Log in
Vietnam

Economic cooperation as key pillar of Vietnam-Chile relations: State President

Chilean companies have expressed interest in investing in Vietnam, especially in the fields of mining, banking, finance, and IT.

Economic, trade, and investment cooperation will remain key pillars in the Vietnam-Chile relationship, and the comprehensive partnership between the two countries will continue to grow positively, benefiting both peoples and supporting peace, stability, and development in the region and the world.

 State President To Lam at the event. Source: VNA

State President To Lam shared this view during a meeting with representatives of major Chilean enterprises under the Chilean Federation of Industry (SOFOFA) on November 11, with the country leader currently on a visit to the country.

Founded in 1883, SOFOFA brings together 22 of Chile's largest business federations,  with over 160 member companies—more than half of which represent the most highly capitalized firms on the Chilean stock exchange. It also includes 49 unions representing  Chile's major economic sectors, such as mining, forestry, pulp and paper, agriculture, aquaculture, infrastructure and logistics, energy, wine, retail, and information technology.

During the meeting, representatives of  Chile’s leading corporations expressed their high regard for the growth potential of the Vietnamese market and hoped both countries would maximize the benefits of the trade agreements to which they are parties.

Chilean business leaders praised Vietnam's dynamic economic progress in recent years and expressed interest in forging more partnerships with new Vietnamese counterparts to enter the Vietnamese market. They believe that such collaborations would further strengthen economic, trade, and investment ties.

Emphasizing that State President Luong Cuong’s visit marks a new milestone in bilateral relations, these businesses expressed interest in partnering with Vietnamese firms in areas like mining, banking, finance, and IT, and requested support from Vietnamese authorities to facilitate future cooperation and business development.

State President Cuong appreciated the coordination between the Ministry of Planning and Investment, SOFOFA, and the Vietnamese Embassy in Chile to organize this significant event organizing event to mark the 10th anniversary of the Vietnam-Chile Free Trade Agreement (2014-2024).

He highlighted that successive Chilean governments have prioritized strengthening relations with Vietnam as part of their Asia-Pacific strategy, while Vietnam regards Chile as a strategic partner and seeks to deepen ties in various fields.

Cuong noted that, over the past 50 years, economic, trade, and investment cooperation has remained central to bilateral relations and has made substantial strides. As of September 2024, bilateral trade volume had reached $1.57 billion, with Vietnam exporting $1.2 billion to Chile, solidifying Chile as Vietnam’s fourth-largest trading partner in Latin America and Vietnam as Chile’s largest trading partner in ASEAN. In terms of investment, Chile has four projects in Ho Chi Minh City and Hanoi,  with a total registered capital of $0.3 million.

 Overview of the meeting. 

While acknowledging these accomplishments, Cuong emphasized that the potential for further collaboration remains vast. He encouraged both countries to effectively implement and maximize the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-Chile Free Trade Agreement (VCFTA), which would not only boost economic growth but also strengthen diplomatic, cultural, and social connections, laying a robust foundation for future cooperation.

The State President also invited Chilean investors to explore opportunities in trade, renewable energy, agriculture, mining, and mineral processing, and to focus on high-tech agriculture, climate change response, digital transformation, and advanced technology.

Additionally, he urged business associations, particularly SOFOFA, to continue to work closely with the Ministry of Planning and Investment and the Vietnamese Embassy in Chile to connect business communities and relevant agencies in both countries and serve as a bridge between enterprises and international partners to foster bilateral economic relations.

Cuong reaffirmed   Vietnam's commitment to supporting domestic and foreign businesses alike, respecting and protecting the legitimate rights and interests of investors, and ensuring a balanced approach to the interests of the state, investors, and the public. Vietnam is dedicated to fostering a favorable business and investment environment for foreign enterprises, including those from Chile.

He expressed confidence that economic, trade, and investment cooperation will remain a crucial pillar in the Vietnam-Chile partnership and that the comprehensive relationship between the two nations will continue to grow, benefiting both peoples and promoting peace, stability, and development in the region and the world.

Reactions:
Share:
Trending
Most Viewed
Related news
Vietnam keeps 8% GDP growth target unchanged for 2025

Vietnam keeps 8% GDP growth target unchanged for 2025

Vietnam is expected to capitalize on opportunities to drive stronger growth amid global uncertainties, while maintaining macroeconomic stability and keeping inflation under control.

Composer Hoang Van's legacy inscribed on UNESCO’s Memory of the World Register

Composer Hoang Van's legacy inscribed on UNESCO’s Memory of the World Register

The recognition of the collection is not only a great honor for the musician but an affirmation of Vietnamese music's place in the stream of human intellectual heritage.

More than trade: A partnership that works

More than trade: A partnership that works

Local experts said that Vietnam and the US have the potential to force a trade partnership rooted in complementarity, equity, and shared prosperity.

As US tariffs loom, PM urges support for people, businesses

As US tariffs loom, PM urges support for people, businesses

Government agencies and local authorities are instructed to prevent job losses and to identify vulnerable labor groups, especially in the textile, footwear, furniture, and seafood industries.

First Vietnamese-language newspaper in history

First Vietnamese-language newspaper in history

The Gia Dinh Bao was born in Cochinchina in mid-19th century, greatly contributed to spreading and perfecting the national language in the development of Vietnamese historical fiction.

Vietnam, US agree to negotiate bilateral trade deal

Vietnam, US agree to negotiate bilateral trade deal

A ministerial-level working group is expected to be established shortly to detail the scope and terms of the talks

Vietnam, Spain eye Comprehensive Strategic Partnership

Vietnam, Spain eye Comprehensive Strategic Partnership

The two countries chart a new strategic vision for deeper cooperation.

VITM Hanoi 2025 honors 155 organizations, 69 tourism leaders

VITM Hanoi 2025 honors 155 organizations, 69 tourism leaders

As Vietnam’s tourism rebounds stronger than ever, VITM Hanoi 2025 shines a spotlight on the industry’s remarkable success story.