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Last updated: Friday, December 07, 2018

 

Vietnam Boosts Investment in Mozambique

Posted: Tuesday, July 31, 2018


Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI) recently received H.E. Leonardo Rosário Manuel Pene, Ambassador Extraordinary and Plenipotentiary of the Republic of Mozambique to Vietnam, in Hanoi.

VCCI President Vu Tien Loc said the two governments have applied many incentives and supports for market and policy information. VCCI and the Mozambique Chamber of Commerce signed many specific cooperation agreements to bring enterprises of both sides closer to make investment in each other country.

The Mozambique ambassador said, Vietnam and Mozambique always support each other on the international arena. The Mozambique economy has grown by 10 per cent a year on average. The country is calling for investors, especially from strategic partners, including Vietnam. The Mozambique government is giving priority to foreign businesses in four key economic sectors: Agriculture, infrastructure, energy and tourism.
Mozambique has huge potential and rich natural resources, particularly minerals, energy (coal and gas). The government of Mozambique wants to call foreign investors into these key areas.

To facilitate enterprises to make investment, the government has introduced tax incentives and provided maximum supports for investment procedures. Many industrial parks have a lot of land incentives for foreign investors.

H.E. Leonardo Rosário Manuel Pene said that this year's 4th intergovernmental meeting is slated for opening in late August 2018 in Mozambique. The Investment Promotion Fair and the Vietnam - Mozambique Business Forum are expected to help enterprises of both sides to identify investment fields, exchange and seek for business opportunities.

Dr Vu Tien Loc praised the events and added that the two chambers of commerce have cooperated and regularly exchanged information in the past years. The fair and forum will be a very good opportunity for Vietnamese businesses to explore partners and the market in Mozambique. VCCI will work closely with relevant agencies to take advantage of this opportunity.

Vietnam and Mozambique have a traditional friendship. The two countries established diplomatic relations on June 25, 1975, the date that Mozambique declared independence. Having supported each other in the fight for independence, the two peoples today continue to support and assist each other in the cause of economic development. Mozambique's Maputo City has Ho Chi Minh Boulevard, named by Mozambique’s first President Samora Moisos Machel in 1977, to honour President Ho Chi Minh of Vietnam and show his unity with the people of Vietnam.

Mozambique is an important partner of Vietnam in Africa. The both sides have formed comprehensive development ties in all Party, State and people-to-people channels.

Vietnam and Mozambique signed the Trade Agreement in 2003 to provide a favourable legal framework for enterprises of the two countries. Despite steady growth, the trade performance fails to meet mutual expectations.

Economic and trade ties are growing, especially in the trade of cashew nuts, coconut milk, wood and cotton. Mozambique imports rice and electric generators from Vietnam.

The two countries have some successful agricultural cooperation projects such as the Vietnam - Mozambique Rice Cultivation Cooperation Project funded by Japan in Gaza and Zambia provinces from 2010 to 2013 and the Food Crop and Foodstuff Research and Development Project in Mozambique in 2013 - 2017 carried out by the Vietnam Academy of Agriculture Sciences (VAAS). In addition, Viettel Group of Vietnam entered Movitel joint venture (nearly US$500 million) in Mozambique.

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