Vietnam, Venezuela Expand Business and Trade Ties

9:36:59 AM | 9/11/2023

Recently, Mr. Oswaldo Hernandez, Chairman of the Venezuela-Vietnam Chamber of Commerce (CAVENVIET), led a business delegation to work with the Vietnam Chamber of Commerce and Industry (VCCI) to explore opportunities for collaboration and further expand cooperation with Vietnamese businesses.

Executive Vice President of VCCI Nguyen Quang Vinh receives the delegation of the Venezuela-Vietnam Chamber of Commerce (CAVENVIET)

At the meeting with Mr. Oswaldo Hernandez, Executive Vice President of VCCI Nguyen Quang Vinh said that VCCI is committed to facilitating the two sides to expand bilateral economic and trade cooperation. “VCCI will support the CAVENVIET delegation during their work trip in Vietnam and connect the businesses of the two countries, considering this a premise to promote the potential for cooperation,” Mr. Nguyen Quang Vinh said.

CAVENVIET Chairman Oswaldo Hernandez expressed his pride at the chance to cooperate with VCCI. The CAVENVIET Chairman said that since the pandemic eased in 2022, Venezuela and Vietnam have resumed activities to promote trade in various fields, including agriculture and energy.

The Chairman of CAVENVIET said that the two countries hold great potential for cooperation in organic fertilizer manufacturing, which is also a strength of the South American country. Besides, since Vietnam is a major exporter of coffee and cashew nuts, the two countries can find business opportunities in this field. Through its cooperation with VCCI, CAVENVIET wishes to connect more widely with Vietnamese producing and exporting enterprises interested in those products.

Mr. Nguyen Quang Vinh emphasized that VCCI always attaches importance to traditional friendship and good cooperation, as well as the framework of the comprehensive partnership between Vietnam and Venezuela. He emphasized that Venezuela has a high demand for textiles, footwear, rice, electronics products, and phones, which are all strengths of Vietnam. Therefore, in the coming time, the two sides should keep putting their efforts into promoting business growth to further expand cooperation.

Mr. Nguyen Quang Vinh also stated that the two-way trade turnover of only US$300 million between Vietnam and Venezuela is not commensurate with their potential. With the active role of VCCI and CAVENVIET, he believes that there are new business opportunities opening up for Vietnam and Venezuela in areas where the two countries have strengths.

By Thu Huyen, Vietnam Business Forum