|My Phong Shoe Company Limited in southern Tra Vinh Province's Tieu Can District produces and exports leather shoes to Latin America. Viet Nam and the Latin America have seen rapid improvements in bilateral trade in recent years. — VNA/VNS Photo Trong Dat
HA NOI (VNS) — Viet Nam and Latin American countries have supplementary business structures, which could help boost economic development.
Pham Thi Thu Hang, general secretary of Viet Nam Chamber of Commerce and Industry (VCCI), made the remark at a workshop on business opportunities in the Southern Common Market (Mercosur) organised by VCCI and the Mercosur-ASEAN Chamber of Commerce.
The businesses include oil and gas exploitation and processing, mining, hydro-electricity, wind-driven electricity, nuclear power, atomic energy, biological products and agriculture.
The trade relations between Viet Nam and the trade block have seen fast development in recent years, as Viet Nam has established trade relations with 33 markets in the region, according to Hang.
Viet Nam's export turnover to Latin American countries increased by 37 per cent to $4.7 billion last year, compared with 2013.
Meanwhile, imports to Viet Nam from Latin America rose by nearly 50 per cent year over year to reach $4.8 billion.
The two-way trade turnover between Viet Nam and 33 Latin American countries reached $9.5 billion last year, up 40.7 per cent over 2013.
Commodities Viet Nam exports to Latin American markets include footwear, electronic products, rubber, electric motors, optical devices, rice, coffee and coal.
The country imports raw material for textiles and garments, footwear, steel and iron scraps, animal feed and cotton from Latin American markets.
Mercosur - ASEAN Chamber of Commerce President Rodolfo Caffaro Kramer said that despite the achievements, trade between Viet Nam and Mercosur could be improved.
Apart from traditional partners like Cuba, Brazil, Argentina, Chile and Venezuela, trade between Viet Nam and other countries in the block has not expanded.
Rodolfo said the trade was lower than its potential due to language barriers, geographical distance and limited information between partners.
Enterprises from the two sides also have fewer opportunities to meet each other, due to high market research expenses, the president added.
Mercosur is an important region in Latin America, with free trade agreements among Brazil, Argentina, Uruguay, Paraguay, Venezuela, Bolivia, Chile, Colombia, Ecuador and Peru. — VNS