Producing textile products for export - Illustrative image (Photo: VNA) Hanoi (VNA) – National Assembly Chairman Vuong Dinh Hue’s visit to Uruguay is expectedto open up opportunities for stronger economic and trade ties, and win-win cooperation between Vietnam and the Latin American country.
Accordingto Deputy Minister of Industry and Trade Do Thang Hai, Uruguay is one ofVietnam's potential trade partners in Latin America. However, trade cooperationbetween the two countries remains modest and has yet to be commensuratewith their potential.
Accordingto the Europe-American Market Department under the Ministry of Industry and Trade (MoIT), two-way trade betweenVietnam and Uruguay hit 190.5 million USD in 2022, up 106.5% year-on-year. Vietnamearned 102.9 million USD from exports to Uruguay, while spending 87.6 millionUSD on imports from the Latin American nation, up 76.7% and 157.2%, respectively.
Uruguay's datashowed that Vietnam's exports to the country in January 2023 reached more than 5.7million USD, up 2.4% over the same period in 2022. Meanwhile, Uruguay's imports from Vietnam totaled over 1.6 million USD, down 48.17% year-on-year.
High percapita income, the development of the service industry, and frequentshopping habits of Uruguayan people are considered as favourable factors forVietnam's exports.
The Joint Committee for Economic, Trade and Investment Cooperation of Vietnam and Uruguay on April 14 (Photo: the MoIT) Notably, duringthe third meeting of the Joint Committee for Economic, Trade and Investment Cooperationof Vietnam and Uruguay on April 14 this year, the two sides agreed on manypractical solutions to solve obstacles in bilateral trade and investmentrelations, and proposed trade promotion measures to facilitate activities ofthe two countries’ businesses.
Deputy Minister of Industry and Trade Do Thang Hai and Uruguayan DeputyMinister of Foreign Affairs Nicolás Albertoni agreed to continue workingclosely to effectively implement the contents agreed upon at the meeting,towards the 30th founding anniversary of diplomatic relations between thetwo countries.
Uruguay is apotential market and one of the important partners of Vietnam in the region, Haisaid, adding that the country has an important voice in Latin America as it isone of the founding members of the Southern CommonMarket (Mercosur - including Brazil, Argentina, Uruguay, and Paraguay).
Haisaid the two sides should further step cooperation within bilateral and multilateralframeworks; and focus on diversifying the structure of import and export products, promoting trade promotion activities, and supporting the business community in exploringthe market and seeking business opportunities, thus further strengthening the bilateraltrade.
At themeeting, the two sides also proposed new cooperation areas, including foodsafety, customs, science and technology, software, wood exploitation and processing.
To boost exports to the Uruguayan market, the MoIT advised Vietnamesebusinesses to actively seek market information and update economic-trade-investmentpolicies of both countries through the MoIT, the Vietnamese Embassy inArgentina which is also in charge of Uruguay and Paraguay, the Embassies of Argentina and Uruguay inVietnam, and trade promotion centres of provinces and centrally-run cities.
They should also actively participate in market survey activities, and face-to-faceand online trade-investment promotion events with Uruguayan partners to seekbusiness opportunities; pay heed to improving the quality and competitiveness ofproducts and developing new products.
TheMoIT, and relevant ministries and sectors, and the Vietnam Trade Office inArgentina, Uruguay and Paraguay will pro𒊎vide market information, serve as abridge connecting the Vietnamese business community with partners in these markets,and help address difficulties facing Vietnamese firms in making ꦆinroads intothe countries./.
