Việt Nam, Tanzania expand economic and trade cooperation

Việt Nam, Tanzania expand economic and trade cooperation

The forum titled 'Prospects of economic, trade and investment cooperation between Việt Nam and Tanzania' was held in Dar es Salaam, Tanzania, on Monday.

Việt Nam and Tanzania are expanding economic and trade cooperation, creating new opportunities for business connections, trade and investment.

A forum titled 'Prospects of economic, trade and investment cooperation between Việt Nam and Tanzania' was held in Dar es Salaam, Tanzania on Monday, bringing together government agencies, trade promotion organisations and businesses from both countries.

Speaking at the forum, Vice Chairman of the Vietnamese National Assembly Nguyễn Hồng Diên said bilateral trade reached around US$400 million last year, with two-way trade rising 25.7 per cent in the first eight months of this year.

He highlighted the complementary strengths of the two economies. Tanzania has advantages in agriculture, natural resources, energy and its strategic location in East Africa, while Việt Nam has strong manufacturing, high-tech agriculture, electronics, telecommunications and international supply chain capabilities.

The two sides see opportunities to expand cooperation beyond trade in goods into investment, processing, technology transfer and regional and global value chains.

Tanzania also introduced its investment environment and incentives for foreign investors, highlighting opportunities in agriculture, mining, energy, manufacturing, logistics and services.

Cashew nuts are one area with strong potential. Việt Nam imported around $298 million worth of cashews from Tanzania last year, up nearly 60 per cent from the previous year.

Vietnamese investment in Tanzania, particularly Viettel’s Halotel telecommunications project, was also highlighted as an example of growing economic ties. Since beginning operations in 2015, Halotel has invested nearly $800 million in Tanzania and expanded its network across the country.

The forum is expected to strengthen direct connections between businesses and trade promotion agencies, helping turn the two countries’ economic potential into concrete trade and investment opportunities.

Both sides expressed their intention to step up business missions, market research, trade promotion and investment cooperation, contributing to deeper and more effective Việt Nam – Tanzania economic relations. 

Bizhub