In order to enhance cooperation between the two sides, on August 14th, the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (Vietrade) inked a memorandum of understanding (MoU) with Uruguay’s Investment, Export and Country Brand Promotion Agency.

The signing ceremony

At the signing ceremony, Vietrade Director Vu Ba Phu said the MoU will serve as a cornerstone for the two sides to further cooperate in trade promotion and bring the businesses of Vietnam and Uruguay closer, thereby raising bilateral trade revenue in the coming time.

He also stressed that Uruguay is a potential market for Vietnamese firms, but due to geographical distance, businesses of the two sides have not had chances to meet and maintain regular contact.

Uruguay’s Investment, Export and Country Brand Promotion Agency Director Antonio Carambula Sagasti said that the signing of the deal will help businesses exploit their strengths, especially advantages from free trade agreements to increase exports not only within the two countries but also in other countries in Latin America and Asia.

Vietnam’s key export commodities included footwear, garments, computers, electronic products and spare parts, aquatic products, mobile phones and spare parts, and rattan, bamboo and sedge products, among others.

Meanwhile, the country mostly imported timber and wooden products, leather and footwear materials, pharmaceutical products, milk and dairy products, cattle feed, and chemicals from Uruguay./.