Vietnam - Chile Free Trade Agreement creates momentum for trade growth

Vietnam - Chile Free Trade Agreement creates momentum for trade growth

A virtual fourth session of the Vietnam - Chile free trade council was held on May 6 to review the implementation of the Vietnam-Chile Free Trade Agreement (FTA) in the 2018-2021 period and update trade exchanges between the two countries.

The meeting was co-chaired by Deputy Minister of Industry and Trade Do Thang Hai and Vice Minister of Trade in the Ministry of Foreign Affairs of Chile Rodrigo Yanez.

According to the Vietnamese Ministry of Industry and Trade, Vietnam-Chile relations are developing and achieving positive results. In 2020, despite the difficulties caused by the COVID-19 epidemic, bilateral trade revenue between the two countries achieved positive results, marking the first time Vietnam's exports to this market reached over US$1 billion.

Specifically, total trade between the two countries reached US$1.28 billion, up 4.43% compared to 2019 and 2.5 times higher than the figure in 2013 - before the Vietnam-Chile Free Trade Agreement took effect. Currently, Chile is one of the four largest trading partners of Vietnam in Latin America and Vietnam is Chile's largest trading partner in ASEAN.

At the meeting, the two sides noted their efforts regarding the implementation of the Vietnam-Chile Free Trade Agreement with its impressive growth figures, showing the great impact the Agreement has brought to bilateral trade relations.

The two sides also discussed ways to improve efficiency, promote communication as well as proposing solutions to help businesses in the two countries take advantage of opportunities arising from the Vietnam-Chile Free Trade Agreement as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) when ratified by Chile in the near future, thereby contributing to further promoting cooperation between the two countries, especially in the economic, trade and investment fields.

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