Promoting Vietnam-Venezuela relations via trade channels

VCCI President Pham Tan Cong met with Mr. Juan Carlos Fernandes Juárez, Venezuela's Ambassador to Vietnam.

At the meeting, VCCI President Pham Tan Gong congratulated the Ambassador on his new mission in Vietnam, expressing his hope that the two countries will work together more closely in the future to strengthen trade relations based on their long-standing friendship.

VCCI now maintains frequent contact with the Venezuelan Chamber of Commerce in Vietnam (CAVENVIET). Since 2022, CAVENVIET has arranged for corporate delegations to come and work in Vietnam.

In 2022, VCCI, in partnership with the Embassy of Venezuela and CAVENVIET, hosted the Vietnam-Venezuela Business Conference as part of CAVENVIET's visit to Vietnam, which included 60 Vietnamese firms.
Mr. Juan Carlos Fernandes Juárez acknowledged the two nations' strong relations, expressing hope that the new stance will further encourage commerce between them.

"Despite external challenges, Venezuela has made substantial economic, social, and political progress. We are the global leader in crude oil reserves (296 billion barrels) and the world's tenth biggest oil production and exporter (about 2 million barrels per day). According to the IMF, Venezuela's GDP in 2023 will be $433.36 billion, representing a 5% increase," Mr. Juárez stated.

Venezuela is now interested in exporting agricultural items such as cocoa, fisheries, lumber, and mung bean, as well as importing textiles, shoes, rice, electronics, and cellphones from Vietnam. As a result, in the near future, Mr. Juárez intends to increase bilateral trade.

The VCCI President stated that, despite strong collaboration between Vietnam and Venezuela, bilateral commerce connections remained quite restricted. Imports and exports have recently been approximately $20 million, with a peak of $69 million in 2022. However, owing to global economic uncertainty, bilateral trade in 2023 fell to $31.5 million, with exports totaling $31.5 million. Vietnam did not purchase anything from Venezuela.

As a result, the two sides agreed to improve information sharing and promote trade so that the two nations' business communities are more informed about each other's markets. This will serve as the foundation for the two nations' improved commercial relations.