Vietnam and Latin America should offer more favorable business environments and ink more trade agreements to tap the two sides’ huge investment potentials, said a senior official.
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Minister of Industry and Trade Vu Huy Hoang (in the middle) at the seminar themed Vietnam-Latin America business and investment environment, Hanoi, July 5, 2012 - Photo:VGP
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Vietnamese Minister of Industry and Trade Vu Huy Hoang made the remark Thursday in Hanoi while presiding over a seminar themed “Vietnam-Latin America business and investment environment.”
The Ministry of Planning and Investment (MPI) said the Latin America is a dynamic region with numerous advantages in producing heavy industry equipment and electronic spare parts, developing infrastructure, biotechnology, and clean energies.
This is a diverse market having close ties with the North America and a promising production center of the world. On the other hand, through Vietnam, Latin American countries would have more chances to access to other ASEAN member states and the bloc’s partners.
Minister Hoang also proposed upholding the role of inter-governmental committees and joint commissions to beef up bilateral cooperation.
To raise the two-way trade volume to around US$12 billion by 2015 and US$25-26 billion by 2020, the two sides should trim down unnecessary administrative procedures and trade barriers.
Latin American representatives said that they acknowledged the necessity of free trade and diverse markets.
Cuban First Deputy Foreign Trade and Investment Minister Antonio Carricarte said that Vietnam has become one of the key trade partners of Cuba. A large number of Vietnamese investors are interested in setting footholds in Cuba especially in the areas of tourism, construction, hotel and real estate. Meanwhile, Cuba is willing to invite Vietnam to participate in such fields like mineral exploitation, renewable energy and petroleum.
Other Latin American representatives hope to shake hands with Vietnam in other areas such as agriculture, footwear, rubber and coffee./.