Vietnam Time

10/18/2018 10:32:43 AM

Vietnam, Ecuador to reinforce economic ties

The Vietnam-Ecuador Business Forum was recently held by the Vietnamese Embassy in Chile and Ecuador and Ecuador’s Chamber of Commerce of Quito.

The event, held on October 16, aims to promote trade and investment between the two countries. Delegates of the Ecuador's Ministry of Foreign Affairs and Ministry of Foreign Trade and Investment and nearly 100 enterprises attended the Forum.

According to Vietnamese Ambassador to Chile and Ecuador Nguyen Ngoc Son, the event brought a valuable opportunity for two countries to enhance trade and investment ties, especially when the Vietnamese Government’s policies are to enhance economic cooperation with Latin American nations and Ecuador in particular.

Overview of the Forum. (source: VNA)

In addition, the Vietnamese diplomat spoke highly of the Ecuadorian Government’s decision to open its embassy in Hanoi as well as accelerate the signing of several cooperation documents with Vietnam.

Ecuador’s process to join the Pacific Alliance is a vivid illustration for the country’s interest in promoting trade with Asia in general and Southeast Asia in particular, he said.

Ecuadorian products will have opportunities to enter the 620-million-strong ASEAN market via Vietnam. Meanwhile, Vietnamese goods to Ecuador share the same chances to get in Latin American countries, the ambassador noted.

President of the Chamber of Commerce of Quito Patricio, Alarcon Proano, for his part, affirmed that the business forum is an important event for the bilateral economic-trade cooperation.

He said that Vietnam, with progress in economic growth, foreign investment attraction, competitiveness, and socio-economic stability, is a typical example for Ecuador to learn from.

At the event, Vietnam’s potential exports like food, equipment for agricultural and fishery sectors, and garments were introduced to Ecuadorian businesses.

According to a report from the Central Bank of Ecuador, Vietnam is a strategic export market of Ecuador in Asia, with export revenue reaching over USD 1.4 billion in 2017. However, Vietnamese shipments to the Latin American country are still modest, with a value of USD 150 million. Thus, both sides still see huge potential for further cooperation in the future./.

  ( VNF )
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