Vietnam - A potential market for Argentine businesses

Argentine businesses attending the seminar on market development potential in Vietnam discussed with representatives of the Vietnam Trade Office about the possibility of expanding investment between the two countries in the future.

Argentine businesses attend the workshop. (Photo: Dieu Huong/VNA)

On August 14, the Asia -Pacific Chamber of Commerce of Argentina held a seminar on the potential for developing the investment and trade market in Vietnam, with the participation of many Argentine businesses.

According to a VNA reporter in Buenos Aires, in his opening speech at the workshop, President of the Asian Chamber of Commerce, Rallys Pliauzer, assessed that after more than 50 years of establishing diplomatic relations, the relationship between Argentina and Vietnam has continuously developed in all fields, especially in trade exchange, and affirmed that the potential for cooperation between the two countries is still very large.

Ambassador Mario Schuff, senior advisor to the Asia- Pacific Chamber of Commerce, speaks at the seminar on the potential for developing the investment and trade market in Vietnam. (Photo: Dieu Huong/VNA)

Ambassador Mario Schuff, senior advisor to the Asia-Pacific Chamber of Commerce, highlighted Vietnam’s economic achievements in recent years, as well as the efforts of businesses from both countries to promote trade, with turnover reaching over 3.5 billion USD last year. Argentine businesses are very interested in Vietnam’s trade and investment market.

Speaking at the conference, Vietnamese Ambassador to Argentina Ngo Minh Nguyet introduced Vietnam's economic and social achievements in recent decades, especially in 2023, Vietnam's economic scale ranked 34th in the world, with a growth rate of 5.05%, and the first half of this year is estimated to reach 6.42% after reaching 5.66% in the first quarter.

According to the International Monetary Fund (IMF), in 2023, Vietnam will rank 3rd in Southeast Asia with a GDP scale by purchasing power parity (GDP PPP) of about 1,438 billion USD, after Indonesia (4,391 billion USD), Thailand (1,563 billion USD), ranking 25th in the world.

It is expected that by 2026, Vietnam's PPP GDP will reach about 1,833 billion USD, surpassing Thailand and ranking 2nd in Southeast Asia, after Indonesia.

Ambassador Ngo Minh Nguyet also said that in the first 6 months of 2024, import-export turnover reached 368.53 billion USD, up 15.7% over the same period last year, of which exports exceeded 190 billion USD, up 14.5%, thanks to the recovery of world demand, especially in Vietnam's major partners such as the US, EU and ASEAN. The trade surplus reached 11.63 billion USD, contributing to stabilizing the exchange rate and increasing foreign exchange reserves.

Vietnamese Ambassador to Argentina Ngo Minh Nguyet introduces Vietnam's economic achievements and investment and trade potential. (Photo: Dieu Huong/ VNA)

Vietnam continues to be a favorite destination for foreign investors. In the first 6 months of the year, total registered FDI capital in Vietnam reached about 15.2 billion USD, up 13.1% over the same period, disbursed FDI capital reached 10.84 billion USD, up 8.2%, the highest increase over the same period in 6 years.

Ambassador Ngo Minh Nguyet affirmed that this result is proof that investors believe in Vietnam's growth opportunities and prospects thanks to the shift in the global supply chain.

Ambassador Ngo Minh Nguyet affirmed that the Vietnamese Government continues to make efforts to perfect institutions, remove difficulties and obstacles, prioritize promoting economic growth and is ready to open its doors to welcome foreign businesses.

Enterprises attending the workshop also discussed with representatives of the Vietnam Trade Office in Argentina about the possibility of expanding trade and investment exchanges between the two countries in the future./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/viet-nam-thi-truong-tiem-nang-doi-voi-doanh-nghiep-argentina-post970513.vnp