HCM CITY — Nations and territories in Latin America have shifted their attention to the East for trade opportunities, an expert from the Ministry of Industry and Trade said at a seminar held yesterday in HCM City.
Pham Ba Uong said that bilateral trade between Viet Nam and Latin American countries was expected to exceed US$4.2 billion next year.
The Latin American market represents untapped potential for Vietnamese exporters.
Argentina's Ambassador to Viet Nam, Alberto Jaime Kaminker, said Argentina expected to attract investment in foodstuff processing, agriculture, seafood, joint offshore and onshore extractions of oil and gas, education and software.
The Viet Nam National Petroleum Group (PetroVietnam) and Argentina's state energy company ENARSA signed a memorandum of understanding on bilateral relations during a visit by a PetroVietnam delegation to Argentina in March.
Under the MoU, the two sides will work to exploit oil and gas on and offshore, provide services, refine oil and train experts.
Argentina has worked with Viet Nam's Ministry of Agriculture and Rural Development in technology transfer in the agricultural sector.
In the near future, Argentina plans to import more products from Viet Nam.
In the first seven months of the year, Vietnamese exports to Argentina reached $43.3 million, an increase of 51 per cent over the same period last year. Chief exports are shoes, textiles and rubber.
Argentina has offered preferential policies to promote foreign investment and business cooperation.
Lucas Vinicius Sversut, secretary of the Brazilian Embassy in Ha Noi, said Brazil wanted to work with foreign countries, including Viet Nam, in many sectors, including mining, steel, aviation, chemicals, agribusiness, engineering services, energy and IT, telecommunications and tourism.
The two-way trade between Viet Nam and Brazil reached $564 million last year and is expected to reach $1 billion by the end of the year.
Currently, Viet Nam trades with 33 nations and territories in Latin America, but total trade turnover is a modest 2 per cent.Source: vnagency.com.vn
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