The $3.5 billion Chancay mega-port in Peru, set for completion later this year, is poised to become a pivotal logistics hub in Latin America, opening up exciting opportunities for Vietnam’s logistics sector. By significantly improving maritime transport connections, the port is set to facilitate increased trade between Vietnam and Latin America, fostering a spirit of collaboration and growth.
Designed to handle 1.5 million twenty-foot equivalent units (TEUs) annually, Chancay is expected to play a crucial role in enhancing economic and trade relations between Vietnam and its Latin American counterparts. Experts anticipate that trade between these regions could experience annual growth of up to 10%, driven by improvements in logistics and transportation infrastructure.
With the strategic advantages offered by the mega-port, Vietnam stands to significantly boost its import-export turnover with Latin American nations, particularly in key sectors such as agriculture, energy, and manufacturing. Chancay is positioned to become an essential link in the economic and trade networks, especially between Vietnam and Peru, as well as across Latin America.
Vietnamese businesses will be well-equipped to leverage existing trade agreements, including those established under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), along with free trade agreements with Chile and Cuba.
In 2023, Vietnam’s import-export turnover with Latin America reached an impressive $20.6 billion, with key exports comprising agricultural products, textiles, footwear, processed foods, wood products, and electronics. The country primarily imports raw materials, agricultural goods, garment accessories, and animal feed.
The introduction of new maritime routes connecting Chancay to Vietnam is expected to optimize shipping times and reduce costs significantly. Estimates suggest that shipping durations could decrease by 30% to 50%, leading to potential savings of up to 20% in logistics costs compared to traditional routes.
This new connectivity will enable Vietnam to export essential products such as textiles, electronics, and agricultural goods—including rice and coffee—while importing minerals, agricultural products, and petroleum from Latin American nations at more competitive prices. This development not only strengthens Vietnam’s position in the global supply chain but also promotes sustainable trade practices that benefit all parties involved.
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