Aquaculture for all

Chile eyes Viet Nam as Potential Market

Economics +1 more

VIET NAM - Viet Nam is still a promising market for Chilean exporters, despite the spreading impact of the current global financial crisis, according to the Chiles Trade Commission (ProChile).

The Chilean export-promotion agency said in its report that Viet Nam will be less affected by the international financial storm than other countries because it has yet to fully integrate into the world economy.

This view was echoed in an article in the Chilean newspaper El Sur, which said there were scores of business opportunities for small- and medium-sized Chilean enterprises in Viet Nam because of the country’s large population and high growth rate in recent years.

El Sur also stressed that Chile and Viet Nam had an opportunity to raise two-way trade in the future The Viet Nam News Agency said.

The head of ProChile’s Asean Department, Jaime Rivera Guzman, said two-way trade turnover in five years would reach a figure of US$700-800 million per annum.

Last year, Viet Nam’s exports to Chile topped $55 million and imports reached over $107 million.

ProChile said Viet Nam would have to continue importing Chilean wine in 2009 to supply growing domestic consumption and the burgeoning tourist industry. Last year the country imported four times the amount of Chilean wine compared to the previous year.

Viet Nam also imports $20 million worth of fish paste and $7 million of fish oil per annum for livestock feed. It also plans to boost pine timber imports from Chile to serve its furniture export industry.

ProChile also predicted Viet Nam would increase imports of foodstuff, like grapes, apples and salmon from Chile. It said Viet Nam would remain an important exporter of processed seafood and wooden products, according to the official agency.

Chilean investors considered Viet Nam’s demand for infrastructure development as an opportunity to boost copper exports to the Southeast Asian country.

Vietnamese Ambassador to Chile Nguyen Van Tich said Viet Nam and Chile were set to boost negotiations on the implementation of high-level joint agreements, culminating in the signing of the Viet Nam-Chile bilateral free-trade agreement.

Chilean imports from Viet Nam include copper, flour, fish oil, wood, wine, beer, fruit, fertiliser, pharmaceutical products, milk, cheese and seafood.

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