Mozambique Seeking More Investment Flows from Vietnam

2:57:39 AM | 6/24/2022

The first visit to Vietnam by the President of the Assembly of Mozambique is expected to open up opportunities for Vietnamese businesses to make inroads into member countries of the Southern African Development Community.

In the framework of the official Vietnam visit, President of the Assembly Esperanca Laurinda Francisco Nhiuane Bias with her delegation had a meeting with many businesses at the Head Office of the Vietnam Chamber of Commerce and Industry (VCCI) on June 21. The two sides exchanged a lot of information on market and investment incentives in Mozambique to boost stronger cooperation in the coming time.

Receiving the President of the Mozambique Assembly, VCCI President Pham Tan Cong expressed his belief that the visit of the Mozambican Assembly delegation will further deepen the good traditional relationship between the two countries.

VCCI President Cong said, besides political cooperation, economic and trade cooperation ties between the two countries have been positively expanded in the past time. In 2020-2021, despite being affected by the COVID-19 pandemic, the bilateral trade value still reached over US$150 million. Vietnam's key exports included rice, electric cables, fertilizers, textiles and garments, and iron and steel. Meanwhile, Vietnam imported bran, cashew nuts, coal, animal feed, timber and ores from Mozambique.

He suggested that Vietnamese businesses should continue to strengthen information exchange, and seek cooperation and trade opportunities. Besides traditional products, they can learn about other strong products like agricultural products, building materials and medical supplies.

Specially, the military-run telco Viettel Group has entered a US$345-million telecommunications investment joint venture with SPI Company of the Frelimo Party in Mozambique. This is Viettel's most successful investment project in Africa.

VCCI President affirmed that Vietnamese businesses can fully study investment opportunities in Mozambique, enhance information exchange, and seek cooperation and trade opportunities, especially in agricultural products, heavy industry, infrastructure development, finance and healthcare.

VCCI will cooperate with relevant agencies of Mozambique, and continue to act as a solid bridge for stronger trade and investment promotion for the joint development of two business communities and joint development and prosperity of the two countries.

President of the Mozambique Assembly Esperanca Laurinda Francisco Nhiuane Bias expressed her hope that Vietnamese and Mozambican businesses will have more opportunities to strengthen connectivity toward the celebration of the 50th anniversary of Vietnam - Mozambique diplomatic relations in 2025.

With a 2,700-km coastline, Mozambique has a lot of potential for tourism development. The country also has deep-water ports, and many energy and gas production investment projects. Overcoming many pressures caused by the Covid-19 pandemic and natural disasters, Mozambique's economy recorded a growth of 2% in 2021 and was expected to rise to 2.9% this year.

She affirmed that Mozambique has introduced private investment support policies and applied many tax and land incentives for investors. It ensures collective and individual property ownership for foreign enterprises doing business there. Mozambique set up an e-portal to provide supporting information for private businesses and state-owned enterprises.

Through Mozambique, Vietnamese businesses are having many investment opportunities in Mozambique, including tourism, mining, energy, and agriculture. In particular, Vietnamese goods can penetrate deeper into the member markets of the Southern African Development Community (SADC), she emphasized.

By Huong Ly, Vietnam Business Forum