Unlocking Potential of Vietnam-Chile Cooperation

“Vietnam stands prepared to ease the entry of Chilean goods into its market, potentially serving as a conduit for Chile to penetrate the promising ASEAN market,” said Mr. Pham Tan Cong, President of Vietnam Chamber of Commerce and Industry (VCCI) during his meeting with Chilean Ambassador to Vietnam, Sergio Narea.

VCCI President Pham Tan Cong ( R) at the working session with Chilean Ambassador Sergio Narea

During the meeting, Ambassador Sergio Narea apprised the VCCI leader of the impending business visit to Vietnam by Madam Claudia Sanhueza, Chile's Undersecretary of Foreign Affairs in charge of International Economic Relations. He emphasized that Vietnam is one of Chile's significant markets in the region and expressed optimism that Undersecretary Claudia Sanhueza's forthcoming visit will substantially enhance the trade relationship between the two nations.

The discussion centered around trade and investment cooperation opportunities between Vietnam and Chile. Ambassador Sergio Narea conveyed Chile's high regard for the business investment environment in Vietnam and expressed a desire to foster cooperation with Vietnamese businesses across various sectors, particularly agriculture, fisheries, renewable energy and the processing industry.

VCCI President Pham Tan Cong expressed enthusiasm about the upcoming visit by a high-level Chilean delegation, expressing hope that the Chilean Embassy will facilitate business connections between the two countries and coordinate in organizing bilateral trade promotion activities.

Currently, Chile is Vietnam's fourth-largest trading partner in Latin America. In 2023, the bilateral trade value reached US$1.57 billion, with Vietnam's exports accounting for US$1.19 billion. The two countries established a comprehensive partnership in 2007 and ratified a bilateral free trade agreement in 2011.

Their import and export activities are complementary rather than competitive. Vietnamese businesses can diversify their supply of production materials through partnerships with Chile's wood, copper and lithium exporters. Vietnam can augment exports of seafood and consumer goods such as textiles and garments, footwear, agricultural products and food to Chile.

Chile boasts strength in renewable technology, and VCCI President Cong expressed hope that the two countries will foster cooperation in green energy.

Beyond bilateral relations, Vietnam and Chile have ample scope to enhance cooperation based on multilateral relations. Both nations are part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Vietnam, as a key and active member of ASEAN, can promote inter-regional cooperation. Meanwhile, Chile, as a founding and active member of the Forum for the Progress and Integration of South America (PROSUR) and a member of the Pacific Alliance (AP), can play a similar role.

By Huong Ly, Vietnam Business Forum