(VOVworld) – The first ever Vietnamese-Latin American forum on trade and investment opens today in Hanoi. The 2-day forum is of great significance as it confirms Vietnam’s policy of attaching importance to its comprehensive ties with Latin American countries and at the same time reflects both sides’ determination to lift their economic and trade relationship to a new level to match their fine bilateral political relationship.
Latin America is a big market with a population of around 580 million and a total GDP of more than 5.5 trillion USD. This is also home of 3 G20 economies: Brazil, Mexico, and Argentina. Latin America is endowed with abundant natural resources, and huge potentials in capital and science and technology. Over the past few years, Vietnam’s relationships with Latin American countries have developed vigorously and steadily. Vietnam has established diplomatic ties with 27 Latin American countries, intergovernmental cooperative committees with 5 countries, and political consultation mechanisms with 15 countries in the region. The past decade has seen 9 trips made by Vietnamese leaders to Latin American countries, and 10 trips made by Latin American leaders to Vietnam. Vietnam currently has embassies in 7 Latin American countries, while 8 Latin American countries opened their embassies in Vietnam. Two-way trade between Viet Nam and Latin America has increased significantly in recent years and is now 5.1 billion USD - 17 times what it was 10 years ago. Vietnam’s trade turnover with Brazil, Argentina, and Mexico exceeds 1 billion USD annually. Vietnam’s committed investment in the region totals 7 billion USD, while Latin American countries have invested 2 billion USD in Vietnam. Vietnam’s Deputy Foreign Minister Nguyen Phuong Nga said: "Both sides have potentials to support each other. For example, Vietnam has a giant market with a population of nearly 90 million, holding an important political position in Southeast Asia and being a dynamic developing economy that is very attractive to foreign investors. Latin American countries have a huge demand for some goods exported from Vietnam and at the same time are No. 1 providers of materials and technologies that Vietnam needs. Another objective advantage for both sides is that Vietnam and Latin America are developing dynamically, regional and inter-regional economic links are developing strongly with many cooperative mechanisms including APEC, ASEAN-MECOSUR, the Trans Pacific Partnership, and FEALAC - Forum for East-Asia and Latin America Cooperation."

Vietnam-Latin America forum on trade and investment aims to bridge cultural gap, increase investment cooperation.

To realize these potentials, it is important to overcome barriers of information and geographical distance, boost mutual understanding, establish exchange mechanisms, and enhance cooperation. Vietnam’s organization of the first-ever Vietnamese-Latin American forum on trade and investment is part of this effort, reflecting the Vietnamese government’s determination to further develop its ties with Latin American friends. The forum has received strong support from government and business groups. Jorge Rondon Uzcategui, the Venezuelan Ambassador to Vietnam, told VOV: "I think this forum will ratify this special link between Latin America and Vietnam. I hope that this forum will be the first and important step to develop our relations. I am very sure that the distance and the language won’t be the problem. This forum is a proof that we can develop and that we can make more than words."

Within the forum, in addition to meetings, discussions, exhibitions and activities to promote bilateral exchanges, representatives will visit Ha Long Bay and a number of economic groups in Quang Ninh province.