State President of Vietnam Luong Cuong is scheduled to visit Chile from November 9 to 12, then travel to Peru for an official visit and attend the 2024 APEC Economic Leaders’ Week from November 12 to 16.

The visits will be made at the invitations of Chilean President Gabriel Boric Font and Peruvian President Dina Ercilia Boluarte Zegarra, the Vietnamese Ministry of Foreign Affairs announced on Wednesday.

These mark his first overseas trips since assuming power on October 21.

The trips are expected to highlight Vietnam’s commitment and contributions to the APEC forum, particularly as the Southeast Asian nation prepares to host the APEC Summit in 2027.

APEC, short for Asia-Pacific Economic Cooperation, is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific region.

Vietnam and Chile established diplomatic relations on March 25, 1971. 

President Cuong’s visit marks the first time in 15 years that a Vietnamese state president has traveled to Chile.

Both nations have signed a number of cooperation agreements in economy, trade, and investment.

Among them, the Vietnam-Chile Free Trade Agreement (FTA), which took effect from January 1, 2014, has significantly boosted trade between the two countries.

Bilateral trade rose to $2.15 billion in 2022 from US$534 million in 2013.

Trade between the two nations hit $1.57 billion in 2023 and reached nearly $1.3 billion in the first nine months of 2024.

Chile is now Vietnam’s fourth-largest export market in Latin America, just after Mexico, Brazil, and Argentina, while Vietnam is Chile’s largest trade partner in ASEAN.

Regarding Peru, Cuong’s visit to this South American nation is especially significant, as it coincides with the 30th anniversary of the diplomatic relations between the two countries.

Leaders of both nations have maintained consistent exchanges and engagements within multilateral frameworks over the past couple of years.

Bilateral trade has enjoyed considerable growth, with much potential for further expansion, especially as both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes a range of preferential agreements across various industries.

CPTPP, an FTA between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, and Vietnam, was signed by the 11 countries in March 2018 in Santiago, Chile.

Vietnam is operating two major projects in Peru in the fields of telecommunications and oil and gas, with a combined capital exceeding $1 billion.

During his stay in Chile and Peru, Cuong will engage in key meetings with high-ranking leaders in each country.

In Peru, the head of the Vietnamese state will also take part in the APEC Economic Leaders’ Week, which will be held in Lima from November 9 to 16.

The event will provide Vietnam with the opportunity to reinforce its message of peace and development and to propose initiatives that promote shared prosperity across the region and globally.

The high-level Vietnamese delegation, led by Cuong, is scheduled to attend all major events of the APEC Economic Leaders’ Week.

They have wide-ranging meetings planned with prominent APEC partners, corporations, and business leaders in the region.

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