Viet Nam wants to further cooperation in trade and investment with Argentina as the untapped potential between the two countries remained significant, Deputy Prime Minister Vu Duc Dam said at the Viet Nam-Argentina Business Forum in Ha Noi on Thursday.

Themed “Partners in Growth”, the forum was co-organised by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Argentina Embassy to Viet Nam with the participation of President of Argentina Mauricio Marci on his two-day official visit to Viet Nam.

Viet Nam always regards Argentina as one of its most important partners in Latin America, Dam said, adding that Argentina was now the second largest trade partner of Viet Nam in the region, coming only after Brazil.

Economic cooperation between Viet Nam and Argentina is developing. However, the results remained modest compared to the large potential between the two countries, Dam said. Two-way trade reached US$3 billion in 2018 and there were just four projects with investment from Argentina in Viet Nam.

The trade and investment cooperation between the two countries needed to be strengthened, Dam said, adding that Viet Nam pledged to create favourable conditions for investors from Argentina to do long-term business in the country.

He said that Viet Nam was calling on investment in sectors such as infrastructure development, high technology and healthcare.

Dam also suggested Argentina open its market for Viet Nam’s products, especially farm produce.

Argentinean President Macri said that Argentinean firms were showing significant interest in Asian markets, including Viet Nam, in sectors like telecommunications, agriculture and the animal feed industry. He added that the prospect for cooperation was bright and there were a number of sectors in which the two countries could further their cooperation.

VCCI Chairman Vu Tien Loc said that the forum was an important opportunity for companies from both sides to seek business cooperation, especially in import and export.

Vietnamese firms wanted to expand exports to the South American region through Argentina while Argentinean businesses through Viet Nam could expand their market in ASEAN.

Loc believed in the future more investors from Argentina would come to invest in Viet Nam, given the country’s improved business climate and the Government’s reform efforts.

Loc added that VCCI would implement a number of action programmes to promote trade and investment exchanges with Argentina. Especially, a Viet Nam-Argentina business council would be established soon.

Deputy Minister of Industry and Trade Do Thang Hai urged the two governments to create favourable conditions for businesses from both countries through completing the legal framework, reducing trade barriers and increasing promotion activities while removing difficulties faced by firms.

The two countries targeted to reach bilateral trade of $3.5 billion in 2020. — VNS