Vietnam and Mexico Eye Stronger Trading Relationship
|Pangasius is a product that Vietnam can take advantage of tax incentives in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to boost exports to Mexico. Photo: VnEconomy|
The conference aims to support localities, businesses, and cooperatives to supply agricultural, forestry, fishery and food products of Vietnam. It helps them strengthen their search for partners, connect business opportunities and export to the Mexican market.
Nearly 60 Vietnamese and Mexican businesses have registered to participate in the conference, looking for opportunities to connect with potential partners online. They want to exchange and share information about the export ability of the two countries' products, some important issues when doing business in each other's markets.
The conference included trading sessions for Vietnamese businesses to introduce and sell a variety of high-quality products to Mexican importers.
The conference also had a number of sessions to serve Vietnamese businesses looking for sources of manufactured products such as electrical machines, electronic equipment, air conditioners, medical equipment from Mexican manufacturers and traders.
Over the years, the trade relationship between Vietnam and Mexico has developed. Every year, Vietnam's export turnover to Mexico grows and the trade balance is always in favor of Vietnam.
According to statistics of the Ministry of Industry and Trade, in 2021, Vietnam's export turnover to Mexico has reached US$4.61 billion, up 46.1% compared to 2020.
Major exports include phones and accessories, computers, electronic products and components, footwear, and aquatic products.
Vietnam's import turnover from Mexico in 2021 has reached US$500 million, down 4.5% compared to 2020. The main imported items include computers, electronic products and components, machinery, equipment, and raw materials. Thus, in 2021, Vietnam's trade surplus to Mexico was more than US$4 billion.
In the first two months of 2022, Vietnam's exports to Mexico reached US$673.3 million, up 18.5% over the same period. Vietnam's imports from Mexico reached US$95.3 million, up 14.2%.
Taking advantage of tariff preferences from the CPTPP, of which Vietnam and Mexico are members, is an important lever to strengthen trade between the two countries.
Currently, many Vietnamese businesses are interested in increasing trade exchanges with the potential Mexican market. This is an easy market with a large population and strong consumption power. However, regulations on indications of origin and food safety are still strictly managed.
The market share of Vietnam's export goods in Mexico has only reached a modest figure of about 1.3% and there is still plenty of room for growth.
In recent years, Mexico has been enhancing its strategy of opening up its economy. Along with consolidating trade relations with strategic partners, Mexico strengthens the search for new markets such as Latin America and Asia-Pacific to avoid relying too much on traditional partners.
To support the open-door policy, in recent years, Mexico has made important adjustments in the customs law such as simplifying customs clearance procedures for goods. For sanitary and phytosanitary measures, Mexico has developed an electronic database where the requirements can be accessed by stakeholders.
Some Vietnamese products that can take advantage of tax incentives in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to boost exports to Mexico include pangasius, basa, tuna, rice and textiles.
Each year, Mexico imports about 900 thousand tons of rice, US$1.8 billion in textiles and US$1.1 billion in footwear.
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