Vietnam, Sudan Promoting Trade and Investment Relations

According to the VCCI Chairman Vu Tien Loc, currently, Sudanese investors are interested in Vietnam, particularly in the areas of agriculture and petroleum. “Sudan is seen as a rice hub of the Middle East. It is also home to abundant natural resources, including oil, gold, iron ore and silver.
Therefore, the two countries see big potentials for the cooperation, Loc added. He also noted that, boosting the two-side relations is among the two governments’ key tasks.

 

Over the past time, the two-way trade turnover has remarkably grown to USUS$63.4 million last year from USUS$0.96 million in 2002. In 2008, Vietnam earned the export value worth USUS$23.9 million to Sudan, mainly in computer, electronics products, garment and textile products, rice, coffee and bags. This year, due to impacts by the world economy crisis, Vietnam’s export turnover to Sudan reached USUS$14.75 million in the first six months of this year.

 

Sudan has a long history and is a gateway to Africa and the Middle East. It stands as the 10^th nationwide in terms of territory size. Furthermore, Sudan is the key market of the Middle East and South Africa regions which have 30 countries with more than 300 million people. Sudan has offered incentives for investors. 

 

Sudan's Secretary of State Ali Karti said Vietnam and Sudan share much in common in economy and politics. “Sudanese companies want to cooperate with Vietnamese partners”. He also called on the two-country business community to enhance the relations.

To accelerate the investment and trade ties between the two countries, Deputy Chief of the African – Western and Southern Asian Markets Department under the Ministry of Industry and Trade, called for further efforts by both governments to improve the legal environment, sign bilateral agreements on investment protection, double taxation avoidance, and banking, transportation and oil and gas cooperation.

 

Huy urged an increased exchange of information between both sides regarding trade and investment policies, trade promotion activities such as trade fairs and exhibitions in both countries and making an inventory of each country’s import needs and export capacity.

 

He also said the two-country enterprises should set up direct partnership relation, not via intermediate stages.

 

Adil Ibrahim M.A, Sudanese Ambassador to Vietnam, the Sudanese Ministry of Investment has offered public administrative services to protect and support investors. However, he also advised Vietnamese firms to directly come to Sudan for surveying the investment market and asking consultancy services for experts. Investors should also carefully study Sudanese investment laws and regulations to implement these. Particularly, they should fully inform the Ministry of Planning of their projects to have them listed among special projects in the country, the ambassador noted.