Two sides aim to raise bilateral trade to $1 billion to $2 billion over next few years.
Within the framework of the official visit to Vietnam by Venezuelan President Nicolas Maduro Moros at the invitation of State President Truong Tan Sang, the two sides signed an Agreement on Agriculture Projects in the 2015 - 2018 Phase and agreed to promote bilateral commercial projects with the aim of bringing bilateral trade to between $1 billion and $2 billion over the next few years.
At their meeting the two leaders emphasized the importance of the agreement for the agricultural sector, as it will create the legal basis for rapidly deploying three cooperation projects in food production, aquaculture, and livestock in Venezuela.
The two sides also aim to implement projects in the fields of manufacturing and processing, building infrastructure and social housing, construction materials production, and electrical equipment production. Venezuela pledged to continue to actively support and remove obstacles to oil exploration cooperation in Venezuela between the two countries.
They also agreed to promote trade agreements, creating favorable conditions for enterprises from the two countries to penetrate into the markets of each other and boost trade turnover.
President Maduro affirmed that Venezuela always welcomes investors from Vietnam. “Venezuela is ready to open the door to welcome partners from Vietnam to accompany it in sowing and reaping success,” he said.
Two-way trade between Vietnam and Venezuela has increased continually over recent years, hitting $62.7 million last year, with the former enjoying a trade surplus of $57.3 million.
Vietnam primarily exports garments and textiles, footwear, telephones and components, electrical and electronic devices, and food and foodstuff to Venezuela, while importing garment and footwear materials, rubber, and electronic equipment and components.
As at April this year Vietnam had poured $1.8 billion into projects in Venezuela, making the Latin American country among its top investment destinations, according to the Foreign Investment Agency under the Ministry of Planning and Investment.