Via recognized diplomatic channels, Vietnam and Argentina are trying to strengthen their bilateral trade cooperation. Despite a minor decline in 2022, Vietnam’s cotton imports have increased significantly in the textile sector. Additionally, Vietnam has increased the amount of clothing it ships to Argentina. Over the past year, Vietnam’s exports of clothing have grown steadily.
The leader of the Vietnamese National Assembly (NA), Vuong Dinh Hue, is anticipated to increase chances for bilateral trade collaboration during his official visit to Argentina. Vietnam’s trade with Argentina in the region of Latin America is significant, and the two nations are now commemorating 50 years of formal diplomatic ties.
The bilateral relationship has advanced significantly since the comprehensive partnership was established in 2010, particularly in the areas of trade and the economy.
In 2018, 13.379 million kg of cotton (HSN Code 5201) were imported into Vietnam at a total cost of $21.379 million. The imports increased three times in value, to $63.725 million (43.881 million kg), in 2021, according to the market research tool TexPro from Fibre2Fashion.
In 2022, it decreased to $51.606 million (31.267 million kg). The value and volume of commerce were nevertheless much larger than in 2018 despite the decline in imports last year. In 2019 and 2020, imports totaled $23.879 million ($16.934 million kg) and $24.433 million ($22.680 million kg), respectively. Argentina is a significant cotton grower, while Vietnam is a large consumer nation with a developed textile sector.
Vietnam’s exports of clothing to Argentina climbed from $17.636 million in 2021 to $22.354 million in 2022, continuing a trend of growth that started in 2020. But in prior years, there was a declining tendency. Exports were valued at $26.022 million in 2018, $23.596 million in 2019, and $17.345 million in 2020, respectively. However, the trade climbed to $17.636 million in 2021 and then to $22.354 million in 2022. Shipments were valued at $7.951 million as of January-February 2023.