July 31, 2006
Venezuela and Vietnam to co-operate and complement each other to improve trade

(YarnsandFibers.com) - "Venezuela and Vietnam intend to share their experience, co-operate with and complement each other. Venezuela will be a gateway to Latin American markets for Vietnamese products. Vietnam has potential in agriculture, textile and garment and leather footwear.

In turn Vietnam is expected to be a bridge that brings Venezuelan commodities to the ASEAN as it is a member of the Association of South East Asian Nations (ASEAN). Venezuela is experienced in the fields of oil and gas, mining and chemicals serving the agriculture sector and a member of the Organization of the Petroleum Exporting Countries.

The meeting was held by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Embassy of Venezuela. According to the VCCI, commercial co-operation between Vietnam and Venezuela remains modest, with two-way trade being only US $10 million. Almost all Vietnamese products have been brought to Venezuela through third parties.

In the future, the two sides will establish a credit assistance fund to boost investment and trade, including selling low-priced products to Venezuela's ethnic minorities and by co-operating in producing goods with high demands.

A delegation of Vietnamese entrepreneurs will visit Venezuela's capital city of Caracas to learn about its investment projects and programmes and to co-operate with Venezuelan partners in implementing them".