Vietnam forges cooperative ties with Bolivia

Visiting Deputy Prime Minister Vu Van Ninh made the statement at a reception given by Bolivian Foreign Minister David Choquehuanca in capital La Paz on December 5.

He said his current visit aims to foster friendship and mutual support, giving impetus to stronger development of Vietnam-Bolivia ties at bilateral and multilateral forums.  

Deputy PM Vu Van Ninh (in the middle) witnessed the signing of a framework agreement on trade and investment between Vietnam and Bolivia (Photo:VNA)

Ninh noted political and diplomatic relations between Vietnam and Bolivia have developed well in recent times through visit exchanges.

However, two-way trade has yet to match both countries’ potential, and a legal framework for economic relations should be established to develop bilateral trade ties, he said.

For his part, Foreign Minister Choquehuanca echoed Ninh’s view, saying the two countries have great potential for increasing cooperation in various areas, and they need to fully tap the potential in the interest of their people.

After the meeting, Ninh witnessed the signing of a framework agreement on trade and investment between Vietnam and Bolivia, paving the way for the establishment of an inter-governmental committee for trade and investment cooperation in the near future.  

At a meeting with representatives of Bolivian businesses the same day, Ninh voiced Vietnam’s desires to strengthen comprehensive cooperation with Bolivia, especially in economics and trade.

He assured the executives that the Vietnamese government creates the best possible conditions for the two countries’ business communities to explore opportunities and form partnerships in order to raise two-way trade to a new level.

Deputy Minister of Industry and Trade Tran Tuan Anh briefed Bolivian businesses on Vietnam’s investment environment and opportunities for potential cooperation.

The signing of the framework agreement on trade and investment and the upcoming establishment of the inter-government committee will help boost bilateral cooperation, he said.

Vietnam welcomes Bolivian companies to come and sound out business opportunities in the country. It supports them in doing business in Vietnam and entering the lucrative Asia-Pacific market, he said.

Confederation of Private Businessmen of Bolivia (CEPB) President Daniel Sanchez Soliz expressed his admiration for Vietnam’s economic development achievements, and encouraged Bolivian companies to visit and explore business models in Vietnam.

 Vietnam and Bolivia established diplomatic ties in 1987. During a Vietnam visit in September 2012, both countries signed an agreement on visa exemptions for diplomatic and official passport holders, and a memorandum of understanding (MoU) on a political mechanism between the two Foreign Ministries.

In 2009 both sides signed an MoU on gas exploration in Bolivia which has the second largest gas reserve in Latin America after Venezuela.

Despite fine political ties, bilateral economic cooperation remains modest, with two-way trade last year reaching US$11 million.

Vietnam mainly exports footwear, garments, rubber, and motorcycle spare parts to Bolivia, and imports equipment and wood products from this Latin American nation.