June 23, 2011

 

Chile and Vietnam successfully negotiate trade agreement

 

 

Chile and Vietnam successfully completed the Eighth Negotiation Round for the signing of the Free Trade Agreement (FTA), held in Hanoi from June 16-18.

 

Once this agreement comes into force, 73% of Chilean exports will enter the Vietnamese market without paying tariffs.

 

The rest will enter Vietnam with a reduced tariff in terms ranging from 3-15 years.

 

In 2010, Chilean exports to Vietnam, mainly salmon, totalled US$231 million, while imports recorded US$107 million. Trade grew 40% in that year.

 

A report by the ProChile trade office in Vietnam last May indicated that the country is presented as a promising market for seafood from Chile, particularly for salmon and trout.

 

According to ProChile, "the growing trend of 'Westernisation' in consumer habits and a significant number of foreigners residing in the Asian country make the Vietnamese growing market promising for Chilean salmon."

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