05/09/2016 09:24 GMT+7 Email Print Like 0

Argentinean media highlights Vietnam’s economic growth

Buenos Aires, September 4 (VNA) – Argentinean news website AcercandoNaciones has run an article highlighting the economic development of Vietnam and the opportunities to promote trade and investment between the two nations.

In recent years, Vietnam's economy grew an average 6.5 percent, one of the highest levels in the world, and GDP per capita increased fivefold, the article said.

It cited the forecast of the International Monetary Fund (IMF) as saying that Vietnam's economy will grow by 6.3 percent in 2016.
Between 1995 and 2015, the country’s exports increased threefold and became the 47th biggest exporter in the world. In the last five years, its export turnover has risen by 16 percent annually on average.

The Vietnamese exporters started with primary products. However, they have taken advantage of low-cost labour to diversify their products in higher value-added segments, such as software export.

The article attributed the economic achievements to reforms in taxation, customs and investment mechanism, adding that in the Latin America, Brazil is the biggest trade partner of Vietnam.

It called Vietnam one of Argentina’s crucial partner, elaborating that Argentine exports to Vietnam increased 20 times since 2002 and reached 1.8 billion USD in 2015.

Vietnam mainly imports Argentinean soybean extracted residues, accounting for 69 percent, followed by animal feed and leather. It exports electronic devices and footwear to Argentina.

In the future, Argentina plans to increase exports of poultry meat, beef, seafood, fruit, wine, milk and pharmaceuticals to Vietnam, while cooperating with the Southeast Asian nation in aquaculture.

The article also called on Argentinean enterprises to invest in Vietnam.