Bilateral trade turnover between Vietnam and Dominica Rep. expected to reach USD 500 million

Last year, MARD dispatched an expert team to the Dominican Republic to assist the Ministry of Agriculture in the vaccination of African Swine Fever. The initiative was highly regarded by both parties and yielded favorable results.

The Dominican agricultural delegation's visit and work are greatly appreciated by Deputy Minister Nguyen Hoang Hiep. The deputy minister stated that Vietnam has maintained a traditional and enduring friendship with the Latin American countries, particularly those in the Caribbean region.

Dominica Republic is one of the largest economies in the Caribbean, and the agriculture sector is a significant contributor, accounting for 19% of the country's GDP. In contrast, Vietnam's agriculture contributes approximately 13% to the country's GDP. The climatic, soil, and agricultural production conditions of the two countries are similar.

Following the official inauguration of the Dominican Embassy in Vietnam in 2023, and particularly following the visit of Minister of Agriculture Limber Cruz, Deputy Minister Nguyen Hoang Hiep anticipates that the two nations will engage in more effective and practical collaborative efforts.

The inauguration of the Dominican Embassy in Vietnam is a significant step forward in the relationship between the Dominican Republic and Vietnam, as Minister Limber Cruz agreed. He observed that the events of the previous year have established the groundwork for the future development of bilateral cooperation, particularly in the agricultural sector.

Mr. Limber Cruz is of the opinion that there are numerous opportunities for both parties to enhance their bilateral relations. He anticipates that they will develop policies that prioritize cooperation in areas such as human resource training, technology transfer, science and technology, and research.

Upon witnessing Vietnam's cooperative models, Mr. Cruz is optimistic that these models will generate opportunities for small businesses in the Dominican Republic that are focused on production and export.

The two nations share similarities in terms of climate, environment, agricultural products, and cultivation methods (including seed sowing, transplanting, and harvesting). Vietnam has made significant strides in the cultivation of specific fruit varieties, particularly citrus fruits. Consequently, the Dominican Republic is optimistic about the prospect of identifying opportunities in this sector in the immediate future.

The Dominican Minister of Agriculture suggested the potential for cooperation and the exploration of opportunities in three critical sectors of his country: the tobacco industry, the liquor industry, and tourism, in addition to agricultural cooperation.

Deputy Minister Nguyen Hoang Hiep observed that the Dominican Republic is renowned for its cigars, sugar, rum, and sugarcane. Furthermore, the Dominican Republic boasts a robust livestock sector.

Numerous products that are effective complement one another without competition due to the similarities in the agriculture of the two countries. The leadership of the Ministry of Agriculture and Rural Development concurred with the proposal for technological collaboration in order to capitalize on each other's strengths and learn from one another.

Additionally, Deputy Minister Nguyen Hoang Hiep proposed that the Dominican Republic collaborate in other sectors where Vietnam's agriculture excels, including exports and supply chains. Vietnam's export products are supported by robust supply channels. At present, Vietnam exports agricultural products to 180 countries, with approximate export values of 60 billion USD.

Vietnamese products can acquire a deeper understanding of the Latin American market through the Dominican Republic, while Dominican products can penetrate the Asian market through Vietnam. Collaboration between the two parties can facilitate this process.

Secondly, he suggested that enterprises engaged in production, processing, and exporting collaborate in collaborative investment. In the swine farming chain, Vietnamese enterprises could collaborate with the Dominican Republic to establish a production plant chain that encompasses farming and processing.

Through direct and online investment promotion conferences, the two parties may foster agricultural cooperation.

Thirdly, he proposed the exchange of expert teams to exchange information, training, and expertise in the areas of cultivation, livestock husbandry, vaccine production, and disease prevention.

"When aiming for practical and effective cooperation, businesses and expert teams are two important components," Shared by Deputy Minister Nguyen Hoang Hiep.

The Dominican Minister of Agriculture observed that bilateral trade between the two nations was only approximately 80 million USD per year two years ago, but by 2023, this figure had risen to 112 million USD.

According to Mr. Cruz, bilateral trade could reach 500 million USD within the next 4-5 years if both governments and enterprises engage in active investment cooperation.

On the sideline of the meeting, Deputy Minister of Agriculture and Rural Development Nguyen Hoang Hiep and the Dominican Minister of Agriculture executed a memorandum of cooperation between the two Ministries in the agricultural sector.