According to preliminary statistics released by the General Department of Vietnam Customs, Vietnam’s exports to Argentina reached US$284.3 million in the first nine months of this year, a year-on-year increase of 3.39%.
Major export products included footwear, rubber and rubber products, electronics, garment, and clothes. Footwear topped among exported items with US$46.4 million (up 49.42%), trailed by garment and footwear materials with US$45.4 million (up 33.25%) and garment (US$15.6 million, down 15.83%).
Meanwhile, Vietnam imported animal feed, processing materials, plant and animal oil, milk and dairy products and garment materials and accessories from the Latin America country.
In 2014, the Vietnam Chamber of Commerce and Industry signed a cooperation agreement with Mercosur-ASEAN Chamber of Commerce and set up the Vietnam-Latin America Business Council to connect Vietnam businesspeople who were interested in the Latin American market.
The Chamber and Council are responsible for organizing trade and promotion activities to connect businesses from both sides. They also work as consultants for the two governments in order to further improve the business and investment environment for investors.
However, exports to Argentina still face several difficulties. Vietnam Ambassador to Argentina Nguyen DinhThao said technical barriers to trade (TBTs) remained the biggest obstacle.
He also pointed out some other barricades like geographic distance, the lack of market information and different trading strategies.
In order to boost exports to Argentina, Vietnam businesses should develop long-term market strategies to supply high quality products and take full use of cooperation mechanisms and agreements already signed between the two governments, Mr Thao advised.