Bilateral trade between Vietnam and Peru has shown significant potential for growth, reaching US$486 million in 2023, with Vietnamese exports totaling US$439 million. In the first nine months of 2024, trade between the two countries hit US$389.69 million, indicating a strong ongoing relationship. Vietnam's main exports to Peru include phones, footwear, and textiles, while Peru exports fish meal and minerals to Vietnam [f27ee5f5].
Both Vietnam and Peru are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which provides a framework for enhancing trade ties. Peru has established 22 Free Trade Agreements (FTAs) with 58 countries, further facilitating international trade [f27ee5f5]. The Chancay mega-port in Peru is expected to enhance trade connectivity between the two nations, providing a significant boost to bilateral trade [f27ee5f5].
Vietnamese Deputy Minister Nguyen Hoang Long emphasized the numerous cooperation opportunities available between the two countries. The Ministry of Industry and Trade (MoIT) advises Vietnamese businesses to thoroughly research market needs in Peru and leverage the benefits of the CPTPP to maximize trade potential [f27ee5f5].
In a significant diplomatic move, State President Luong Cuong is scheduled to visit Peru from November 12-16, 2024, which is expected to further strengthen the trade relationship and explore new avenues for collaboration [f27ee5f5].