Vietnam, Venezuela Promoting Agricultural Cooperation

According to Dr Vu Tien Loc, VCCI President, Vietnam and Venezuela have long and friendly relations. In 2014, the two countries celebrated 25 years of diplomatic relations and recognised historic milestones and great achievements from over two decades of friendship.

 

Over the years, the two sides have signed several cooperation documents at the government level as well as ministerial/agency level in various fields, such as diplomacy, energy and oil and gas, agriculture, tourism, culture, information and communication, and education and training. However, even though areas of cooperation have expanded, especially in energy and gas and oil, bilateral trade remains very modest. Vietnam exports to Venezuela food, agricultural machinery, electric appliances, electronic products, garments, footwear and other consumer goods; while importing mineral materials such as iron and aluminum.

 

Venezuela wishes to strengthen bilateral cooperation in agriculture, forestry and fisheries, as well as manufacturing and assembly, aiming to develop an economy of diversification, reducing dependence on the oil sector.

 

The industrialisation and modernisation of Vietnam and the reconstruction of the dynamic economy of Venezuela have many things in common, and this provides a platform for the two countries to support each other’s causes. These are favourable conditions to promote bilateral economic cooperation in future.

 

According to Dr Loc, the cooperation between the two countries’ business communities holds a very important role, and therefore, has been receiving attention and support from of the leadership. VCCI has established the Vietnam - Latin America Joint Business Council, identifying Venezuela as a key market. VCCI also has organised many activities to provide information and advisory service, as well as investment promotion programmes for the business communities of the two countries.

 

According to Deputy Prime Minister Hoang Trung Hai, along with achievements in the fields of politics, diplomacy and culture, the economic relations between the two countries in recent years have also reaped many significant results. Bilateral trade, though it remains modest, has shown continuous moderate growth, from US$20.14 million in 2010 to US$62.68 million in 2014, which is more than 3 times. The two countries also have great potential for cooperation in many other areas such as energy, oil and gas, production of consumer goods, healthcare, science - technology and especially in agriculture.

 

Deputy PM Hai said that businesses had an especially important role as the main factor in generated gross domestic product (GDP), not only critical to the sustainable development of an economy but also to social stability. Vietnam and Venezuela’s enterprises would be the bridge to deepen bilateral ties, contributing to the growth of trade and GDP of the two countries. According to Deputy PM Hai, to further promote cooperation in trade and investment, the governments and the business communities of both sides should have more contact with each other, actively conduct market research, study demand and possibilities for cooperation, and take full advantage of trade promotion programs to bolster economic relations and trade between Vietnam and Venezuela.

 

President Nicolás Maduro said Vietnam and Venezuela were entering a new phase of cooperation, wider in range and faster in speed. Venezuela is heading to the decision of cooperating with Vietnam in the fields of oil and gas, agriculture and agro-industry. He promised to do his best to promote the conclusion of the Vietnam – Venezuela cooperation agreement to bring the two countries' trade balance to US$1 billion in the coming years.