Hanoi (VNA) – The Vietnam Trade Promotion Agency (Vietrade) under the Ministry ofIndustry and Trade has inked a memorandum of understanding (MoU) on trade and investmentpromotion with Uruguay’s Investment, Export and Country Brand Promotion Agency.

At the signingceremony in Hanoi on August 14, Vietrade Director Vu Ba Phu said the MoU willserve as a cornerstone for the two sides to further cooperate in tradepromotion and bring businesses of Vietnam and Uruguay closer, thereby raisingbilateral trade revenue in the coming time.

He expressed hishope that the sides will increase the exchange of business delegations toenhance mutual understanding and deepen relations between Vietnamese andUruguayan firms.

According tostatistics, two-way trade stood at 140 million USD in 2018, a year-on-year riseof 19 percent. Of the figure, Vietnam exported 82 million USD worth of goods tothe South American nation, up 17.3 percent from the previous year.

Vietnam’s keyexport staples included footwear, garments, computers, electronic products andspare parts, aquatic products, mobile phones and spare parts, and rattan,bamboo and sedge products, among others.

Meanwhile, thecountry mostly imported timber and wooden products, leather and footwear materials,pharmaceutical products, milk and dairy products, cattle feed and chemicalsfrom Uruguay.-VNA