Vietnam and Tanzania Promote Co-operation

A Vietnam-Tanzania Business Forum was in Hanoi on September 6 held by the Vietnam Chamber of Commerce and Industry with the participation of Lowassa, prime minister of the United Republic of Tanzania on the occasion of his visit to Vietnam, and around 100 enterprises of Vietnam and Tanzania.

 

Vu Tien Loc, president of VCCI, said that Vietnam and Tanzania had signed a trade agreement in 2001, but the two-way trade exchange between Vietnam and Tanzania had reached only US$27 million. Vietnam’s export to Tanzania in 2005 was valued at US$22.4 million, mainly from rice export with US$22 million. Vietnam’s import value from Tanzania in 2005 was put at US$4.7 million, mainly from cotton with US$4.1 million. According to Loc, the reason is the long distance between two countries and a lack of information and opportunities for contact between enterprises of Vietnam and Tanzania.

 

Meanwhile, the Tanzania leader said that the two countries had a great economic development opportunity. The Tanzanian Government would continue to create favourable conditions for Vietnamese enterprises to invest in Tanzania. At present, Tanzania is a country with a strong reform policy and a more improved investment and business environment.

 

On the occasion, VCCI and TCCIA (the Tanzania Chamber of Commerce, Industry and Agriculture) signed a co-operation agreement, which aims to promote investment and trade ties between business communities of the two countries.