The event, jointly organized by the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) and Chile’s Export Promotion Bureau (ProChile), highlighted the potential of Chile as gateway to South American markets, including Brazil, Argentina, and Peru.
Speaking at the event, ITPC Deputy Director Ho Thi Quyen noted that amid deepening global economic integration, Vietnam, particularly Ho Chi Minh City, is focusing on market expansion, trade diversification, and attracting foreign investment.
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ITPC Deputy Director Ho Thi Quyen speaks at the trade promotion seminar on April 22. Photo: VNA |
The Vietnam-Chile Free Trade Agreement (VCFTA), which took effect in 2014, along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have created a favorable legal framework for bilateral cooperation, Quyen said.
In 2024, two-way trade reached nearly USD 1.8 billion, with Vietnam’s exports, mainly seafood, coffee, rice, and cement, accounting for USD 1.4 billion.
Quyen highlighted Chile as a transparent and stable investment destination, noting that with Ho Chi Minh City’s export turnover to Chile estimated at USD 53.3 million in 2024, there remains ample room for growth and broader cooperation.
Meanwhile, Bui Hoang Yen, who is in charge of the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency’s Southern Office, noted that while 40.9% of exports to Chile used VCFTA tariff preferences in 2023, the CPTPP usage remained low at just 6.3%. She called on Vietnamese businesses to improve logistics and invest in technology to overcome trade barriers.
ProChile representative Pablo Arancibia encouraged Vietnamese exporters to diversify products and stabilize supply chains, noting that Vietnam’s presence in major South American markets remains limited.
Chile is emerging as a strategic investment hub in South America, offering Vietnamese firms opportunities in seafood, wood processing, and clean energy. As both a trade gateway and strategic partner, it supports Vietnam’s market expansion in a region with a 4 trillion-USD GDP. Regular trade promotion and market support are the key to unlocking this potential, he said.
Source: VNA