Vietnam, Venezuela to step up economic and trade ties

Thursday, July 15, 2021  12:12

An overview of the meeting (Photo: VNA)

VOV.VN - Venezuela aspires to strengthen connectivity with Vietnamese businesses, especially in the fields of large-scale cow husbandry and farming, wood processing, and glass manufacturing for household utensils, according to Venezuelan business representatives.

The business representatives made the statement during a recent meeting with a Vietnamese delegation during their visit to Monagas state aimed at ramping up economic and trade ties between the two countries.

Monagas Governor Yelitza Santaella affirmed that both sides have developed a close friendship and ties across multiple aspects, such as politics, economy, culture, and social affairs, adding his hopes that Vietnam will implement strategic investment projects to fully tap into each other’s potential, especially in Monagas’s strong fields.

In response, Vietnamese Ambassador to Venezuela Le Viet Duyen pledged to strive to enhance cooperation in politics, diplomacy, culture, and trade between the two countries,

He revealed that Vietnam’s GDP has reached US$343 billion after 35 years of implementing the Doi Moi (Renewal) process, meaning the country is ranked among the world’s 40 largest economies and puts it fourth in Southeast Asia.

The Vietnamese diplomat went on to emphasise that as one of the major production hubs in both the Asia-Pacific region and the world, Vietnam is currently the second largest exporter of rice and coffee globally, and the world’s largest exporter of cashew nuts, peppers, and a range of other agricultural products.

There are bright prospects of bilateral cooperation in electronic product manufacturing for export.

There are bright prospects of bilateral cooperation in electronic product manufacturing for export.

According to the Ambassador, there remains plenty of room for greater cooperation between the two countries, as Vietnam is one of the world's leading manufacturing and exporting centers of high-tech products, smartphones, and electronic goods.

In addition, it is also one of the major furniture manufacturing centers in the world, a factor which is expected to create greater opportunities to promote the export of wooden products moving forward.

At the seminar, Ambassador Duyen and Governor Santaella voiced their support for the establishment of branches of the Venezuela-Vietnam Chamber of Commerce (CAVENVIET) and the Venezuela-Vietnam Friendship Association in Monagas state, in order to further enhance connectivity between people and businesses of the two countries.

For his part, Governor Santaella pledged to do his best to create favourable conditions for Vietnamese businesses to operate and invest in several potential fields in Monagas state. It is anticipated that there will be a specific focus on large-scale agricultural production such as dairy cows, beef cattle, and industrial crops, he said.