Vietnam-Latin America Ministerial Forum opens in Hanoi
The potential of Latin American countries for Vietnamese business is, also, not widely circulated, agreed the forum.
Matias Mori, Executive Vice-President of Chile’s Foreign Investment Committee, said because of this, Vietnamese and Latin American trade and investment remains poor.
Latin American nations do not have adequate information on Vietnam’s economy, he said, proposing a booster campaign to promote Vietnam as an attractive trade and investment destination.
The Vietnamese Minister of Industry and Trade Vu Huy Hoang said it is necessary for both sides to exchange more information and introducte their business environments and the opportunities available to each other.
Hoang asserted that Vietnam and Latin America should introduce their partners’ potential to the mass media, promote the exchange of trade delegations, host seminars and help foster international relations between enterprises.
Opening up more opportunities
According to Deputy Minister of Planning and Investment Dang Huy Dong, Latin America is a dynamic region with notable strengths in the production of spare parts for heavy industry and electronic components, as well as infrastructure development, bio-technology, clean energy, information and communications. Dong believes these industries are appropriate for Vietnam’s demand and development level.
Following meetings with Latin American partners, Foreign Minister Pham Binh Minh said, in addition to huge potential in oil and gas exploration, the southern-hemisphere nations are keen to invest in telecommunication, wind power development, and to export mid-range aeroplanes to Vietnam.
According to Matias Mori, the Chilean government is calling on foreign businesses to invest in energy development, mining, food industry, and infrastructure.
Our government has set a target to improve investment policy in an effort to reduce the operating costs for foreign businesses, he said.
Jorge Pereyra De Olazabal, Chairman of the Argentina-Vietnam Chamber of Commerce, said he will encourage Argentinian businesses to invest in Vietnam.
Argentina will soon build a meat-processing plant and establish a food-supply chain in Vietnam, he announced.
First Vice Minister of Foreign Trade and Investment of Cuba, Antonio Caricarrte, said, for its part, Cuba has always welcomed Vietnamese businesses to invest in tourism, real estate, mining, and renewable energy in the country. He expressed the hope that Vietnam will become a gateway for Cuban products to break into the Southeast Asian market.
The Vietnamese government has insisted that the Foreign Direct Investment (FDI) sector receives incentives to develop on a par with other economic sector.
FDI attraction will be focused on infrastructure development projects and those which use environmentally-friendly technologies and strengthen regional links.
Sectors which can create goods with high competitive advantages and those which are able to participate in the global value chain, such as high-tech, mechanical, information technology products, will also receive priorities.