The agreement was reached by Minister of Industry and Trade Nguyen Hong Dien and visiting Argentinian Minister of Foreign Affairs, International Trade and Worship Santiago Cafiero during their meeting in Hanoi on July 11.
Dien affirmed Argentina is one of Vietnam’s leading partners in America, with two-way trade surpassing 4.5 billion USD last year. The figure represented a year-on-year rise of 14.1%. Of the total, Vietnam’s export value was 832 million USD.
Argentina is Vietnam’s third largest trader in Latin America, while the latter is the former’s biggest trade partner in Southeast Asia, and the sixth biggest on the global scale. However, the bilateral trade value remains modest compared to both sides’ potential.
Therefore, he showed his hope that the two sides will continue efforts to increase trade exchanges, diversify imports and exports, and gradually equilibrate the trade balance.
The Vietnamese minister proposed Argentina create more favourable conditions for his country’s businesses, especially those operating in agriculture, garment and textiles, wood products and handcrafts, to approach the Argentinian market.
Santiago Cafiero spoke highly of the development of two-way trade over the past time, even during the COVID-19 outbreak.
He also emphasised the important role of the Inter-Governmental Committee on Economic, Trade, and Scientific and Technological Cooperation in promoting bilateral economic and trade ties.
