Trade between Vietnam and Chile has grown at a fast pace but has even more expansion potential, a Chilean official say.
Jaime J. Rivera, Chilean Commercial Attaché in Vietnam, said in a report published by the Vietnam News Agency Sunday that Chile is a potential market with a population of 17 million and per capita income of more than US$14,000 a year.
The country can also serve as a gateway for Vietnamese products to enter other South American countries, he said.
Official statistics show that Vietnamese exports to Chile have increased ten times over the past ten years. Bilateral trade in the first five months of this year doubled that of the same period last year and the two countries have targeted a full year value of US$300 million.
Rivera said businesses of both countries can work together by starting production in Vietnam and finishing it in Chile. This can help Vietnamese products benefit from low tax rates and become more competitive in South America, he said.
Vietnam mainly exports garment, footwear, furniture, fruit and seafood products to Chile.