Increasing Business Presence in Argentina

12:00 AM @ Monday - 01 January, 1900

(VEN) - At present, Argentina ranks third among the biggest Vietnam's trade partners in the Latin American region and ranks twenty-fifth among all trading countries. Vietnam has trade deficit with Argentina. In the near future, Vietnam will make more effort to strengthen its representation in Argentina.

Vietnam's major export products to Argentina are textiles, garments, footwear, rubber, rubber products, electronic products, mechanical tools, furniture, coffee beans, handicrafts, luggage, handbags, hand tools and kitchen utensils. Vietnam's import products are wheat flour, automobile parts, steel sheets, steel pipes, leather, vegetable oil, automobile parts, milk powder, beef and wine. Despite the world economic downturn in 2009, bilateral trade between Vietnam and Argentina totaled US$643 million, up 29 percent compared to 2008. Of this, Vietnam's trade deficit to Argentina was US$587 million, up 38 percent compared to 2008. In terms of the first seven months of 2010, Vietnamese export revenue hit US$43,3 million, up 51 percent whereas the trade deficit was US$533,9 million, up 40.9 percent compared to the same period last year.
In 2009, Vietnam's trade deficit was more than US$530 million. The figure for the first seven months in 2010 was US$490 million. Vietnam imports input materials from Argentina for the production of textiles, garments, leather, footwear, cattle-feed, chemicals, pharmaceuticals and automobile parts while exporting end products to Argentina. Vietnam will retain this trend in the near future due to its increased domestic production and export demands.
According to the Latin America Department of the Ministry of Industry and Trade, domestic businesses should promote their products in Argentina to bridge Vietnam's trade deficit. The Argentine economy has recovered quickly and grown rapidly like the rest of Latin America, due to the stimulation provided by domestic consumer demand. Therefore, Vietnamese exports to Argentina will enjoy this advantage. In addition, Vietnam has its own strengths in terms of exporting footwear, synthetic fiber, machines, mechanical tools, household electricity goods, furniture, handicrafts, leather, ploughs and plastic household products. Vietnamese businesses have adapted themselves to international competition. Their improved product quality and prices have attracted more attention of Argentina partners. In a recent talk with Vietnamese businesses in Ho Chi Minh City, Argentinean Ambassador in Vietnam Alberto Jaime Kaminner said that many Vietnamese products are now available in Argentina and the country will import more Vietnam products to meet domestic demand. Some major Argentinean businesses and the Ministry of Agriculture and Rural Development have discussed partnerships in agricultural development and whether to further import Vietnam's agricultural products. With its tradition in agricultural production and cattle-breeding, Argentinean products are present throughout the world. Therefore, businesses from the two countries can cooperate to export materials to the third countries.
Alberto Jaime Khaminner added that aside from increasing exports, Vietnamese businesses should invest more in Argentina because of the favorable policies the Latin American country has for international investors. At present, the country's annual average growth of Foreign Direct Investment (FDI) is 25 percent, creating average revenue from 10 to 13 percent. Petro Vietnam is one such successful business in Argentina./.
Nguồn:ven
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