Things are likely to look up even further with a free trade agreement between the two countries coming into effect in the new year, eliminating tariffs on Vietnamese products such as footwear, handicrafts, and wood furniture.— File Photo

HCM CITY — Chile is becoming an increasingly important market for Viet Nam, with exports to the South American country growing at a scorching 20 per cent per year since 2010.

Tran Dinh Van, Viet Nam's commercial counsellor in Chile, told Hai Quan (Customs) newspaper that last year exports were worth around US$250 million.

Vietnamese companies have lots of opportunities to tap that market since every year Chile imports consumer products worth $18 billion, according to Van.

Vietnamese goods are competitive there because Chile is not a fastidious importer like Japan or the EU.

Things are likely to look up even further with a free trade agreement between the two countries coming into effect in the new year, eliminating tariffs on Vietnamese products such as footwear, handicrafts, and wood furniture.

Chile could also be used as a gateway to enter other Latin American markets, thanks to agreements among them, Van said.

Besides, Chile had sunk a lot of money in supermarkets on its soil as well as in neighbouring countries, and these would play an important role in helping Vietnamese companies advertise their products in the region, he said. — VNS