Chile is a potential export market for Vietnamese consumer goods, as the nation’s living standard has experienced significant growth in recent years, Ambassador to the country Pham Truong Giang has said.

Speaking to the Vietnam News Agency on January 17, the diplomat stressed that Chile was among the first Latin American countries to sign a free trade agreement (FTA) with Vietnam, and both nations have effectively utilised the pact. Their bilateral trade volume topped those recorded between other ASEAN member states and Chile during the 2019-2023 period..

In 2023, the export-import turnover between Vietnam and Chile exceeded 1.4 billion USD, down by over 15% from the previous year’s record high of 1.7 billion USD and roughly equivalent to that in 2021. Vietnam’s key exports include various types of phones and components, computers, electronic products, machinery, textiles, garments, and footwear.

According to Giang, the Chilean market is not as stringent regarding product quality as the US, Japan, and EU countries, hence a significant advantage for Vietnamese exports.

Both countries also have substantial potential for cooperation in the green hydro and renewable energy sectors, such as wind and solar power. In Chile, renewable energy accounts for 40% of the total electricity production, with 13% of global green hydro coming from the country’s southern region.

Vietnamese businesses can also diversify their sources of production material supply through importing wood, copper, and lithium from Chilean partners.

Giving insightful observations into other aspects of the countries’ ties, the ambassador highlighted their sustained traditional cooperation and mutual support in international forums and activities. Currently, both are members of the United Nations Human Rights Council for the 2023-2025 term. In 2023, the sides organised numerous high-level meetings and exchanges on the sidelines of major international events. For this year, they plan to continue alternatingly organising deputy ministerial-level political consultations between their foreign ministries and a meeting of their free trade council.

VNA