Vietnam - Seychelles: More Efforts Needed to Promote Economic and Trade Relations

According to Dr Loc, Seychelles is a prosperous and potential market among the African countries. For Vietnamese enterprises, this is a new market which has not been fully exploited. In 2012, two-way trade turnover between the two countries reached only US$2.2 million, of which Vietnam's exports were US$1.3 million. The exchange of goods between the two sides is also limited to areas such as rice, chemicals and fishing nets.

 

In recent years, particularly since Mr Philippe Le Gall, was appointed as Seychelles Non-resident Ambassador to Vietnam, relations between the two countries have prospered. Seychelles has moved to the top among seven African countries investing in Vietnam with total project value of US$33.6 million. The above figures showed that Vietnam and Seychelles need to take further efforts to improve trade and economic relations to meet their potential and the expectations of both parties.

 

With many advantages in economic, political tourism and finance environment, Seychelles promises to be a destination for Vietnam enterprises, opening new directions in economic development in the future. To create favourable conditions for Vietnam and Seychelles enterprises to cooperate and seek investment opportunities, the two governments signed agreements on avoidance of double taxation and tax incentives in many areas.

 

"The business community in Vietnam and Seychelles should seize this golden opportunity to find potential business partners to bring benefits to both countries," said Dr Loc.

 

According to Mr Jean-Paul Adam, Minister of Foreign Affairs of the Seychelles, theoretically, two countries have many differences, but they actually complement each other. The two countries try to protect their unique characteristics while open to international trade through globalization as an engine of growth. The two countries are also well aware of the opportunity as a means to open the door onto the world stage.

 

Mr Jean-Paul Adam said Vietnam and Seychelles established diplomatic relations in 1979 and continued for the past 33 years, the two countries have witnessed cooperation in various important fields between the two countries. In the economic field, the most important thing is that the two countries signed two major agreements to give impetus to trade and investment between the two countries. The first agreement was signed in October 2005, on the Protection of double taxation and prevention of tax evasion. The second agreement was signed in 2010 for cooperation in the fields of economy, culture, science and technology.

 

The Seychelles has only 454 square kilometres of land and a long coastline. Fisheries and tourism are pillars of the Seychelles economy.

 

Mr Jean-Paul Adam said that the exchange programmes between reputable universities of the two countries, especially in the fields of tourism and environment, will further strengthen cooperation ties between the two countries. Seychelles Tourism Academy has signed a memorandum of understanding with Hanoi Tourism College to strengthen the system of higher education and the provision of services in the two countries' tourism industry.

 

Also according to Mr Jean-Paul Adam, the two countries have full of elements to promote economic exchange, including connecting airways. Along with visa exemption agreement for diplomatic passports and official passports to the Seychelles, the two countries signed an agreement on air service with the desire that this agreement will not only raise trade volume, but also increase visitors from Vietnam to Seychelles and vice versa. The Seychelles also offers trips which do not require visa to the Seychelles for all tourists from Vietnam.

 

"Vietnam is one of the most popular extensions in the ASEAN region, the Seychelles has all the elements of an attractive investment destination in the Indian Ocean belt area and southeast Africa. The Seychelles has a big network of members to the major trading blocs in the region such as SADC, COMESA and the Indian Ocean Commission, which help the Seychelles to become the business bridge to Africa, Asia, the Middle East and even Europe, and provide an attractive platform for business management to many areas in one place," said Mr Jean-Paul Adam.

 

According to Mr Jean-Paul Adam, Vietnamese enterprises have an ideal opportunity brought by the International Trade Zone of the Seychelles to export products and bring services to the larger areas. The Seychelles also welcomed new banks including retail and foreign ones, private law firms and national interest funds to the Seychelles.

 

On this occasion, the VCCI and the Seychelles Chamber of Commerce and Industry signed a memorandum of understanding to promote business ties and trade between the two countries.