CPTPP expected to boost Vietnam-Chile economic ties

The newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP), of which Vietnam and Chile are members, is expected to be a new push for the economic, trade and investment cooperation between the two nations, said Vietnamese Ambassador to Chile Nguyen Ngoc Son.

In an interview, the diplomat noted that since Vietnam and Chile set up their diplomatic relations in 1971, the two countries have enjoyed sound partnership in all fields.

They have signed many deals facilitating their affiliation, including a free trade agreement in 2012. Two-way trade grew impressively to US$1.3 billion in 2017 from only under US$200 million in 2005.

They have set up dialogue mechanisms in politics and economy, along with annual meetings to review cooperation outcomes and map out collaboration plans for following years.

Son stressed that the two sides are open economies, holding that the CPTPP will help further expand and develop bilateral economic, trade and investment partnerships.

The ambassador said that almost all Presidents of Chile have visited Vietnam, reflecting the country's appreciation of Vietnam's role in the Southeast Asian region. In multilateral organisations, Chile has always supported Vietnam, especially at the United Nations, APEC and other inter-regional organisations.

Chile assisted Vietnam in its bids to join the UN Human Rights Council in the 2014-2016 tenure, and the UN Economic and Social Council (ECOSOC) in the 2016-2018 period, while supporting Vietnam in running for a seat as a permanent member of the UN Security Council for the 2020-2021 tenure.

At the same time, Vietnam has lauded the role of Chile and supported the country’s candidacy for positions in the UN agencies and other international organisations, including the UN Human Rights Council and UN Security Council, said Ambassador Son.

However, he said that bilateral investment remains modest, citing they are yet to have any project in each other' territory.

The diplomat also pledged that the Vietnamese Embassy in Chile and its trade affairs office will exert more efforts to introduce investment and trade opportunities in Vietnam to Chilean businesses.