The information was mentioned at the Vietnam-Latin America Trade Forum 2023, held in Ho Chi Minh City, on September 14.
Entitled “Promoting exports to Latin America through goods distribution channels”, the event provided updated information on changes in economic and trade policies of Latin America and analysed the market situation and needs for Vietnamese goods, thereby building solutions to boost exports and attract investment from this region.
Director of Eurofins Company Ly Hoang Hai said that Vietnamese goods and agricultural products reaching the Latin American market remain limited, which is mainly due to geographical reasons and transportation difficulties.
But in the current volatile market context, this is a great opportunity for Vietnamese exporters to seek new and emerging markets because the Latin American market is not too picky in terms of goods quality.
A representative of Coppel Group from Mexico said his company wished to find safe agricultural products, processed foods, and handicrafts from Vietnam.
Director of the European-American Market Department Ta Hoanh Linh said, that Vietnam and Latin America are always important markets of each other. Latin America is a potential export market for Vietnamese products, such as textiles, footwear, and agricultural and aquatic products. Latin America is also an important raw material supply market of corn, soybeans, and animal feed, for Vietnam’s manufacturing industry.
The two-way trade turnover between Vietnam and Latin America reached 23 billion USD in 2022 and 13.4 billion USD in the first eight months of 2023.
Besides the markets with leading trade turnover such as Brazil, Mexico, Argentina, and Chile, many emerging markets such as Panama, Colombia, and Peru have become bright spots in trade exchange with Vietnam.
