Vietnam keen to take friendship and all-around cooperation with Peru to new heights

The official visit of President Cuong to Peru aims to continue implementing the foreign policy of independence, self-reliance, multilateralisation, diversification, proactiveness and active international integration, comprehensive and extensive international integration, all while raising the level of multilateral diplomacy and demonstrating the nation’s consistent policy of always attaching importance to and wishing to consolidate and promote relations with Peru in a practical and effective manner to bring ties to new heights.

Diplomatic relations were first established in 1994. Over the past 30 years, despite the geographical distance, the two countries have made significant progress in fostering political, diplomatic, economic, trading, and investment relations.

Peru was one of Latin America's strongest supporters of the Vietnamese side in its resistance war against the United States. Since the establishment of diplomatic ties, along with maintaining bilateral high-level visits and meetings on the sidelines of international conferences, they have set up dialogue mechanisms, including the political consultation between the two foreign ministries and the intergovernmental committee on economic and technical co-operation.

Furthermore, the two nations have demonstrated a strong alignment at multilateral forums and have been members of the UN, the Asia – Pacific Economic Partnership (APEC), the Comprehensive and Progressive Agreement for Trans – Pacific Partnership (CPTPP), and the Forum for East Asia – Latin America Cooperation (FEALAC).

Vietnam and Peru have also signed numerous agreements and co-operation agreements in the fields of economics - trade, agriculture, fisheries, and science – technology. They also inked a visa exemption agreement for diplomatic and official passport holders, a MOU on co-operation within the framework of APEC, as well as a co-operation agreement between the two Chambers of Commerce and Industry.

Regarding economic, trade, and investment collaboration, Peru is currently the country with the largest direct investment from Vietnam in Latin America, representing the nation’s sixth largest trading partner in the region, while the Vietnamese side is Peru's largest trading partner in ASEAN. Bilateral trade turnover in 2023 between the two sides reached nearly US$500 million, hitting close to US$300 million during the seven-month span.

Concerning investment, Peru boasts the presence of large investment projects by Vietnam in the fields of telecommunications and mining through the Military Industry and Telecommunications Group (Viettel) and the Petrovietnam Exploration Production Corporation (PVEP) with more than US$1 billion.

Vietnamese export items to this market including footwear, clinker and cement, computers, electronic products and components, textile fibers, rubber, seafood and interior products, while importing fishmeal, fish oil and raw materials for processing.

To bring the friendship and all-round ties between the two countries to new heights, in the coming time both sides need to continue to accelerate the exploitation of the remaining co-operation potentials in the bilateral relationship, especially in the fields of telecommunications, science and technology, agriculture, mining, tourism, and culture.

These efforts include further enhancing the effectiveness of collaboration in mechanisms of which both sides are members such as the Asia-Pacific Economic Cooperation Forum (APEC), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and augmenting co-operation between ASEAN and the Pacific Alliance.

The two sides should regularly review specific co-operation contents, as well as identify measures aimed at removing difficulties and obstacles in bilateral economic, trade, and investment relations. In addition, implementing student, scholar, and cultural exchange programmes can help to enhance understanding and connection between the two peoples.

The official visit made by President Cuong to the Republic of Peru in the context of the 30th anniversary of diplomatic relations represents an important milestone, reflecting the positive development of bilateral relations from the political - diplomatic to economic - trade fields, whilst it represents a historic opportunity and the driving force to further deepen the friendship and collaboration between the two countries.

The visit is expected to be a historic milestone, further contributing to consolidating the foundation of sound political relations between the two countries, enhancing the effectiveness of co-operation in potential fields, and aiming to bring the relationship to new heights.