Viet Nam, Argentina to raise trade to US$10 bln by 2025

National Assembly (NA) Chairman Vuong Dinh Hue (L) pays a courtesy call on Argentinean President Alberto Angel Fernandez, Buenos Aires, Argentina, April 24, 2023 - Photo: VNA

The agreement was reached by National Assembly Chairman Vuong Dinh Hue and Argentinean President Alberto Angel Fernandez during their meeting in Buenos Aires on April 24.

At the meeting, both sides lauded the active, substantive and effective development in Viet Nam-Argentina comprehensive partnership, particularly the two-way trade hit US$4.8 billion in 2022. 

Argentina remains the third largest trade partner of Viet Nam in Latin America while Viet Nam is the second biggest trade partner of Argentina in Asia.     

Vuong, who is on an official visit to Argentina, noted that the enhancement of cooperative ties between the two legislative bodies have contributed to bolstering the bilateral relationship in general and to establishing and creating a favorable legal framework between the two nations in particular. 

He suggested the two governments promote close coordination to increase delegation exchanges at all levels to consolidate and strengthen political trust. 

The top Vietnamese legislator emphasized the need to expand collaboration across all sectors such as culture, education, sports, science-technology, renewable energy and people-to-people exchanges and local-to-local exchanges. 

For his part, Alberto A.Fernandez reiterated that the Argentinean Government highly values the rising prestige and status of Viet Nam in the region and the world. 

The two sides still have huge potential to boost cooperation in spheres of agriculture, science-technology, energy and climate change adaption, said the host, calling on both governments to facilitate the entry of farm produce and accelerate trade promotion and business connectivity activities. 

The same day, Vuong held talks with President of the Chamber of Deputies of Argentina Cecilia Moreau, during which Vuong suggested Argentina speed up the early completion of the internal consultation process between member countries of the Southern Common Market (MERCOSUR), together with Viet Nam, announce the start of negotiations on a MERCOSUR-Viet Nam Free Trade Agreement. 

He called on Argentina to make it easier for Viet Nam's key agricultural products to enter the Argentinean market, thereby balancing the bilateral trade in a long and sustainable way.

Both sides pledged to promote the comprehensive implementation of the Viet Nam-Argentina cooperation, towards the establishment of a Strategic Partnership in agriculture, industry and energy.

The two parliaments should work together to facilitate activities of the two countries' businesses, including opening the market for their key agricultural products, supporting enterprises to access each other's markets to carry out business and investment activities, they stressed. 

The two nations should also promote the role of the legislative body in building and strengthening of a legal corridor to facilitate the implementation of bilateral cooperation activities in a stable and long-term manner.

They agreed to continue strengthening cooperation in exchanging experience in lawmaking, supervision and decision-making on important issues.

The host and the guest vowed to promote coordination at multilateral forums such as the Inter-Parliamentary Union (IPU) and support each other's stance on regional and international issues of mutual concern.

Following the talks, the two leaders signed a cooperation agreement between the two legislatures.