between both sides over the past 28 years since the establishment of diplomatic relations on November 14, 1994, as well as opportunities and potential. The diplomat also noted some of the difficulties and challenges in co-operation between both sides.

In terms of economic relations, the two countries have signed a host of co-operation agreements in fields such as economy-trade, customs, agriculture, fisheries, as well as science and technology as a mean of forming a co-operation network. This has been done with the aim of helping Peruvian businesses penetrate the Vietnamese market and ASEAN, as well as Vietnamese businesses achieving deeper penetration into the Peruvian market.

According to Ambassador Hoa, the two-way trade turnover between both sides continued to maintain its upward trajectory, rising from US$108 million in 2010 to US$633 million in 2021, despite suffering negative impacts caused by the COVID-19 pandemic.

Currently, Vietnamese export items to the Peruvian market mainly include footwear, clinker and cement, computers, electronics and components, plastics, textile fibers, rubber, aquatic products and domestic products, while primarily importing fish meal, fish oil, acrylic fiber, and raw materials for processing from Peru.

Particularly in the field of investment, the nation now has two large energy and communication corporations operating in Peru, namely the National Oil and Gas Group (PetroVietnam or PVN) and the Military Industry-Telecommunications Group (Viettel).

At the meetings, Ambassador Hoa expressed her wish to further deepen ties of friendship and co-operation, especially in economy, trade, and investment. This is on the basis that the two countries participate in various mechanisms and international co-operation institutions such as the Asia-Pacific Economic Cooperation (APEC) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Most notably, Ambassador Hoa suggested that the Peruvian Government continue to create favourable conditions and support the effective implementation of telecommunications and oil and gas investment projects of Viettel and PVN.

The two sides went on to discuss a score of measures aimed at further enhancing the bilateral relationship between both sides moving forward, such as intensifying the exchange of delegations at all levels and maintaining a regular and effective bilateral co-operation mechanism. This includes the Intergovernmental Committee and political consultations between the two foreign ministries, whilst simultaneously opening up new areas of co-operation such as tourism, education, and technology.

Peru represents one of the countries with high and stable economic growth compared to other countries in South America, as well as in the Latin American bloc and the Caribbean in general.

The South American nation is striving to make every effort to become a globalised economy with priority given to access to major markets in the world through trade agreements, with a particular focus on investment and trade co-operation in potential fields such as agriculture, textile industry, chemicals, and mining.

Peru believes that it will receive active co-operation from Vietnamese ministries and agencies to update market information together; thereby creating favourable conditions for the business community to effectively explore economic potential of the two countries. This will serve the two countries’ development process as a contribution to peace, stability, and co-operation and development in the region and the wider world.

During the visit, Ambassador Hoa hosted a banquet introducing Vietnamese cuisine to representatives of Peruvian ministries, sectors, and businesses who are greatly interested in co-operation with the nation.