State President Luong Cuong met with prominent business executives from the Promotion Society Fabril (SOFOFA) in Santiago de Chile on November 11, as part of his official visit to Chile starting on November 9, according to a report from the Vietnam News Agency.

Established in 1883, SOFOFA is an association of Chile's 22 largest business groups, representing over 160 member companies – more than half of which are titans of the Chilean stock exchange. With 49 trade unions under its umbrella, SOFOFA's influence spans key economic sectors such as mining, forestry, agro-industry, energy, and information technology.

Speaking highly of Vietnam’s market growth potential, representatives from SOFOFA expressed their eagerness to capitalize on the trade agreements linking the two countries. They also showed their admiration to the Vietnamese economy's dynamic developments over the recent past and their hope for chances to find more cooperation agreements with new partners so as to enter the Vietnamese market.

They outlined their keen interest in collaborating with Vietnamese partners in mining, banking, finance, information technology, and others. To expedite these ventures, they sought support from relevant Vietnamese authorities.

President Cuong underlined the strong and enduring bond between Vietnam and Chile, noting that successive Chilean governments have valued and actively worked to fortify relations with Vietnam, while Vietnam views Chile as a strategically important partner and is devoted to deepening ties across multiple sectors.

The Vietnamese President said that over the 50 years of building and development, economic-investment-trade cooperation has maintained a crucial position in the bilateral relations and achieved significant progress. However, there remains considerable untapped potential for cooperation between the two countries.

He called on Chilean investors to study and expand investment cooperation in various areas, including trade, renewable energy, agriculture, mining, and deep mineral processing while bolstering potential collaboration across such potential domains as high-tech agriculture, climate change response, digital transformation, and advanced technology.

According to the President, business associations, particularly SOFOFA, should continue working closely with the Vietnamese Ministry of Planning and Investment and the Vietnamese Embassy in Chile to connect business communities and competent agencies of both sides and serve as a vital bridge to link enterprises and international partners.

Vietnam always accompanies domestic and foreign firms and works to protect the legitimate rights of the investors as well as ensure the harmonious benefits of the State, investors and people, he said, committing to creating a favorable business and investment environment for foreign businesses in general and those from Chile in particular.