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.
