There is no shortage of room for Vietnam and Mexico to promote their commercial cooperation, especially in the fields of energy, telecommunications, high-tech agriculture and high value added industry, said experts at a workshop held in Ho Chi Minh City on March 23.

Aiming at such promotion, the event was co-organised by the Investment & Trade Promotion Centre of Ho Chi Minh City (ITPC), the Mexican Embassy in Vietnam, and the Mexican Consulate General in the southern metropolis.

Currently, Mexico is Vietnam’s second largest trading partner in Latin America and Vietnam is Mexico’s eighth in Asia, said ITPC Vice Director Cao Thi Phi Van at the workshop. The ties have been expanded continuously over the past years, notably after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force at the beginning of 2019, she added.

As per statistics of the General Department of Vietnam Customs, in 2022, the nations’ trade turnover topped 5.42 billion USD, up 7% year-on-year, with Vietnam’s export value to Mexico estimated at over 4.53 billion USD. The trade value between HCM City and Mexico stood at 364 million USD, of which 300 million USD was the value of HCM City’s exports.

Mexican Ambassador Alejandro Negrin Munoz said Vietnam is a dynamic market that is highly valued by Mexico in Asia.

However, the sides’ trade value is yet to be on par with their market sizes and potential, he noted, adding that the potential for trade cooperation remains abundant and needs to be exploited in a more effective and balanced manner.

Vo Thi Phuong Lan, vice president of the Ho Chi Minh City Logistics Association (HLA), said thanks to Mexico’s tariff reduction commitment under the CPTPP, Vietnam’s export of seafood, coffee, rubber, telephones and components, and auto parts to the market recently achieved fairly high growth rates of 27-65%. Mexico, meanwhile, has also step by step promoted its exports of beef, pork, farm produce and beverages to Vietnam.

Logistics cost optimization is key for businesses to increase their economic efficiency in trade, she advised.

VNA