Viet Nam, Latin America enjoy enormous investment opportunities


(VGP – 05/07/2012) - Viet Nam and Latin America should offer more favorable business environments and ink more trade agreements to tap the two sides’ huge investment potentials, said a senior official.

 Vietnamese Minister of Industry and Trade Vu Huy Hoang made the remark Thursday in Hanoi while presiding over a seminar rk Thursday in Ha Noi while presiding over a seminar themed “Viet Nam-Latin America business and investment environment.”

The Ministry of Planning and Investment (MPI) said the Latin America is a dynamic region with numerous advantages in producing heavy industry equipment and electronic spare parts, developing infrastructure, biotechnology, and clean energies.

This is a diverse market having close ties with the North America and a promising production center of the world. On the other hand, through Viet Nam, Latin American countries would have more chances to access to other ASEAN member states and the bloc’s partners. 

Minister Hoang also proposed upholding the role of inter-governmental committees and joint commissions to beef up bilateral cooperation. 

To raise the two-way trade volume to around US$12 billion by 2015 and US$25-26 billion by 2020, the two sides should trim down unnecessary administrative procedures and trade barriers.

Latin American representatives said that they acknowledged the necessity of free trade and diverse markets.

Cuban First Deputy Foreign Trade and Investment Minister Antonio Carricarte said that Viet Nam has become one of the key trade partners of Cuba. A large number of Vietnamese investors are interested in setting footholds in Cuba especially in the areas of tourism, construction, hotel and real estate. Meanwhile, Cuba is willing to invite Viet Nam to participate in such fields like mineral exploitation, renewable energy and petroleum.

Other Latin American representatives hope to shake hands with Viet Nam in other areas such as agriculture, footwear, rubber and coffee.