Speaking at a seminar in Hanoi on September 10, Chilean Ambassador to Vietnam Fernando Ayala went on to say that if trade pacts commitments are fully realised two-way trade could hit a record US$2-3 billion within five years.

The Chilean diplomat said the VCFTA offers preferential tariffs for roughly 9,000 different products traded between the nations. However, to seize export opportunities, both sides should learn more about each other’s strengths and competitive advantages.

Chile has signed 24 FTAs with nations around the world, which should greatly facilitate Vietnamese goods penetrating deeper into other Latin American and Pacific region markets, he said.

The statistics show Vietnamese companies comprise at least 20% of Chile’s total exports to ASEAN, and that the Southeast Asian nation imports more products from Chile than other ASEAN member nations.  Vietnam is also the second largest exporter to the Chilean market after Thailand.

Doan Duy Khuong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) in turn said that Chile has advantages in such fields as mineral resources and wine while Vietnam can meet the demand for coffee, tea, printers, digital cameras, optical and medical equipment.

Khuong stated buoyantly that these complementary strengths and weaknesses lay the foundation for increased opportunities for businesses cooperation in the near future.

Vietnam and Chile began FTA negotiations in October 2008 and the VCFTA was signed and went into effect January 1, 2014. This is the first FTA Vietnam has negotiated and signed with a Latin American country.