A trade promotion and cooperation conference between Việt Nam and Mexico was held on March 23 in HCM City. — VNS Photo Hồng Linh

HCM CITY — More than 115 businesses have participated in a trade promotion and cooperation conference between Việt Nam and Mexico in HCM City.

At the conference on March 23, Deputy Director of the Investment and Trade Promotion Centre (ITPC) Cao Thị Phi Vân said Mexico was the second largest trade partner of Việt Nam in Latin America, and Việt Nam was the 8th largest trade partner of Mexico in Asia.

Việt Nam had been taking advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to reduce the export tax to Mexico.

According to the General Department of Customs, bilateral trade in 2022 reached US$5.4 billion, an increase of 7.1 per cent compared to 2021. The trade value between HCM City and Mexico stood at $364 million, of which $300 million was the value of HCM City's exports.

Việt Nam and Mexico have been increasing cooperation in the fields of energy, telecommunication, high-tech farming, and others. Vân hopes that Việt Nam will continue to improve trade and investment in Mexico, especially in the above fields.

The Embassy of Mexico is working with Việt Nam authority to help connect both countries' businesses.

According to Mexican Ambassador Alejandro Negrin Munoz, Mexico is the world's 15th largest economy, a member of G20, and the gateway to access the Latin market while Việt Nam is a dynamic market that is highly valued by Mexico in Asia.

However, the sides’ trade value is yet to be on par with their market sizes and potential. The potential for trade cooperation remains abundant and needs to be exploited in a more effective and balanced manner.

Tequila, beer, meat, and aluminium are some of the potential export products from Mexico to Việt Nam.

Deputy Chairwoman of HCM City Logistics Association Võ Thị Phương Lan shared some advice on transferring goods from Việt Nam to Mexico.

Businesses should use CIF contracts instead of FOB contracts in export, which help lower the delivery cost and risk.

The total import-export turnover between HCM City and Mexico reached more than US$364 million in 2022. In addition, the city exports to Mexico more than US$300 million, up 6 per cent compared to 2021.

The conference was co-organised by the Investment and Trade Promotion Center of HCM City (ITPC) and the Embassy of Mexico in Việt Nam. — VNS