Vietnam and Argentina seek to open up agricultural markets

During the reception, Deputy Minister Nguyen Quoc Tri praised Vietnam-Argentina relations over the last 50 years. Bilateral contacts have been rapidly expanding in a variety of industries, including agriculture.

Trade (mostly agricultural, forestry, and aquatic goods) is a significant factor that has led to the two countries being major trading partners. Bilateral commerce expanded over 13 times between 2007 and 2022, from 378 million USD to 4.88 billion USD, making Argentina Vietnam's third largest partner in Latin America (after Brazil and Mexico). Vietnam is Argentina's largest commercial partner in Southeast Asia, and sixth internationally.

Vietnam strongly regards Argentina's role and status as a member and a gateway to the Mercosur common market. As a result, the Ministry of Agriculture and Rural Development has always played an active role in the Inter-Governmental Economic, Trade, and Scientific-Technological Cooperation Committee between Vietnam and Argentina.

Diana Mondino, Argentina's Minister of Foreign Affairs, Foreign Trade, and Worship, expressed her gratitude for the opportunity to visit the Ministry of Agriculture and Rural Development and discuss many elements of agricultural cooperation between the nations.

Mondino stated that in recent years, both sides have been actively striving to develop markets for a variety of items. Since 2017, preparations have been underway for the substance of the Free Trade Agreement between Vietnam and the Mercosur group. As a result, the Argentine administration intends to forward discussions.

In addition to establishing agreements, Mondino feels that maintaining market access between the two nations is vital.

Deputy Minister Nguyen Quoc Tri stated that the agricultural, forestry, and aquatic industries play key roles in Vietnam's economy. In agricultural and rural development, Vietnam not only focuses on production difficulties, but also on commerce, which it sees as a driving force for industrial growth.

Vietnam's agriculture has built partnerships with about 200 nations throughout the world, and it imports a variety of goods from Argentina. With your request to open the market for additional products, the leadership of the Ministry of Agriculture and Rural Development recognizes and suggests that Argentina, in turn, open its market for Vietnamese products to enter this country's market.

Argentina's Minister of Foreign Affairs discussed the problem of Argentine items sold to Vietnam, such as leather products, leather, and corn, being integrated into manufacturing chains and re-exported to other countries in order to increase Vietnam's commercial value.

According to Mondino, Vietnam and Argentina's economies complement each other, allowing both sides to capitalize on increased collaboration possibilities for a wider range of products. Thus, the head of Argentina's diplomatic delegation feels that the total trade balance between the two nations must be examined.

The appropriate Argentine agencies have submitted plans to the Ministry of Agriculture and Rural Development for the export of pork and pork organs from Argentina. Mondino promised to supply Vietnam with high-quality beef at reasonable costs, expecting for Vietnam's rapid consideration and reaction.

Deputy Minister Nguyen Quoc Tri agreed with the Argentine delegate on the need of mutual assistance in trade matters, stating that this connection will help both sides develop and accomplish their goals.

The MARD's leadership announced that they would designate specialist agencies to address particular suggestions from Argentina, and vice versa. They also recommended that Argentina swiftly evaluate Vietnam's ideas. Deputy Minister Nguyen Quoc Tri stated that the Ministry will delegate your ideas to the Department of Animal Health, which would evaluate and reply immediately to them.

Deputy Minister Nguyen Quoc Tri stressed that Vietnam appreciates agricultural cooperation with Argentina, particularly in agricultural commerce, research, and technology. Agricultural trade necessitates policies aimed at progressively restoring the trade balance. The leadership of the Ministry of Agriculture and Rural Development urged both sides to work closely together to develop cooperation based on unique content, specialized concerns, compliance with both countries' legislation, and worldwide best practices.

In terms of commerce, bilateral trade volume declined by 29.6% in 2023 compared to 2022, reaching just 3.45 billion USD, owing to Argentina's severe drought during the 2022-2023 season, which resulted in a 54% reduction in agricultural production.

Bilateral trade in agricultural, forestry, and aquatic products has been stable at 3.08-3.8 billion USD over the last five years (except in 2023, when it fell to 2.35 billion USD, a 38.5% reduction from 2022).