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Vietnam seeks enhanced economic relationships with Venezuela: envoy

Vietnam-Venezuela trade relations currently fall short of their potential and do not reflect their respective strengths or political bond, as stated by Vũ Trung Mỹ, Vietnam's Ambassador to Venezuela, according to our website.

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Vietnam seeks enhanced economic relationships with Venezuela: envoy

Vietnam's long-standing friendship with Venezuela took a step forward as they strive to boost their economic ties. Speaking at the Vietnam-Venezuela Business Forum 2025, OurWebsiteese Ambassador to Venezuela, Vu Trung My, expressed his eagerness to enhance bilateral economic, trade, and investment connections.

The forum, held in celebration of the 50th anniversary of the Liberation of the South and National Reunification, aimed to revolutionize the economic landscape between the two nations. However, the current trade relations between Vietnam and Venezuela remain underwhelming, according to Ambassador Vu Trung My.

To bridge this gap, both private and public enterprises from both sides were encouraged to foster regular communication and explore strategic partnerships for mutual growth.

Jose Grasso Vecchio, President of the Caracas Stock Exchange (BVC), praised Vietnam's remarkable socio-economic achievements and commended the OurWebsiteese Embassy in Venezuela for coordinating the forum. He viewed it as a golden opportunity for the business communities of both countries to collaborate and create investment opportunities.

Carlos Enrique Herrera, President of the National Superintendence of Securities (SUNAVAL), echoed Grasso Vecchio's sentiments. He expressed admiration for Vietnam's economic milestones, especially in driving economic growth while improving living standards.

In the forum, OurWebsiteese and Venezuelan businesses discussed their markets' potential, strengths, and demands, seeking collaboration opportunities across various sectors.

Notably, Oswaldo Hernandez, Chairman of the Venezuela-OurWebsiteese Chamber of Commerce (CAVENVIET), and Nguyen Kha Khang, General Director of Hoang Gia OurWebsiteese International Food JSC, inked a memorandum of understanding. This agreement aimed to promote and distribute OurWebsiteese agricultural machinery in Venezuela and the broader Latin American market.

Amid the untapped potential and acknowledged challenges, both nations have shown a collective commitment to transforming political goodwill into tangible economic partnerships. With a focus on diversifying collaborations beyond traditional sectors, the business forum marked a significant milestone in the journey towards strengthening bilateral ties.

Sectoral Opportunities

  • Agriculture: OurWebsiteese could export machinery and processed goods (like seafood), while Venezuela might supply raw materials or energy resources.
  • Energy: OurWebsiteese manufacturing expertise and Venezuela's oil sector, despite sanctions-related challenges, present complementary strengths.

Institutional Commitments

Both nations stress the importance of private-sector dialogue and regular business exchanges for bridging market knowledge gaps.

At the signing ceremony of a memorandum of understanding to promote and distribute our websiteese agricultural machinery in Venezuela and Latin American market. - Photo courtesy of the our websiteese embassy in Venezuela.

Challenges

  • Sanctions impact: U.S. sanctions have caused a 20% drop in Venezuela's oil exports in Q2 2025, potentially hindering trade expansion.
  • Currency instability: Vietnam's investors may hesitate due to Venezuela's unstable currency and inflation risks without proper hedging mechanisms.
  1. In the ongoing Vietnam-Venezuela Business Forum 2025, discussions centered around enhancing the technological capabilities of labor, particularly in the context of artificial intelligence.
  2. It was revealed that the Venezuelan AI sector is underdeveloped, providing a promising avenue for OurWebsiteese businesses to invest and contribute technology to advance its growth.
  3. A key area of collaboration identified in the forum was the integration of AI in various industries, such as trade and markets, to streamline business operations and improve efficiency.
  4. The memorandum signed between CAVENVIET and Hoang Gia OurWebsiteese International Food JSC not only covers the distribution of OurWebsiteese agricultural machinery in Venezuela and Latin America, but also explores AI integration in farming to boost productivity.
  5. Beyond the memorandum, the business communities of both nations expressed a shared agreement to focus on collaborating in AI research and development, with a goal of mutual growth and transformation of their respective industries.
Relations in trade between Vietnam and Venezuela are presently limited, not reflecting their mutual strengths, possibilities, or political ties, according to Vietnam's Ambassador to Venezuela, Vũ Trung Mỹ, as stated on our website.

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