MoIT leader meets Chilean Foreign Affairs Undersecretary

At the meeting, Minister Nguyen Hong Dien and Undersecretary Claudia Sanhueza discussed bilateral economic and trade cooperation. Dien affirmed that Vietnam highly values Chile's role and always considers Chile to be one of Vietnam's leading partners in the region while expressing his delight at the growing bilateral trade over the past years since the Vietnam-Chile Free Trade Agreement came into force in 2014.

The minister highly appreciated Chile's ratification of the CPTPP and said the fact that the CPTPP officially took effect in Chile from February 2023 will create a new impulse and strongly promote trade and investment cooperation between Vietnam and Chile.

In order to further promote bilateral trade, Minister Nguyen Hong Dien emphasized the importance of maintaining and effectively implementing the mechanism of the Vietnam-Chile Free Trade Council to regularly review specific cooperation activities and the Vietnam-Chile Free Trade Agreement’s implementation, as well as to find solutions to difficulties in bilateral economic, trade and investment relations.

The minister suggested that the two sides strengthen exchanges to promote rapid economic recovery and sustainable development cooperation, together form new global production and supply chains tolerant to future crises, consider expansion of cooperation in developing the material industry, supporting industries, and processing, manufacturing, chemical, renewable energy, green technology, new energy, digital economy and e-commerce sectors.

Minister Nguyen Hong Dien suggested that the two sides need to further strengthen trade promotion activities, exchange business delegations to participate in Vietnamese and Chilean trade fairs and exhibitions, and regularly exchange information about the market as well as others on standards and regulations applicable to advantageous products of the two countries.

On this occasion, the Vietnamese minister proposed that Chile organize a business delegation in the fields of agricultural products, food, textiles, footwear, and furniture to Vietnam to participate in a series of events within the “Vietnam International Sourcing 2023” which will be held from September 13 to 15.

In October 2023, the Ministry of Industry and Trade will also organize a delegation of about 18 businesses to Chile. The minister expressed his desire to receive the support of the Chilean relevant agencies in linking businesses of the two sides as well as organizing the Vietnam - Chile Business Forum within the framework of the business trip.

For her part, Claudia Sanhueza affirmed that Chile always treasures and wishes to promote cooperation with Vietnam in various fields, especially in economy, trade and investment.

The Chile’s Undersecretary said that she will work closely with Vietnam’s MoIT and relevant domestic agencies to promote exchanges on the issues raised by Vietnam, especially the coordination and successful organization of the fifth session of the Vietnam - Chile Free Trade Council in the coming time.

She also wished to strengthen trade cooperation between the two countries in the coming period to promote the two-way trade turnover in the context of the CPTPP agreement having officially come into effect in Chile.

In 2021, the Vietnam-Chile total two-way trade turnover reached US$1.97 billion, a 54 percent increase compared to 2020. In 2022, despite many difficulties and challenges from the global economy, the two-way trade turnover still reached US$2.15 billion, a year-on-year rise of nine percent, with Vietnam’s exports reaching US$1.72 billion.

In the first half of this year, the two-way trade growth is slowing down and dropped to US$782.59 million, down 27.3 percent year on year. Chile is currently one of the four largest trade partners of Vietnam in the Latin America, after Brazil, Mexico and Argentina.