“Vietnam is ready to become one of the important partners of Latin American countries and act as a gateway so these countries can further promote economic relations with the East Asian region,” said Prime Minister Nguyen Tan Dung in his speech at the Vietnam-Latin America Trade and Investment Forum held in July in Hanoi.

At the forum themed “Vietnam-Latin America: Trade and Investment Partnership for Development”, the delegates discussed the trade and investment environment, connectivity in transport, logistics and telecommunications, and partnership in agriculture and energy between the two sides. The forum attracted the participation of 15 delegations from governments and localities in Latin America and 200 Latin American and Vietnamese corporations who exchanged and seek trade and investment opportunities. 


Prime Minister Nguyen Tan Dung attends and addresses the forum.




Prime Minister Nguyen Tan Dung and heads of delegations pose for a photo.




Prime Minister Nguyen Tan Dung addresses the forum: “Vietnam-Latin America:
Trade and Investment Partnership for Development”.



Vietnamese Foreign Minister Pham Binh Minh delivers an opening speech at the forum.



Gabriel Duque Mildenberg, Colombian Vice minister of foreign trade and regional coordinator
 of East Asia-Latin America Forum, addresses the forum.
 
«...
          Up to 2012:

- Vietnam has established diplomatic ties with 27 of 33 Latin American countries, inter-governmental cooperation committees with five countries and political consultation mechanisms with 15 Latin American countries.

- Vietnam has seven embassies in Latin America and eight Latin American countries have embassies in Hanoi.

- The two-way trade turnover reached an average increase of 30%/year, from 300 million USD in 2000 to 5.2 billion USD in 2011. It is expected to increase to 12 billion USD in 2015 and 25-26 billion USD in 2020.
 
Vietnam and Latin American countries have a fine traditional relationship based on similarities in history and national aspirations for independence and freedom. After Vietnam was reunified in 1975 and implemented successfully the Doi moi (renewal) process in 1986, the two sides have boosted and developed the comprehensive partnership. Vietnam established inter-governmental committees with five Latin American countries and political consultation mechanisms with 15 countries, signed many cooperation agreements and created favourable legal frameworks and mechanisms for both sides. 

Over the past ten years, the two-way trade turnover increased 17 fold, reaching over 5 billion USD in 2011. Many projects have been implemented effectively in the strategic fields of energy and telecommunications. However, it has not matched the potential of each side, only accounting for a small proportion of total trade of each side. The number of investment projects is still modest and understanding of the business and investment environment on each side also remains limited. 

With a large population (Vietnam has nearly 90 million and Latin America has 570 million) and strengths in agriculture, light industry, transportation, telecommunications, energy and tourism, the two sides are potential markets for each other.

 

A part of an exhibition on trade and investment between Vietnam and Latin American
 countries that is held on a sideline of the forum.



Within the framework of the forum, a general conference on trade and investment environment between
 Vietnam and Latin America is held at the National Convention Centre.



Within the framework of the forum, workshops on “Vietnam-Latin America Agricultural and Energy Partnership”, “Connectivity in Transport, Logistics, Telecommunications and Services between Vietnam and Latin America”, and “the Talk on Cooperation Potential between Vietnam and Latin America” is held at the National Convention Centre.

Addressing the event, Prime Minister Nguyen Tan Dung suggested the delegates from government, ministries, branches, localities and enterprises of both sides should discuss and promote mutual understanding about partners, potentials, opportunities and investment and trade environment of each side. On that basis, both sides would map out directions, policies, cooperative mechanism, and investment and trade agreements in detail. The prime minister affirmed: “Vietnam believes Latin American friends will actively participate in and become an important part in Vietnam's national development cause. Meanwhile, Vietnam is ready to join the growth process in Latin America.” 

On this occasion, the Vietnam Chamber of Commerce and Industry announced the establishment of the Vietnam-Latin American Business Council.

VNP