Expanding opportunities for Vietnam-Panama trade cooperation
On October 15, 2026, in Panama City, Vietnamese Trade Office in Mexico (also covering Panama) organized Vietnam-Panama Trade Promotion Workshop, with participation of representatives from Panamanian Ministry of Commerce and Industry (MICI), relevant agencies and approximately 30 representatives from Panamanian businesses and business associations.
The workshop was held immediately after official visit of Panamanian President José Raúl Mulino to Vietnam in early October 2026, aiming to introduce Vietnam's economic and trade potential, while also creating conditions for businesses from both countries to seek partners and expand investment and business cooperation.
Speaking at the seminar, Ms. Phan Thi Nga, representative of Vietnamese Trade Office in Mexico (also covering Panama), said that this promotional activity aims to bring Vietnamese products closer to Panamanian businesses, support search for suppliers and promote trade connections between two markets.
According to Trade Office representative, recent visit of the President of Panama to Vietnam has further boosted bilateral relations. During the visit, two governments signed nine cooperation documents, identifying priority areas including maritime, aviation, logistics, warehousing, insurance, agriculture and trade; and agreed to initiate negotiations on an Agreement on promotion and protection of investments.
Notably, Vietnam-Panama trade relations have seen significant development over the past two decades. Bilateral trade turnover is projected to increase from approximately US$5 million in 2005 to US$478 million in 2025. Of this, Vietnam exports approximately US$462 million to Panama and imports approximately US$15.5 million.
Although there is no bilateral free trade agreement, two countries have established several important foundations for cooperation. Panama recognized Vietnam as a market economy in 2010; two sides also have agreements on visa exemption and double taxation avoidance.
Vietnamese Trade Representative in Mexico noted that two economies have many complementary advantages. Vietnam can act as a bridge to help Panamanian businesses access the Asian market, while Panama, with its central position connecting trade in the Americas, can support Vietnamese goods in expanding into Latin American market.
Priority areas for cooperation include agriculture, fisheries, processing and manufacturing industries, semiconductors, tourism and investment. Currently, Panama has 14 investment projects in Vietnam.
To strengthen direct connections, Vietnamese Trade Office in Mexico also invited Panamanian businesses to participate in Vietnam International Sourcing event organized by the Ministry of Industry and Trade, scheduled to take place in July 2027.
Exploiting logistics advantages to attract investment capital
Besides promoting trade, the workshop devoted significant time to introducing Panama's investment environment and preferential policies, thereby opening up more market access opportunities for Vietnamese businesses.
Mr. Hardeep Singh Bhullar, Director of Foreign Direct Investment Attraction Department of Ministry of Commerce and Industry of Panama, emphasized Panama's advantages as a center for international trade and logistics connectivity, along with its network of more than 23 free trade agreements.
Representatives from Ministry of Commerce and Industry of Panama affirmed their readiness to support foreign investors and expressed their desire for Vietnamese businesses to explore investment and business opportunities in this market.
At the seminar, Panama introduced two notable investment attraction policies: the Free Trade Zone regime under Law 32/2011 and the Qualified Investor Program.
According to information presented, Panama currently has 27 free trade zones, of which 20 are operational and 7 are under development, with over 200 businesses. Businesses investing in free trade zones benefit from several preferential policies regarding licensing, import duties on raw materials and machinery and taxes on income from exports.
For the Qualified Investor Program, Panama sets minimum investment levels ranging from US$300,000 to US$750,000 depending on investment type. According to Panama, after 6 years of implementation, the program has attracted over 900 investors, with a total capital exceeding US$430 million.
During discussion, representatives from businesses and government agencies of both countries focused on exchanging information regarding investment procedures, rules of origin and traceability requirements for goods imported from Vietnam and re-exported to the US market.
Representative from Panama Chamber of Commerce suggested that attracting investment from Vietnam should be linked to actual suppliers and industries with local raw material sources, including seafood processing.
Regarding issue of origin of goods, Panama stated that determining conversion rate required for goods to meet Panamanian origin requirements needs to be considered on a case-by-case basis. Panamanian authorities are ready to cooperate with Vietnamese Trade Office to address concerns and support businesses in their market research.
Speaking at the seminar, Mr. Servio Samudio, former Ambassador of Panama to Vietnam, assessed that two economies are clearly complementary, with Vietnam possessing strong manufacturing capabilities and Panama having advantages in trade connectivity within the Americas.
According to him, Vietnam-Panama relationship is at a favorable time to promote deeper cooperation, with connection between the people and business communities of the two countries being a crucial foundation for a long-term relationship.
The seminar also provided an opportunity for Panamanian businesses to directly exchange information and seek Vietnamese partners. This trade promotion activity contributes to concretizing cooperation directions agreed upon by the leaders of the two countries, while also opening up more opportunities for Vietnamese goods to access the Panamanian market and Latin American region.

Source: Vitic/ congthuong.vn