Vietnamese products break out in Latin America

Published 2020년 12월 24일

Tridge summary

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has been beneficial for Vietnam's trade with Latin American countries, Mexico, Chile, and Peru. Since its implementation in 2019, two-way trade has seen a significant increase, reaching 5.12 billion USD in 2019 with a trade surplus of over 3 billion USD. Despite the COVID-19 pandemic, trade continued to grow in the first 10 months of 2020. The CPTPP has led to substantial tariff reductions for Vietnamese goods in these countries, providing Vietnamese businesses with increased market access and opportunities. Products like textiles, footwear, seafood, wooden products, and mobile phones have found success in these markets.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Prosperity from CPTPP CPTPP has officially taken effect for Vietnam since January 14, 2019. Among the three Latin American members, Mexico has ratified the agreement, while Peru and Chile have not yet ratified. However, after more than 1 year in effect for Vietnam, in 2019, the total value of Vietnam's two-way trade with Mexico, Chile, and Peru reached 5.12 billion USD, of which Vietnam's exports to three This market reached 4.11 billion USD, up 26.76% over the same period in 2018. Ms. Vo Hong Anh - Deputy Director of the Department of European and American Markets (Ministry of Industry and Trade) - said that these are market in which Vietnam has the highest trade surplus in Latin America, with a total trade surplus of more than 3 billion USD. Growth was recorded in Mexico (26.3%), Chile (20.3%) and Peru (36.4%), respectively. In 2020, despite the strong impact from the Covid 19 epidemic, exports to these three markets will still reach 3.74 billion USD in the first 10 months of ...

Source: CafeF