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In Hanoi on August 5, Minister of Industry and Trade Nguyen Hong Dien hosted a meeting with Costa Rica’s Minister of Foreign Trade Manuel Tovar Rivera.

Discussing the economic and trade cooperation between Vietnam and Costa Rica recently, Minister Nguyen Hong Dien assessed that bilateral trade has seen positive developments with turnover maintained at US$150-200 million per year. However, this is still a modest figure compared to the potential and strengths of both sides, accounting for only a small proportion of Vietnam's and Costa Rica's total foreign trade turnover.

At the meeting. Photo: tapchicongthuong

Therefore, Minister Nguyen Hong Dien proposed that both sides cooperate to find new directions and measures to promote bilateral trade cooperation, as well as continue to support each other at multilateral and regional forums. In addition, the two sides should consider organizing business delegations to participate in trade promotion activities, fairs, and exhibitions to seek trade opportunities.

Beyond traditional economic and trade cooperation, in the coming time, the two sides should consider the possibility of cooperation in developing green energy, renewable energy, tourism, while focusing on cooperation in developing some breakthrough industries that are in line with international trends such as green technology, and e-commerce.

For his part, the Costa Rican Minister of Foreign Trade emphasized the importance of Vietnam in the Latin American economy, specifically in the Central American region including Costa Rica. He appreciated the role of the Vietnamese Ministry of Industry and Trade in promoting and developing bilateral economic and trade relations.

Minister Manuel Tovar Rivera shared that the main export products of his country include bananas, coffee, sugar, and beef. In addition, in recent years, the country has expanded its exports of high value-added goods, including medical equipment. The Costa Rican Minister also mentioned Costa Rica's strengths in the field of renewable energy production and use, and expressed a desire to cooperate with Vietnam in areas where both sides have strengths and needs.

Minister Manuel Tovar Rivera pledged to closely cooperate with the Vietnamese Ministry of Industry and Trade in efforts to further promote, develop bilateral economic and trade relations.

At the meeting, the two sides also exchanged views on Costa Rica's recognition of Vietnam as a market economy. Minister Nguyen Hong Dien expressed his gratitude and appreciation for the goodwill of Costa Rica, and requested that the technical teams of both sides continue to cooperate on this matter.

Minister of Industry and Trade Nguyen Hong Dien. Photo: tapchicongthuong

According to the General Department of Customs, in 2023, bilateral trade between Vietnam and Costa Rica reached US$169.5 million, down 8.5% compared to 2022, of which, Vietnam's exports to Costa Rica reached US$124.4 million, down 1.9%, and imports from Costa Rica reached US$45.2 million, down 22.8%.

In the first six months of 2024, bilateral trade between Vietnam and Costa Rica reached US$99.95 million, up 18.1% compared to the same period last year, of which, Vietnam's exports to Costa Rica reached US$76.80 million, up 20.9%, and imports from Costa Rica reached US$23.15 million, up 9.9%. Vietnam's main exports to Costa Rica are vehicles and parts, telephones and components, machinery, equipment, and other spare parts, computers, electronic products and components, seafood, and footwear.

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