Mexico, Vietnam discuss trade boost

Vietnamese Deputy Minister of Trade and Commerce Do Thang Hai praised the outcomes of financial and commerce cooperation with Mexico on the latest assembly of the Vietnam-Mexico Joint Committee for Financial, Commerce and Funding Cooperation.

Deputy Minister of Trade and Commerce Do Thang Hai speaks on the Vietnam-Mexico Enterprise Discussion board

Mexico, a horny market

Vietnam and Mexico have obtained optimistic ends in financial and commerce cooperation, particularly because the Complete and Progressive Settlement for Trans-Pacific Partnership (CPTPP) took impact in early 2019. As a dynamically growing financial system, Mexico is steadily turning into a horny market, whereas Vietnam has turn out to be an rising market of rising curiosity to Mexican corporations. Mexico is at the moment Vietnam’s second largest buying and selling companion in Latin America, whereas Vietnam is Mexico’s eighth largest buying and selling companion in Asia.

Based on the Basic Division of Vietnam Customs, two-way commerce turnover elevated by 37.5 p.c in 2021 in comparison with the earlier yr, reaching US$5.06 billion. The determine hit US$2.33 billion within the first 5 months of 2022, a year-on-year enhance of 21.9 p.c.

Deputy Minister Hai mentioned the joint committee is an efficient and direct channel of trade and session, selling commerce, agriculture, trade, taxation and customs preparations between the 2 sides. He additionally expressed his delight with the outcomes achieved by the 2 nations in realizing their twin process of combating the COVID-19 pandemic and selling financial development, affirming that Vietnam seeks to deepen the connection with Mexico.

Undersecretary for International Commerce within the Mexican Secretariat of Financial system Luz Maria de la Mora mentioned Vietnam is a vital Mexican buying and selling companion, being its twelfth largest companion on the earth.

Vietnam promotes tra fish exports to Mexico

Making good use of commerce deal

On the assembly, the 2 sides mentioned measures to strengthen commerce exchanges by profiting from alternatives offered by the CPTPP, diversifying the construction of export and import items and facilitating one another’s market opening efforts.

The 2 sides agreed on continued help for companies to take advantage of CPTPP preferences. Accordingly, companies might be supplied with details about one another’s markets in addition to help by way of commerce and funding promotion actions.

The Vietnam-Mexico Enterprise Discussion board held by the Vietnamese Ministry of Trade and Commerce and the Mexican Secretariat of Financial system engaged the curiosity of greater than 100 companies from the 2 nations, offering them with details about post-pandemic financial restoration, up to date insurance policies and options for favorable entry to one another’s markets.

The occasion additionally offered the 2 nations’ enterprise communities with alternatives to fulfill, search companions and grasp new enterprise tendencies, thereby contributing to financial, commerce and funding cooperation between the 2 sides and accelerating the post-pandemic financial restoration of every nation.

Many Vietnamese companies have an interest within the potential Mexican market. Vietnamese items account for only one.3 p.c of the Mexican market share, leaving important room for elevated Vietnamese exports to this market by using CPTPP preferences.

VietNam Financial Information