Vietnam is the largest trade partner of Chile among the ASEAN member countries
With a continuous rise in bilateral trade in recent years, Chile has become the fourth largest trade partner of Vietnam in the Latin American region.
According to the Ministry of Industry and Trade (MoIT), Vietnam-Chile trade has expanded impressively over recent years, reaching US$2.15 billion in 2022, a year-on-year rise of 9 per cent, with Vietnam’s exports being $1.72 billion.
Due to the global crisis, two-way trade growth is slowing down. In the first five months of this year, the figure dropped to $696.7 million, down 25.1 per cent year on year, including Vietnam’s exports of $501 million.
However, Vietnam is still the largest trade partner of Chile among the ASEAN member countries, according to the MoIT.
Vietnam is also a gateway for Chilean goods to enter the ASEAN market, while Chile is expected to help Vietnamese products penetrate the North American market.
At the beginning of this year, Chile approved the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is expected to bring about a new breakthrough growth in the Vietnam-Chile trade ties.
The MoIT has proposed that the two sides roll out measures to boost two-way trade by making full use of advantages from the CPTPP and the VCFTA, diversifying imports and exports and creating favourable conditions for the market opening process in each country.
