Vietnam, Peru Enhance Trade and Investment Ties

10:16:39 AM | 11/29/2023

In a recent meeting, Vice President Nguyen Quang Vinh of the Vietnam Chamber of Commerce and Industry (VCCI) engaged with a high-ranking delegation from the Communist Party of Peru, led by Mr. Luis Villanueva Carbajal, General Secretary of the Communist Party of Peru.


VCCI Vice President Nguyen Quang Vinh receives the delegation from the Communist Party of Peru

VCCI Vice President Vinh conveyed his appreciation for hosting Mr. Luis Villanueva Carbajal and the high-ranking Peruvian delegation, expressing confidence that their visit would significantly contribute to fostering cooperative ties between the political entities and the nations of Vietnam and Peru.

Peru currently stands as Vietnam's 6th largest trading partner in Latin America, with bilateral trade reaching over US$600 million in 2022. However, amidst the challenging global economic landscape, the trade volume experienced a notable decline, with the first nine months of 2023 witnessing an exchange of only US$387 million, of which Vietnam exported US$350 million to Peru.

On the investment front, VCCI Vice President Vinh highlighted the presence of Vietnamese enterprises, such as Viettel Group and PetroVietnam Exploration Production Corporation (PVFC), actively engaged in significant projects in Peru's telecommunications and mining sectors.

Addressing the trade and investment relationship, both parties affirmed their commitment to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), recognizing its role in injecting new vitality into trade and investment collaboration.

While emphasizing Peru's importance as a key partner in the region, VCCI Vice President Vinh acknowledged that the current state of trade and investment relations does not fully align with the potential, emphasizing the considerable room for development. Anticipating robust growth, he emphasized the need to capitalize on CPTPP incentives in the foreseeable future.

VCCI stands prepared to support and welcome Peruvian businesses into the Vietnamese market and facilitate access to information about Southeast Asia's investment landscape.

During the meeting, General Secretary Luis Villanueva expressed his satisfaction with his inaugural visit to Vietnam and lauded the achievements in bilateral cooperation, particularly in the realms of trade and investment. He commended Vietnam's Party and State for their policies fortifying international integration and advocated for strengthened ties between Vietnamese and Peruvian businesses.

In light of the volatile global economic scenario, both sides affirmed their commitment to fortifying friendship and cooperation, particularly in economic and trade domains. Plans include collaborative efforts with other nations, facilitating delegation exchanges, sharing experiences, and disseminating information about respective populations and markets to bolster trade and investment cooperation.

The two sides agreed to intensify collaborative activities to further enhance bilateral relations, making significant contributions to the flourishing friendship and cooperation between Vietnam and Peru. This commitment gains added significance as both countries approach the commemoration of the 30th anniversary of their diplomatic relations in 2024.

By H. Ly, Vietnam Business Forum