President Hugo Chavez of Venezuela said during a visit to Hanoi in early August that Venezuela can become a gateway for Vietnamese exports to the Latin American market, according to the Vietnamese News Agency. Chavez added that in turn, Vietnam can become a gateway for Venezuelan exports to the ASEAN member countries in South-East Asia.

President Chavez noted that Vietnam has enormous potential in the leather and footwear industries, and that Vietnam and Venezuela can co-operate in these industries. The two countries will establish a credit assistance fund in order to boost bilateral investment and trade, said the Venezuelan President.