Abundant Opportunities for Vietnam-Tanzania Business Cooperation

Tanzanian Foreign Minister Mahmoud Thabit Kombo (L) meets with VCCI President Pham Tan Cong

Minister Kombo expressed his privilege in attending Vietnam’s 50th Anniversary of Southern Liberation and National Reunification. He congratulated Vietnam on its economic achievements. “We are deeply impressed by Vietnam’s remarkable progress and keen to learn from its successes,” he stressed.

He highlighted Tanzania’s ambition to expand and diversify cooperation with Vietnam. Tanzania is well-positioned to serve as a gateway for Vietnam to access broader regional markets, such as the East African Community (EAC) and the Southern African Development Community (SADC). He called on Vietnamese businesses to explore investment opportunities in Tanzania in sectors including industrialization, telecommunications, digital transformation, agricultural processing, post-harvest technology and mining.

The minister proposed that Vietnam boost imports of Tanzania’s key products like cotton, minerals, and raw cashew nuts, which are in high demand in Vietnam. He stressed the need to finalize agreements on investment promotion, protection and double taxation avoidance, to establish a favorable legal framework for businesses. He reaffirmed Tanzania’s commitment to upgrading port and logistics infrastructure, to facilitate trade with Vietnam and global partners.

In response, VCCI President Pham Tan Cong reaffirmed Vietnam’s deep appreciation for its historic relationship with Tanzania, built on a foundation of political trust and mutual respect over the past 60 years. He stressed Vietnam’s commitment to elevating this partnership, with business cooperation as a central pillar.

He noted that Vietnamese businesses are keenly interested in the Tanzanian market, aiming to export products like agricultural and aquatic goods, processed foods, household items and construction materials, while importing Tanzania’s strengths, such as raw cashew nuts, cotton and timber.

With modern ports like Dar es Salaam and renowned tourism destinations like Zanzibar and Kilimanjaro, Tanzania holds immense potential in logistics, maritime transport and tourism. Vietnamese firms are ready to collaborate to capitalize on these opportunities.

However, he acknowledged challenges, including limited exchange of market information and business practices, which hinders mutual understanding of potential. Many Vietnamese exports to Tanzania still rely on foreign intermediaries, and direct transactions face financial hurdles, particularly in securing letters of credit (L/C).

To address these issues, VCCI pledged to collaborate with Vietnam’s Embassy in Tanzania and Tanzanian trade organizations to organize trade promotion programs, business forums and partnership initiatives. VCCI will also assist businesses with market insights, partner verification and investment opportunities. “We are dedicated to fostering greater understanding between Vietnamese and Tanzanian businesses, paving the way for lasting, sustainable partnerships,” he affirmed.

Mr. Pham Tan Cong also urged the Tanzanian government to continue facilitating Vietnamese firms’ projects in digital transformation, e-governance and online public services. He emphasized the need for swift completion of legal agreements to ensure a transparent and supportive business environment.

Vietnam-Tanzania economic ties have grown, with bilateral trade reaching US$300 million in 2024. Built on 60 years of diplomacy, both nations are entering a new phase of cooperation, with businesses at the forefront, harnessing vast potential to drive trade, investment and sustainable development.