Strengthening Vietnam-Argentina Business Ties in Agriculture and Industry

The delegation included Argentine Ambassador to Vietnam Marcos Antonio Bednarski and other representatives from the Ministry of Economy and the Argentine Embassy in Vietnam.

VCCI General Secretary Tran Thi Lan Anh receives the delegation from the Argentine Ministry of Economy

At the meeting, Ms. Tran Thi Lan Anh highly appreciated the strategic partnership with Argentina and emphasized the importance of deepening Vietnam-Argentina Comprehensive Partnership. During 51 years of diplomatic relations (1973-2024), Vietnam-Argentina friendship and cooperation have been continuously strengthened and developed in all fields. Vietnam is the 6th largest trading partner and the 5th largest export market of Argentina in the world. Argentina is Vietnam's second-largest trading partner in Latin America, following Brazil. Vietnam is a key partner in Argentina's South-South cooperation in Southeast Asia.

Undersecretary Augustín Tejeda Rodriguez highly appreciated the close cooperation between the two countries, adding that Argentina is the third largest economy in Latin America, with a gross domestic product (GDP) of about US$640 billion and an export value of US$87 billion. Argentina's agro-industrial sector accounts for 15-17% of GDP, 64% of exports and 15% of total employment.

“Argentina is implementing many programs and policies to boost agro-industrial investment, production and exports. These include streamlining procedures to reduce bureaucracy, cutting taxes to enhance producer profits, and adopting a flexible monitoring system to maintain high quality and health standards. Additionally, the country is leveraging innovations in biotechnology and agricultural technology to significantly improve productivity and competitiveness,” he noted.

Vietnam is one of Argentina's main trading partners, the fourth largest agricultural and industrial export destination with US$3.2 billion for 8.9 million tons of commodities, he added. From 2007 to 2022, Argentina's exports to Vietnam increased tenfold, with the main products being soybean meal, corn, leather and fur, cotton, beans and shrimp. After the drought in 2023, the export value to Vietnam reached US$1.87 billion (up 44% in value and 92% in volume). In 2023, Argentina imported US$1.39 billion from Vietnam, primarily consisting of industrial goods.

"Argentina has great potential to increase export volume and diversify products. In the coming time, we will open an office on trade and agriculture at the Argentine Embassy in Vietnam," he said.

VCCI Secretary General Tran Thi Lan Anh said that VCCI signed a cooperation agreement with the Argentine Chamber of Commerce and Services (CAC) in 2019, followed by an agreement with the Chambers of Commerce and Industry of Santa Fe, Córdoba, and Entre Ríos in 2023 during the Vietnamese National Assembly Chairman's visit to Argentina. Furthermore, VCCI has hosted several high-level delegations from Argentina, including three cooperation events with the Argentine Embassy in Hanoi to welcome the Argentine President's visit to Vietnam.

"Over the years, VCCI and the Argentine Embassy have maintained a strong cooperative relationship, collaborating on many fields such as organizing events during visits by high-ranking Argentine leaders. They also regularly share information about each other’s trade and investment promotion activities, ensuring that the business community remains informed and engaged," she added.

The two countries have much potential for agricultural cooperation, she said, explaining that Argentina needs to export agricultural products and agricultural machinery to Vietnam (currently Argentina is applying for a license to import pork and white offal of cows to Vietnam). In addition to its regular imports, Argentina has opened its market to four types of fruit from Vietnam: lychee, dragon fruit, mango and longan (Argentina has opened these two types of fruit but Vietnam has not yet agreed on quarantine).

Moreover, the two countries can boost cooperation in industries where Vietnam has strengths and Argentina needs to import, including mobile phones, electronic products, footwear, and textiles and garments.

CAC and VCCI established the Vietnam-Argentina Business Council to enhance collaboration. However, due to the impacts of COVID-19 and the economic slowdown, the council has not yet been able to implement specific actions. Anh hoped that businesses will be more active in establishing connections and affirmed that VCCI is willing to welcome CAC's delegations to Vietnam and increase information exchange between the two sub-committees.

“The two sides need to further strengthen their cooperative relationship and deepen cooperation ties between the two regions, especially after MERCOSUR signed a trade agreement with the EU and prioritized Asia, especially ASEAN, as the focus for further development. Vietnam also expressed hope that Argentina will support the prompt initiation of Free Trade Agreement (FTA) negotiations between Vietnam and Mercosur, as well as between ASEAN and Mercosur,” she said.