Vietnam expects to bolster interregional trade ties through Chile

During the meeting, Mr. Narea informed the VCCI leader of the impending business trip to Vietnam by Ms. Claudia Sanhueza, Deputy Minister of International Economic Relations at the Chilean Ministry of Foreign Affairs. According to Mr. Narea, Vietnam is one of Chile's most important regional markets, and he believes Ms. Claudia Sanhueza's upcoming visit will greatly strengthen the two countries' business relations.

The VCCI President stated that Vietnam was willing to play a larger role in allowing Chilean goods to access its market, as well as serve as a gateway into the thriving ASEAN market.

Mr. Pham Tan Cong also recognized Chile's role as a founder and active member of the Forum for the Progress and Development of South America (PROSUR) and the Pacific Alliance (AP). While Vietnam is an important and active member of ASEAN, this will serve as a bridge to greater interregional cooperation.

According to Mr. Pham Tan Cong, the two nations have a lot of potential for cooperation in green hydrogen and renewable energy such as wind and solar power.

This year, Peru will host APEC once more, and VCCI plans to organize a business delegation to attend activities during the APEC Summit Week in Peru. The VCCI delegation is anticipated to visit and work in Chile. "I look forward to receiving the Chilean Ambassador to Vietnam's cooperation in connecting VCCI with Chile's trade promotion organizations such as SOFOFA to help us explore the Chilean market," stated Mr. Pham Tan Cong.

Regarding the Chilean Deputy Foreign Minister's delegation to Vietnam, VCCI is prepared to work with the Chilean Embassy in Vietnam to organize business events if the program permits.

Friendship and collaboration between Vietnam and Chile have been reinforced and grown in all fields throughout the 53 years since diplomatic ties were established (1971-2024). Both countries have made significant progress, including establishing a comprehensive partnership in 2007, signing a bilateral free trade agreement in 2011, and joining the CPTPP in 2018. The two sides have made frequent visits to each other.

Vietnam-Chile commercial connections are strengthening. Chile is Vietnam's fourth most important trade partner in Latin America. Bilateral trade totaled $1.57 billion in 2023, down 27.2% from 2022. Vietnam exports $1.19 billion (a 30.7% decrease from 2022) and imports $375 million (13.2%).

Vietnam largely exports consumer items to Chile, including phones and components, computers, electronics, machinery, textiles, seams, shoes, and fisheries. Vietnam's primary imports from Chile include fisheries, timber and wood products, metals, iron and steel scrap, and so on.

In terms of foreign direct investment, Chile will rank 116th out of 144 nations and territories with FDI in Vietnam by the end of 2023, with four projects totaling $300,000 in registered capital.