Vietnam – Venezuela unlock agricultural ties and bilateral investment potential

During the meeting, both sides emphasized the need to enhance agricultural production (especially rice, seafood) and mining, to correspond with the potential, advantages, and trusted relationship between Vietnam and Venezuela. Additionally, Ambassador Juan Carlos Fernandes Juáre discussed policies, investment environment, facilitating conditions, and opportunities for enterprises to explore joint venture information and production partnerships with Deputy Minister of Agriculture and Environment Nguyen Hoang Hiep.

Deputy Minister Nguyen Hoang Hiep highly appreciated Venezuela’s agricultural development potential, particularly its advantage of vast production areas and significant capacity in the fisheries sector. He emphasized that the urgent issue at present is to strengthen effective coordination between the two sides in order to harness these existing potentials fully.

In recent times, Vietnam and Venezuela have established several legal documents facilitating bilateral cooperation. These include: the Memorandum of Understanding between the Ministry of Agriculture and Rural Development of Vietnam (formerly) and the Ministry of Agriculture and Land of the Bolivarian Republic of Venezuela on Vietnam - Venezuela agricultural development cooperation for the 2024-2030 period; and the Implementation Plan for the Memorandum of Understanding, signed in April 2024.

“In practice, the two countries have already achieved success in implementing fisheries projects in Venezuela. Numerous experts, technicians, and workers from Vietnam have traveled to Venezuela to participate in agricultural and fisheries projects,” the Deputy Minister stated.

The leadership of the Ministry of Agriculture and Environment (MAE) also expressed appreciation for the AGROALBA project mechanism and affirmed Vietnam’s commitment to actively and extensively participating in project activities. Additionally, MAE plans to assign the Vietnam Academy of Agricultural Sciences (VAAS) to attend the AGROALBA Expo, which is scheduled to take place in May.

During the meeting, Deputy Minister Nguyen Hoang Hiep also proposed that Venezuela organize a trade promotion conference to support Vietnamese enterprises, to be held concurrently with the AGROALBA Expo. The conference would cover matters related to import-export procedures, the supply of agricultural materials and fertilizers, and other support mechanisms for agricultural production.

Following the Deputy Minister’s remarks, the Ambassador of Venezuela emphasized the strategic importance of agriculture in Venezuela’s economic development orientation, particularly in the context of the country’s strong efforts to promote non-oil sectors.

Regarding agriculture, Venezuela proposed that Vietnam participate in the AGROALBA Project, which aims to attract investment and production in agriculture, livestock, and poultry farming. The project also seeks to foster joint ventures and commercial production partnerships for the export of non-oil-related products.

AGROALBA will create favorable conditions for state-owned and private enterprises from various countries to access cooperative mechanisms and preferential policies. Venezuela is committed to providing support in terms of legal frameworks, land access, and suitable soil conditions to facilitate the project's implementation, including for Vietnamese partners.

Ambassador Juan Carlos Fernandes Juáre shared that the Venezuelan Minister of Agriculture and Land greatly values Vietnam’s potential and experience in agricultural development, and expressed his hope that Vietnam will become an active partner in this initiative.

At the end of the meeting, both sides agreed to accelerate the signing of cooperation programs, jointly address existing challenges, and expand the scope of investment cooperation into other areas such as fisheries and mining.