Vietnamese Ambassador to Indonesia and Timor-Leste Ta Van Thong said that since the two countries established diplomatic relations on July 28, 2002, the ties have witnessed notable development. In addition to cooperation and mutual support at regional and international forums, the two countries are also eying to promote trade ties.
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In 2023, the bilateral trade turnover reached 15.9 million USD, of which Vietnam's export turnover to Timor-Leste was 15.5 million USD. (Photo for illustration) |
According to the General Department of Vietnam Customs, in 2023, the bilateral trade turnover reached 15.9 million USD, of which, Vietnam's export turnover to Timor-Leste was 15.5 million USD.
In the first half of this year, the two-way bilateral trade reached 8.1 million USD, an increase of 24.5% over the same period in 2023. Of that, Vietnam's exports to Timor-Leste hit 7.4 million USD, an increase of 20.2% and imports reached 670,700 USD, up 108.4% year on year.
According to the Asia-Africa Market Department under the Ministry of Trade and Industry (MoIT), the bilateral trade in recent years has been mainly one-way, with rice exports from Vietnam to Timor-Leste accounting for more than 90%. However, the import volume of rice from Vietnam is modest, especially from 2021 – 2023 with the volume ranging from 8,000 tons to 15,000 tons.
In terms of investment, Viettel Telemor, an investment project of Vietnam’s Viettel Group in Timor-Leste, is assessed a successful one. Launched in August 2012, with an initial investment of 500,000 USD, the company has become one of the three largest telecommunications enterprises in Timor-Leste, with an investment of 15 million USD.
According to the ambassador, the Timor-Leste market still has a lot of potential for Vietnam's products such as rice, processed food, milk and dairy products, footwear, beverages, household products, electrical machinery and equipment.
Economic activities in Vietnam in the coming years will need more input products such as fuel, raw wood, raw seafood, minerals, and metals which are Timor-Leste’s potential export items. The cooperation between Timor Leste and Vietnam will help both nations participate more deeply in regional and global value chains, Thong said.
Sharing the diplomat's opinions, at a meeting with Ambassador of Timor-Leste to Vietnam Maria Olandina Isabel Caeiro Alves, Minister of Trade and Industry Nguyen Hong Dien suggested the two sides study and promote the building of bilateral trade and economic cooperation mechanisms such as a joint committee for economic and trade cooperation or a joint subcommittee for trade.
Besides rice, the minister also asked the Timor-Leste side to introduce import contacts for Vietnam and promote the import of other items such as textiles, footwear, beverages, dairy products, canned foods, processed foods, agricultural products, and seafood.
Dien called on Timor-Leste to create favorable conditions for Vietnamese enterprises to invest and do business in this market.
He noted that the two countries also have huge potential for cooperation in oil and gas exploration and exploitation; forestry and mineral resources exploitation and processing, metal ores and non-ferrous metals, especially cooperation in producing export goods to countries with preferential treatment mechanisms.
For the two countries to have a basis to implement cooperation and investment activities and resolve arising issues in accordance with their laws and good relations, Dien suggested Timor-Leste soon ratify the bilateral trade agreement that the two countries signed in 2013 during the official visit to Vietnam by the President of Timor Leste so that the deal can be enforced.
For her part, Caeiro Alves said that the two countries are eyeing to promote cooperation in different areas, including agriculture, forestry and fishery, trade, education, tourism and aviation.
She added that the Government of Timor-Leste always creates favorable conditions to support investors in Timor-Leste and welcome Vietnamese enterprises to come and seek investment opportunities in this market.
Regarding bilateral agreements between the two countries' ministries and agencies, both sides hoped that they will soon reach consensus and sign the agreements in a bid to strengthen the bilateral cooperation.
Source: VNA