Overview of Vietnam Trade Office in Mexico

The Vietnam Trade Office in Mexico is responsible for supporting Vietnamese and Mexican businesses to connect and promote economic and trade cooperation.

History of formation and functions, tasks

The Vietnam Trade Office in Mexico, under the Trade Office system of the Ministry of Industry and Trade of Vietnam, has been affirming its role as an important bridge in promoting economic, trade and investment cooperation between Vietnam and Mexico.

Mexico, with its strong economy, large population and gateway to more than 500 million consumers, is increasingly asserting its position as a potential and attractive market for the world, including Vietnam. This country has close relations with many important economies in the world, and is considered a bridge to expand the market to dynamic economic regions such as the G20 and the Pacific Alliance.

Mexico is increasingly asserting its position as a potential and attractive market for the world, including Vietnam - Photo: Mexico Industry

The Vietnam Trade Office in Mexico was established in October 2005, according to Decision No. 100/2004/QD-TTg, dated June 2, 2004 of the Prime Minister, along with 11 trade offices in the following countries and territories: Spain, the Netherlands, Switzerland, Belarus, Chile, Brazil, Pakistan, Morocco, Nigeria, Lebanon, Hong Kong (China) and New Zealand, according to the Project on establishing and strengthening Vietnam's trade offices abroad in the 2004-2005 period.

During nearly 20 years of presence in the host country, under the professional guidance of the former Ministry of Trade and the current Ministry of Industry and Trade, along with the direction of the Vietnamese Embassy in Mexico, the trade office has contributed to the clear development of economic and trade relations between the two countries.

The Vietnam Trade Office in Mexico undertakes many important tasks. As the official representative of the Ministry of Industry and Trade of Vietnam abroad, the office performs the function of trade promotion, supporting Vietnamese enterprises to access the Mexican market, and promoting effective economic connectivity programs.

In recent times, the trade office has organized many seminars and business forums, promoted trade, supported domestic business delegations to survey the market in the host country, as well as coordinated with associations, the Mexican Chamber of Commerce and Industry, and organized many import business delegations to Vietnam.

In addition to trade promotion, the trade office has studied many of Mexico's economic and trade policies, trade barriers, advised the management of the Ministry of Industry and Trade, and participated in other activities at the representative office. In 2011, after merging the Trade Office and the Embassy, ​​according to the Law on Representative Offices, the two Ministers of Foreign Affairs and the Ministry of Industry and Trade included Mexico in the list of 38 key markets, with two-way import-export turnover of over 500 million USD.

Outstanding marks of Vietnam Trade Office in Mexico in 2024

Vietnam and Mexico are both members of the CPTPP Agreement with preferential import and export tax rates, so Vietnamese enterprises need to take advantage of the benefits brought by this new generation FTA to increase penetration into Mexico's market of 130 million people.

Specifically, Mexico has committed to eliminating 77% of tariff lines, equivalent to 36.5% of import turnover from Vietnam and will increase this level to 98% in the 10th year since the agreement took effect. Thanks to that, Vietnam's export items such as seafood, coffee, rubber, phones and auto parts and components have recorded impressive growth. In return, Mexico has also gradually increased the export of beef, pork, agricultural products and beverages to Vietnam.

In addition to the efforts of businesses and authorities of the two countries in promoting trade promotion activities, the trend of Mexican importers looking to Vietnam as an alternative market has also contributed to raising bilateral trade turnover between the two countries to 5.9 billion USD in the first 11 months of 2024 and is expected to reach 6.4 billion USD for the whole year of 2024, an increase of 23% compared to 2023.

VinFast and the Durango Drivers Union sign a memorandum of understanding on green transformation of public transport in Mexico - Photo: VinFast

2024 also witnessed many positive activities of Vietnamese enterprises in Mexico, notably the event where VinFast and the Durango State Drivers Union signed a Memorandum of Understanding (MOU) to cooperate in the green transition of public transport, including the possibility of the Durango Drivers Union purchasing 3,000 VF 5 electric vehicles and 300 electric buses.

In addition, in 2024, Vietnam's Formula Air Company completed a project to install a factory ventilation system for Volkswagen Group in Puebla state. Meanwhile, FPT Group in Mexico has expanded its network of collaborators in Latin America to 1,000 people.

Not only promoting economic cooperation, the Vietnam Trade Office in Mexico also plays an important role in supporting the business community and Vietnamese people in Mexico. With the coordination with the authorities, especially the Trade Promotion Agency, the trade promotion programs organized periodically have created an ideal environment for trade connection. Thanks to that, many Vietnamese enterprises have found strategic partners, expanded their business scale and increased their competitiveness in the Mexican market.

Another notable highlight in the operation of the trade office is the effective coordination with the Industry and Trade Newspaper in transmitting timely and accurate information to the business community. In-depth articles and reports on trade policy, investment opportunities and the Mexican market have helped businesses quickly grasp investment and business opportunities.

The achievements of the Vietnam Trade Office in Mexico in 2024 not only reflect the tireless efforts but also demonstrate the success of the economic cooperation strategy between the two countries. The office is not only a bridge in terms of trade but also a symbol of solidarity and effective coordination in economic diplomacy.

In the coming time, as an important part of the Vietnamese trade system, the Trade Office in Mexico will continue to promote trade promotion activities, support businesses and further promote the spirit of comprehensive cooperation. These efforts will not only help enhance Vietnam's position in the Mexican market but also contribute to building a strong bilateral relationship, developing for the common interests of the two countries.

Contact information of Vietnam Trade Office in Mexico (concurrently in charge of Guatemala, Honduras, El Salvador, Belize)

· Commercial Counselor: Liu Wan Kang

· Phone: (+52-55) 5254 0024

· Email: [email protected], [email protected]

· Address: Sudermann # 408, Col. Polanco, Del. Miguel Hidalgo CP11560, México DF

Source: https://congthuong.vn/tong-quan-ve-thuong-vu-viet-nam-tai-mexico-366952.html