Vietnam and Peru have agreed to maximise the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to enhance bilateral trade and investment. The decision was made during the third session of the Vietnam–Peru Intergovernmental Committee, held virtually on March 27 and co-chaired by Vietnam’s Deputy Minister of Industry and Trade, Phan Thi Thang, and Peru’s Deputy Minister of Foreign Affairs, Luis Enrique Chávez Basagoitia.
In her remarks, Deputy Minister Thang highlighted the importance of strengthening cooperation amidst global economic uncertainties. She reaffirmed Vietnam’s view of Peru as a key partner in Latin America and expressed readiness to work together to restore trade flows and enhance supply chain resilience. Thang proposed intensified support for the business community through market information sharing, trade, and investment promotion initiatives, and improved connectivity through both online and in-person platforms.
Chávez Basagoitia echoed these sentiments, noting that Vietnam–Peru collaboration has deepened through joint participation in regional and global integration platforms such as APEC, ASEAN, FEALAC, and the CPTPP. These frameworks, he said, are vital in expanding trade in goods, services, and investments between the two nations.
Both sides agreed to prioritise trade promotion through CPTPP advantages, diversify import and export structures, and increase exports of key products—especially in the agricultural sector. Discussions also focused on concrete steps to bolster cooperation in trade, economy, and investment.
Despite global economic challenges, bilateral trade between Vietnam and Peru reached $517.57 million in 2024, a 6.5% increase from the previous year. Peru currently ranks as Vietnam’s sixth largest trading partner in Latin America.
On investment, the two countries shared updates on potential projects and underlined the success of the Bitel telecommunications project operated by Vietnam’s Viettel Group in Peru. Vietnam called on the Peruvian government to continue facilitating Vietnamese investments and support companies planning new ventures in the country.
Beyond trade and investment, both countries explored opportunities for collaboration in agriculture, tourism, and multilateral cooperation. In agriculture, they agreed to enhance exchanges on regulatory frameworks and market access for fresh produce. Peru expressed particular interest in Vietnam’s sustainable tourism model, specifically highlighting Hoi An – A Green Destination as an example for developing eco- and community-based tourism initiatives in Peru.
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