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Chile's firms seek business opportunities in Viet Nam
More and more Chilean businesses are seeking opportunities in Viet Nam, especially in the mining, oil exploration, seafood, beverage and fruit production sectors, says the Viet Nam Trade Office in Chile.
Chile, in turn, is also encouraging Vietnamese businesses to look to their market and promoting trade to further understand habits and consumption trends.
The bilateral economic relationship between the two countries had developed fruitfully over the past years, said the Ministry of Industry and Trade's Import-Export Department.
Viet Nam now ranks 42nd among Chile's trade partners, accounting for 0.16 per cent of the country's total export value.
Two-way trade reached US$240 million in 2009, $115 million of which came from Vietnamese exports, including coffee, shoes, garments and rice. It was estimated to top $300 million last year, a 31-per-cent year-on-year increase.
Trade experts also said that Vietnamese businesses would have a better chance of accessing third markets, in Latin America in particular, that are already trade partners of Chile.
Vietnamese firms would also enjoy preferential taxes and tariffs under the free trade agreements Chile has signed with many other countries.
Meanwhile, by doing business with Vietnamese counterparts, Chilean enterprises would have the opportunity to establish partnerships with others in the ASEAN region.
The bilateral trade between the two countries, however, was still modest, especially in Viet Nam's competitive areas, such as electronics, furniture, handicrafts and seafood, and in the areas in which Chile had advantages like machinery, equipment, agricultural products, forestry and fisheries.
The two governments have sped up negotiations on a free trade agreement (FTA), which is expected to expand co-operation opportunities.
The industry and trade ministry had planned to step up trade promotion and increase the export value, the department said.
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