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The negotiation commenced in October, 2008 and officially ended in November, 2011. However, since the ratification procedure in each country took a significant amount of time, the agreement did not come into force until January, 2014.

With 14 Chapters and 108 Articles together with 8 Annexes, Vietnam-Chile Free Trade Agreement only targets the trade of goods. For example, the FTA entails provisions on facilitating market access, rules of origin, sanitary and phytosanitary measures, technical barriers, safeguards etc…

Chile is the first Latin-American state Vietnam signs FTA with. This is also the eighth FTAs ever signed by Vietnam. In the meanwhile, Chile had become a partner of 25 FTAs and trading with FTA partners comprises of 80% the total import-export value of the country.

Goods exchanges between the two countries in the last five years have been growing at an average pace of 26.8% per annum. Vietnam’s export to Chile, at the same time, has increased at 41% annually. Being a signatory of this FTA not only help Vietnam’s products access Chilean market but also pave the way for Vietnam to exploit the huge and potential Latin American market.