Wednesday , June 7 2023

Mexico a springboard for Vietnamese goods to enter the US: ambassador

If Vietnamese businesses strengthen export and investment in Mexico, it will be easier for them to penetrate into the U.S. market, said the Mexican ambassador to Vietnam.

Mexico is located at the gateway between North America and Latin America, and the Canada-U.S.-Mexico Agreement (CUSMA) will be a good springboard for Vietnamese businesses to access the North American market worth more than US$28.5 trillion, ambassador Alejandro Negrin Munoz said Thursday at the Vietnam-Mexico trade promotion conference.

The U.S. is Mexico’s largest trading partner, with Mexican exports standing at nearly $340 billion in 2020.
Meanwhile, Vietnamese exports to the U.S. are just over $100 billion.

Vu Minh Anh, honorary consul of Mexico in Ho Chi Minh City, told VnExpress that Vietnamese businesses have many advantages over other countries in the region.

Both Vietnam and Mexico are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). They also share many similarities in terms of culture and economic structure.

According to statistics from the General Department of Vietnam Customs, the two-way trade between Vietnam and Mexico was more than $5.4 billion in 2022, up 7% against 2021. Vietnam’s exports to Mexico stood at $4.5 billion.

Key Vietnamese exports to Mexico include seafood, especially Pangasius, a common kind of catfish, coffee, rubber, phones and components, and automobile components and spare parts.

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