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On August 14th, the Argentine Chamber of Commerce for Asia and the Pacific (ACCAP) held a workshop on the potential for developing the investment and trade market in Vietnam. The event was attended by a large number of Argentine businesses.

Argentine businesses attend the workshop. Photo: VNA

Opening the workshop, President of the Argentine Chamber of Commerce for Asia and the Pacific (ACCAP) Rallys Pliauzer has highlighted the continuous development of relations between Argentina and Vietnam in all areas, particularly in trade, affirming that the potential for cooperation between the two countries still remains great.

Meanwhile, Ambassador Mario Schuff, senior advisor of the ACCAP, praised economic achievements that Vietnam has made over the recent years, as well as efforts of businesses from both countries to promote trade ties, with two-way trade exceeding US$3.5 billion last year. He said that Argentine businesses are interested in Vietnam's trade and investment market.

Speaking at the workshop, Vietnamese Ambassador to Argentina Ngo Minh Nguyet introduced Vietnam's economic and social achievements in recent decades, especially in 2023. Vietnam's economy ranked 34th in the world, with a growth rate of 5.05%, and in the first half of this year, it is estimated to reach 6.42% after reaching 5.66% in the first quarter.

The two-way trade between Vietnam and Argentina exceeds 3.5 billion USD in 2023r. - Illustrative image (Photo: VNA)

According to the International Monetary Fund (IMF), in 2023, Vietnam ranked 3rd in Southeast Asia and 25th in the world with its GDP at purchasing power parity (GDP PPP) of nearly US$1.44 trillion. The Southeast Asian nation's GDP PPP is projected to top US$1.83 trillion, surpassing Thailand and ranking 2nd in Southeast Asia, after Indonesia.

The country’s total import-export turnover hit over US$368.5 billion in the first six months of 2024, up 15.7% year-on-year, with exports exceeding 190 billion USD, up 14.5%, thanks to the recovery in global demand, particularly from Vietnam's major partners such as the US, the EU, and ASEAN. It enjoyed a trade surplus of US$11.63 billion, contributing to stabilising the foreign currency exchange rate and increasing the foreign currency reserves, Nguyet said.

Vietnam continues to be a favorite destination for foreign investors. In the first six months of the year, total registered FDI into Vietnam reached about US$15.2 billion, up 13.1% compared to the same period, and disbursed FDI reached US$10.84 billion, up 8.2%, the highest increase compared to the same period in the past six years.

Ambassador Ngo Minh Nguyet affirmed that this result proves that investors believe in Vietnam's opportunities and growth prospects thanks to the shift in global supply chains. Ambassador Ngo Minh Nguyet affirmed that the Vietnamese government continues to strive to improve the institutional framework, remove difficulties and obstacles, prioritize economic growth, and is ready to open up and welcome foreign businesses.

Businesses attending the workshop also exchanged with representatives of the Vietnamese Trade Office in Argentina about the possibility of expanding trade and investment between the two countries in the future.

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