Mozambique - Vietnam: “Bridge” between Mozambique and the Southeast Asian Market

Update: 10:46 | 12/09/2019
TGVN. Mozambican Ambassador in Vietnam Leonardo Pene expressed such aspiration when sharing with The World & Vietnam Report about the potential of bilateral cooperation between the two countries.
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mozambique vietnam bridge between mozambique and the southeast asian market
Mozambican Ambassador to Vietnam Leonardo Pene.

Standing side by side to develop

According to Ambassador Leonardo Pene, Mozambique is a potential market. This African country possesses vast natural resources including: land, sea, minerals, ... and the potential for the development of crops such as cashews, cotton, soybeans and sugarcane. Not only that, Mozambique has modern energy infrastructure, with advanced agriculture and tourism. These are areas in which Vietnam can fully seek cooperation opportunities with this African country.

Ambassador Leonardo Pene shared, Mozambique also has many preferential policies to attract foreign direct investment (FDI). The Mozambique Government has established a legal framework, signed bilateral agreements and treaties with many international partners, including Vietnam. In particular, Mozambique has a number of legal instruments such as protection of property rights including intellectual property and industrial property, fairness in compensation, free remittance, re-export of profits, and provision of incentives. tax incentives and tax exemptions, without discrimination between foreign and domestic investors.

Especially, Mozambique and Vietnam economy have many similarities. On one hand, these are two emerging economies, possessing favorable macroeconomic policies that encourage the flow of foreign investment. The two countries also consider industrialization and modernization to be associated with economic development, focusing on the development of agriculture and industry.

On the other hand, the markets of both countries are undergoing transition from a centrally planned economy to a market economy, with focus on balanced and sustainable development. Therefore, Mozambique and Vietnam can work together to develop and connect with the world market, both in Asia and Africa, Europe, the Americas and Latin America.

Taking advantage of every potentials

Assessing the cooperation between Vietnam and Mozambique in recent years, Ambassador Leonardo Pene said that in the past, the two countries had a friendly, solidary and close cooperation in the war for independence. Today, Vietnam and Mozambique continue their efforts to consolidate and expand cooperation in politics, diplomacy, socio-economic and trade.

According to Ambassador Mozambique in Vietnam, over the past time, bilateral cooperation between the two countries has reaped many good achievements, specifically as many agreements and memorandums have been signed between the two countries. Special agreements on the promotion of human resource development, trade and investment in various fields such as agriculture and telecommunications were also paid special attention.

Ambassador of Mozambique in Vietnam expressed that despite the strong trade cooperation recently, the two countries still lag behind the potentials that this cooperation brings. In 2018, Mozambique exported to Vietnam only reached about 13.71 million USD and imported 38.02 million USD. Economic reform and political stability in Mozambique are opening up opportunities for Vietnam to invest in areas such as agriculture, fisheries, mineral resources, construction, energy and infrastructure.

Results of a $ 600 million investment in communications (Movitel - Viettel), as well as a $ 2.2 million investment in Zambezia province for “Food and food crop research and development project in Mozambique” are encouraging examples for successful cooperation between the two countries.

In this context, in the view of Ambassador Leonardo Pene, the association of economic organizations of the two countries, typically Vietnam Chamber of Commerce and Industry (VCCI), Mozambique Chamber of Commerce (CCM) or Association Economic activities (CTAs) must utilize every potential to open new windows of cooperation opportunities between the two countries.

“At the regional level, we expect Vietnam, as President of ASEAN in 2020, will be a ‘bridge’ between Middle East - African countries including Mozambique and the South East Asian Market”, Ambassador of Mozambique in Vietnam expressed his wish.

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