Brian Jeffrey
Vietnamese President Luong Cuong is set to travel to Chile from November 9-12 at the invitation of Chilean President Gabriel Boric Font and Peruvian President Dina Ercilia Boluarte Zegarra. This visit will be Cuong’s first official foreign mission in his capacity as President.
After Chile, he will proceed to Peru and participate in the APEC 2024 Leaders’ Week in Lima from November 12-16.
Vietnam and Chile have maintained a comprehensive partnership since May 2007, with increasing high-level exchanges that have bolstered their diplomatic relations.
Since the introduction of the Free Trade Agreement, trade between Vietnam and Chile has risen sharply, from USD 534 million in 2013 to USD 2.15 billion in 2022. As of 2023, trade is approximately USD 1.57 billion, with nearly USD 1.3 billion reported in the first nine months of 2024.
Chile ranks as Vietnam’s fourth-largest export market in Latin America, while Vietnam stands as Chile’s main trading partner in ASEAN. The two nations cooperate effectively within international organizations and multilateral platforms.
Vietnam established diplomatic ties with Peru on November 14, 1994, characterized by regular high-level interactions. The trade volume between the two countries has increased by 79.1% over the last five years, from USD 353.78 million in 2016 to USD 600 million in 2022. In 2023, the trade volume was USD 486 million, while the first nine months of 2024 recorded USD 289.6 million.
Vietnam’s investments in Peru include two major projects in telecommunications and oil and gas, with Viettel and the Vietnam Oil and Gas Group (PVN) respectively leading these initiatives, totaling over USD 1 billion in investments. Both countries actively collaborate in the United Nations and other international forums.
APEC has functioned as a vital platform for regional economic integration for over 30 years, promoting trade and investment globally. Its 21 member economies include major powers like the United States, China, and Japan, along with several G20 members and emerging economies.
APEC economies together account for about 38% of the global population, contribute 61% of the world’s GDP, and are responsible for 47% of international trade.
Since its APEC membership 26 years ago, Vietnam has played a significant role in promoting cooperation, peace, and economic integration in the region. Vietnam has initiated several APEC projects and has proposed to host APEC Year 2027, a suggestion that was favorably received and included in the APEC 2023 joint statement.
