Argentine Businesses Eye Deeper Trade Ties with Vietnam

Argentine businesses are expressing strong interest in expanding their presence in the Vietnamese market, with Vietnam already established as Argentina's largest importer of soybean meal, surpassing other regional markets like Malaysia and Indonesia. Vietnamese Ambassador to Argentina, Ngo Minh Nguyet, highlighted the potential for expanded bilateral trade. This comes as Vietnam and the Southern Common Market (Mercosur) are in negotiations for a Preferential Trade Agreement (PTA), and Argentina has officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). During the 30th Export Day, organized by the Chamber of Exporters of the Argentine Republic (CERA) in Buenos Aires on September 15, Ambassador Nguyet stated that Vietnam considers Argentina and Mercosur as important partners in South America and sees broad potential to deepen trade and investment ties. Under Vietnam's one-party system, economic growth remains a top priority. The development of agriculture, forestry, and fisheries sectors is emphasized not just on increasing export value but also on comprehensive restructuring towards modern, ecological, high-value-added, and sustainable development, as noted by Standing Deputy Prime Minister Pham Gia Tuc. Seminar participants also pointed out the importance for businesses to move beyond mere export activities by strengthening governance capacity, building partnerships, and gaining a deeper understanding of markets like the US. Vietnam is also seeking to strengthen financial cooperation with Canada and attract more long-term capital to support its economic growth and sustainable development, according to Minister of Finance Ngo Van Tuan. Vietnam has developed a relatively comprehensive supply chain covering forest plantations, raw materials, processing, design, manufacturing, and logistics, creating jobs for about one million workers, according to Nguyen Quoc Khanh, Chairman of the Vietnam Timber and Forest Product Association (VIFOREST). Furthermore, Vietnam's Halal certification authority has established direct cooperation with Malaysia's Department of Islamic Development (JAKIM). This strategic cooperation is expected to be strengthened through government-to-government (G2G) channels, eventually expanding into business-to-business (B2B) linkages, thereby assisting Vietnamese businesses in deeper participation within the international Halal ecosystem. These developments underscore Vietnam's ambition to enhance its global market presence and build diversified economic relationships. The strengthening of ties with Argentina, in particular, could unlock new business opportunities, especially in the agricultural sector.