Vietnam is ready to become an important economic partner of Latin America.

“Vietnam is ready to become an important economic partner of Latin American countries, and at the same time a bridge for Latin America to further promote economic relations with the East Asia region,” Prime Minister Nguyen Tan Dung affirmed in his speech at the opening session of the Vietnam-Latin America Forum on trade and investment held on the morning of July 5 in Hanoi.

With the theme "VietnamMale– Latin America: Trade and investment partners for development”, the forum discussed the business and investment environment, transport connectivity, logistics, telecommunications, services, agriculture and energy between the two sides. 15 delegations representing governments and localities of Latin American countries, along with 200 Latin American and Vietnamese businesses, exchanged and sought trade and investment opportunities between the two sides.

Prime Minister Nguyen Tan Dung speaks at the opening session of the Vietnam - Latin America Forum on Trade and Investment. Photo: VNA

Speaking at the Forum, Prime Minister Nguyen Tan Dung emphasized the good traditional relationship, based on historical similarities and national aspirations for independence and freedom between the two sides. After Vietnam reunified the country in 1975 and especially since the Doi Moi process began in 1986, the two sides have promoted the development of a comprehensive partnership. Vietnam has established an Intergovernmental Committee mechanism with five Latin American countries, a Political Consultation mechanism with 15 countries, signed many agreements and cooperation arrangements, creating favorable mechanisms and legal frameworks for bilateral relations. Over the past 10 years, two-way trade has increased 17 times, reaching more than 5 billion USD in 2011. Many projects are being implemented in strategic areas such as energy and telecommunications. However, this result is still not commensurate with the potential, only accounting for a small proportion of the total trade transactions of each country, the number of investment projects is still modest, and understanding of partners and the investment and business environment of each side is limited.

With a large population (Vietnam has nearly 90 million people, Latin America has 570 million people) and strengths in sectors such as agriculture, light industry, transportation, telecommunications, energy, tourism, etc., the two sides are potential markets for each other. "Vietnam wishes and is ready to promote cooperation and investment in the fields of oil and gas, energy, consumer goods, agriculture and aquaculture and also has a need to import many raw materials from Latin American countries," said Prime Minister Nguyen Tan Dung.

Prime Minister Nguyen Tan Dung also asked representatives of the Government, ministries, sectors, localities and businesses at this Forum to discuss and learn about partners, potentials, opportunities and investment and business environments of each side; on that basis, to form ideas, policy orientations, cooperation mechanisms, and specific investment and business agreements. “We are facing a great opportunity for socio-economic development. Vietnam is ready to become an important economic partner of Latin American countries, and at the same time a bridge for Latin America to further promote economic relations with the East Asia region,” Prime Minister Nguyen Tan Dung affirmed. “Vietnam believes that Latin American friends will actively participate and become an important part of Vietnam’s development, and Vietnam is also ready to participate in the development of Latin American friends.”

Representatives of Brazilian and Vietnamese businessesMaleexchange at a product display booth. Photo: Ngoc Thu

Representatives of Latin American countries all said they are ready to create conditions to attract Vietnamese businesses.Malepenetrate and invest in the oil and gas and telecommunications markets in this region. Colombia's Deputy Minister of Foreign Trade, in his capacity as the regional coordinator of the East Asia - Latin America Cooperation Forum, Mr. Gabriel D. Mildenberg, said that the forum took place at a very suitable time for both sides, establishing a bridge of cooperation between two partners that are both developing very dynamically. "Latin America and East Asia, Southeast Asia have no other way than cooperation and integration for both regions to develop together, in which, Vietnam is considered a prominent country, making increasingly important contributions to trade and economy globally in general and to Latin American countries in particular", said the Deputy Minister of Foreign Trade of Colombia. According to Mr. Mindanbok, with an open and dynamically developing economy, a member of many regional trade liberalization mechanisms, and an attractive destination in the region for foreign investors, Vietnam will be a gateway for friendly countries in Latin America to access large markets in Southeast Asia and the Asia-Pacific region.

Noting that Latin American countries are opening more and more embassies and representative offices in Vietnam as well as in Asia-Pacific countries, thereby taking advantage of business and investment opportunities, Colombia's Deputy Minister of Foreign Trade emphasized that Colombia values ​​Vietnam's role as a positive factor contributing to peace, stability and development in the region and the world.

Within the framework of the Forum, the Vietnam Chamber of Commerce and Industry (VCCI) announced the establishment of the Vietnam - Latin America Business Council. Leaders representing ministries, local branches of VietnamMaleThere were also many important bilateral meetings with the Heads of Delegations from Latin American countries attending the Forum. In addition, an overview workshop on the business and investment environment between Vietnam and Latin America took place within the framework of the Forum, to discuss the potential, opportunities for business cooperation and measures to promote closer economic relations between Vietnam and Latin American countries, for common development and prosperity.

On the afternoon of July 5, at the Presidential Palace, President Truong Tan Sang cordially received the heads of the Latin American delegations attending the Vietnam - Latin America Forum on Trade and Investment. The President pointed out that the two sides have great advantages and strengths that can complement each other, such as advantages in resources, labor, technology, and being located in two dynamically developing regions, East Asia and Latin America, where the trend of economic integration within the region and inter-regional is taking place strongly. The President emphasized that Vietnam will create all favorable conditions for Latin American enterprises to invest and do business stably and effectively in Vietnam and hopes that the Government and Latin American enterprises will create favorable conditions for Vietnamese enterprises and investors in Latin America.

The delegation leaders said that VietnamMaleis a bright spot that Latin American countries want to strengthen relations with. The heads of delegations suggested that Vietnam and other countries strengthen high-level relations, expand promotional activities, and create favorable conditions for businesses of all sides to operate effectively.

On July 6, Latin American delegations and businesses will also visit and work to seek investment cooperation opportunities in Quang Ninh province.

According to QĐND-M