In a bid to boost their bilateral trade relationship, Vietnam and Argentina are looking to expand their cooperation in the textile sector. Vietnamese National Assembly (NA) chairman Vuong Dinh Hue’s official visit to Argentina is expected to create more opportunities for bilateral trade cooperation, as the two countries celebrate 50 years of officially established diplomatic relations.
The textile sector has seen significant growth in the trade relations between the two countries. Despite a slight fall in 2022, Vietnam’s cotton imports from Argentina have seen a sharp increase over the years. According to Fibre2Fashion’s market insight tool TexPro, Vietnamese cotton (HSN Code 5201) imports were valued at $21.379 million in 2018 when the country imported 13.379 million kg of cotton. The imports jumped to three times in terms of value and reached $63.725 million (43.881 million kg) in 2021.
Vietnam is a dominant consumer country with a well-established textile industry, while Argentina is a major cotton producer. This makes for a mutually beneficial trade relationship between the two countries, and the growth in cotton imports by Vietnam from Argentina is a testament to this.
In addition, Vietnam has expanded its footprint in Argentina through higher garment shipments. Vietnamese garment exports to Argentina increased to $22.354 million in 2022 from $17.636 million in 2021, continuing an upward trend that began in 2020.
The visit of the Vietnamese National Assembly chairman to Argentina is expected to provide a further boost to this trade relationship, as both countries look to strengthen their cooperation in the coming years. With the comprehensive partnership established in 2010, the bilateral relationship has made impressive progress, especially in the economy and trade. Argentina is an important trade partner in the Latin American region for Vietnam, and both countries are looking to further enhance their cooperation.
The growth in textile trade between Vietnam and Argentina is expected to provide a significant boost to their bilateral trade relationship. As the two countries look to expand their cooperation, the textile sector is poised to play a crucial role in their economic ties.