Vietnam, Colombia seek stronger economic and trade ties

Colombia is viewed as a potential market and ranks fifth among the largest Vietnamese export markets in Latin America, with two-way trade turnover increasing from US$42.95 million in 2007 to US$509 million in 2019.

The Vietnamese Embassy in Venezuela, concurrently Colombia, recently held a webinar aimed at promoting trade, investment, and tourism co-operation between both sides.

The purpose of the event was to introduce the potential of the Vietnamese labour and export market as a means of ramping up bilateral co-operation in the fields of economics, trade, tourism, and investment between the two nations.

As part of his opening speech, Vietnamese Ambassador to Venezuela concurrently Colombia Le Viet Duyen highlighted the ever-growing friendship and co-operative ties after 42 years of diplomatic relations, adding that the Government and people of Vietnam always place great importance on promoting friendly relations and bilateral co-operation, especially in sectors where the two countries boast great potential. In particular, bilateral trade relations over recent years have seen continuous growth, he added.

Last year witnessed total two-way turnover reach US$640.8 million, of which Vietnam mainly exported engines, machinery, electrical equipment, footwear, seafood, apparel and textiles, fibers, and metals worth US$622.5 million , while importing goods such as timber and wood products, food, leather, organic chemicals, and precious metals valued at US$18.3 million from the South American nation.

Furthermore, Ambassador Duyen also introduced key Vietnamese export products which are much sought after globally, including rice, coffee, pepper, electronic products and components, garments textiles, footwear, seafood, furniture, and agricultural machinery.

With the world continuing to struggle against the novel coronavirus (COVD-19) pandemic, Vietnam has successfully brought it under control and has emerged as an attractive destination for trade, investment, and tourism in the region and the wider world, the Vietnamese diplomat said.

In response, Nohora Pardo, vice chairman of the Board of Directors of the Colombia-Vietnam Chamber of Commerce, introduced the Colombian-Vietnam Chamber of Commerce, an important hub in Bogota which connects businesses and trade opportunities between the two countries. Indeed, there were also calls made for Vietnamese businesses and the Chamber of Commerce to further boost their relationship as a way of strengthening economic ties between both sides.

The Chamber of Commerce is currently ready to assist local firms in fully grasping economic policies and market information as a means of facilitating their investment and trade activities in Colombia, he said.

Meanwhile, Gustavo Moreno, a representative from the Colombian Trade and Investment Promotion Agency (ProColombia), said that the South American nation is one of the leading countries in the world to receive foreign direct investment. As such, it will offer special incentives for Vietnamese businesses to invest in major projects and free economic zones in Colombia.

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