On the afternoon of July 29, at the Ministry of Industry and Trade headquarters, Deputy Minister Phan Thi Thang held talks with Panama’s Vice Minister of Foreign Affairs Carlos A. Hoyos during his working visit to Vietnam.  

The Panamanian delegation included Ambassador of the Republic of Panama to Vietnam Nubiela Ayala Modes and representatives of relevant units under Panama’s Ministry of Foreign Affairs. The Vietnamese side was joined by representatives from the Agency for Foreign Market Development, the Multilateral Trade Policy Department, the Agency of Foreign Trade, and the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade.

At the meeting, Deputy Minister Phan Thi Thang congratulated Panama on its recent socio-economic achievements and expressed confidence that the country would continue its dynamic development while strengthening its position as one of the world's leading financial, logistics, services and trade hubs.

The Deputy Minister welcomed the strong growth in bilateral trade in 2025 and expressed the hope that the two countries would continue working closely and effectively to enable Panama to serve as a gateway for Vietnamese goods entering Latin American and Caribbean markets, while positioning Vietnam as a gateway for Panamanian products to Southeast Asia.

The Deputy Minister proposed that both sides intensify information-sharing and promotional activities to raise awareness of bilateral trade and investment opportunities. She also called for more exchanges of delegations at all levels and greater support for Vietnamese businesses participating in trade promotion activities in Panama, while expanding the introduction and distribution of Vietnamese products through the Colón Free Trade Zone.

She further emphasized the need to strengthen cooperation in logistics, maritime transport and port development, while exploring the establishment of shipping routes and cargo consolidation services to reduce transportation costs and shorten transit times between Vietnam, Panama and the wider Latin American region.

For his part, Vice Minister of Foreign Affairs Carlos A. Hoyos described Vietnam as one of Panama’s key partners in the region. Echoing Deputy Minister Phan Thi Thang’s assessment of bilateral economic and trade relations, he affirmed that Panama’s Ministry of Foreign Affairs would work closely with the country’s Ministry of Commerce and Industries to advance the areas of cooperation discussed during the meeting.

The Panamanian side also proposed that both countries explore ways to leverage Panama’s well-developed logistics, maritime transport and aviation services ecosystem to further expand bilateral trade.

Both sides reaffirmed the important role of the Vietnam - Panama Joint Committee on Economic, Trade and Investment Cooperation as a key mechanism for strengthening bilateral economic, trade and investment ties. They agreed to continue coordinating efforts to convene the second session of the Joint Committee in Hanoi in the near future.

For many years, Panama has consistently ranked among Vietnam’s top 10 trading partners in Latin America. According to the Vietnam Customs Department, bilateral trade reached USD 478.1 million in 2025, up 19.2% from 2024. Vietnam’s exports to Panama totaled USD 462.6 million, an increase of 18.42%, while imports reached USD 15.5 million, up 48.14% year on year.

Vietnam’s main exports to Panama include footwear, mobile phones and components, computers, electronic products and components, garments and textiles, vehicles and spare parts, and seafood. In return, Vietnam primarily imports wood and wood products, seafood, and ferrous scrap from Panama.