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Vietnam’s trade with Argentina reaches US$2.42 billion in 10 months PDF Print
Wednesday, 07 December 2016 12:19

VIETRADE - Bilateral trade between Vietnam and Argentina reached US$2.42 billion over past 10 months of this year, representing a 13.1% rise from same period last year, according to the Ministry of Industry and Trade’s report.

 

During the reviewed period, Vietnam earned US$302.3 million from exports to Argentina and imported US$2.12 billion worth of goods from the Latin American country.

 

Vietnam exported footwear, rubber, garments, tea, coffee, electronics, and agricultural machines to Argentina while importing cattle food, animal and vegetable oil, cereals, leather, beef and cotton from the country.

 

Experts predicted that two-way trade would likely to hit nearly US$3 billion by the year-end. 

 

In term of investment, Argentina had four projects worth US$3.2 million in Vietnam, ranking 80th out of 112 countries and territories investing in the country. 

 

In his speech during the fifth meeting of the Vietnam-Argentina Inter-Governmental Committee in Hanoi on December 2, Deputy Minister of Industry and Trade Do Thang Hai said two countries vowed to facilitate bilateral co-operation in wide range of areas including trade, investment, agriculture, culture, health care, legal medicine and science-technology. 

The two sides also signed a food safety control agreement in June 2014, under which 206 Vietnamese seafood processors were allowed to export to Argentina while 36 Argentine meat producers and 221 seafood processors gained access to the Vietnamese market. 

 

At the meeting, the two countries agreed on 11 quarantine certificate samples for Argentine animal products, including frozen beef and lamb, milk and dairy products. 

 

Vietnam was working to export dragon fruit, longan, litchi and mango to Argentine market while Argentina has also applied for exporting orange, lemon, blueberry, apple, grapefruit, tangerine, pear and sweet cherry to Vietnam.

 

With a population of more than 40 million, Argentina was a lucrative market for Vietnamese exporters and investors, according to trade experts.

 

However, Vietnamese enterprises still encountered with several difficulties in shipping their products to Argentina, they said. 

 

The Voice of Vietnam quoted Vietnamese Ambassador to Argentina Nguyen Dinh Thao as saying that technical barriers to trade (TBTs) remained the biggest obstacle.

 

Some other challenges were far geographic distance, insufficient market information and different trading strategies, Thao noted.

 

In order to boost exports to this potential market, Thao suggested domestic firms to draw up long-term market strategies to supply high quality products and take full advantage of co-operation mechanisms and agreements which were already signed between the two governments.

 

In 2014, the Vietnam-Latin American Business Council was established with aim at connecting Vietnamese businesses which were interest in the Latin American market such as Argentina.

 

The council were responsible for organizing trade and promotion activities to link business from the both sides. It also provided consultations for the two governments in order to further improve the business and investment environment for investors./.



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