Minister Nguyen Hong Dien works with the Argentine Ambassador to Vietnam

Attending the working session on the Vietnamese side were representatives of the leaders of the European-American Market Department, the Multilateral Trade Policy Department and the Ministry Office.

At the meeting, the Minister of Industry and Trade highly appreciated the development of trade relations with Argentina. In 2023, trade turnover between Vietnam and Argentina reached 3.44 billion USD. Argentina is currently Vietnam's third largest trading partner in Latin America, with many untapped cooperation potentials.

However, Minister Nguyen Hong Dien also pointed out that there are still certain barriers, including geographical distance, differences in language and business practices, and trade barriers. The Minister suggested that more efforts should be made to promote economic and trade cooperation between the two countries, based on each side's strengths and meeting each other's needs.

The Minister of Industry and Trade emphasized the importance of starting negotiations on the Vietnam – MERCOSUR Free Trade Agreement (FTA), with the expectation that the signing of the FTA will create a breakthrough in trade relations, helping to promote the exchange of goods and investment between Vietnam and countries in the bloc, especially Argentina.

For his part, the Argentine Ambassador agreed with Minister Nguyen Hong Dien's opinion and pledged to make efforts to further promote bilateral trade turnover with Vietnam; at the same time, he made proposals related to opening the market for each side's strong products.

The two sides agreed to closely coordinate to organize the 7th Meeting of the Vietnam - Argentina Intergovernmental Committee as soon as possible.

According to the General Department of Customs, in 2023, the two-way trade turnover between Vietnam and Argentina reached 3.44 billion USD, down 29.6% over the same period in 2022. Of which, Vietnam's exports to Argentina reached 975.8 million USD, up 14.6%, Vietnam's imports from Argentina were 2.47 billion USD, down 38.9% compared to 2022. Argentina is currently Vietnam's third largest trading partner in Latin America.

In the first 9 months of 2024, bilateral trade turnover reached 2.77 billion USD, down 2.8% over the same period in 2023, of which Vietnam exported 332.62 million USD, down 62.5%, and imported 2.43 billion USD, up 42.2% over the same period in 2023.

Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/bo-truong-nguyen-hong-dien-lam-viec-voi-dai-su-argentina-tai-viet-nam.html