The Vietnam Trade Promotion Agency (Vietrade) and Uruguay’s Investment, Export and Country Brand Promotion Agency have inked together a memorandum of understanding to boost trade and investment promotion. The signing ceremony took in place in Hanoi, Vietnam.
Vietrade Director Vu Ba Phu said, “The MoU will serve as a cornerstone for both the countries to come close in business and trade perspectives, thereby raising bilateral trade revenue in the coming time.”
He also hoped for increase in exchange of business delegations to enhance mutual understanding and deepen relations between Vietnamese and Uruguayan firms.
The bilateral trade between Vietnam and Uruguay stood at US $ 140 million last year with a Y-o-Y increase of 19 per cent. Of which Vietnam exported US $ 82 million worth of goods to the Uruguay, registering a 17.3 per cent rise from the previous year.
The major items exported from Vietnam include footwear, garments, computers, electronic products and spare parts, aquatic products, mobile phones and spare parts, and rattan, bamboo and sedge products, among others. While, South American nation Uruguay mostly exports timber and wooden products, leather and footwear materials, pharmaceutical products, milk and dairy products, cattle feed and chemicals to Vietnam.