Uganda to boost trade relations with Vietnam

The government in partnership with the Private Sector Foundation Uganda (PSFU), Uganda Investment Authority, the Honorary Consul of Vietnam in Uganda and other stakeholders, have organized the Uganda – Vietnam business summit and trade exhibition slated to take place from  23rd – 26th  November 2022, in Hanoi, Vietnam.

The Business Summit and Exhibition is aimed at accelerating bilateral relationships, enabling close business engagement between the two countries, and attracting investment amongst their business communities.

According to the State Minister for Trade Harriet Ntabazi, who was addressing Journalists at Uganda Media Centre, the business summit will provide a unique platform for the business community, investors, financial institutions and the public sector to create closer cooperation in economics, trade, investment, financial banking services and tourism.

She said the theme “Unlocking Investment Opportunities” was chosen by the Honorary Consul of Vietnam in Uganda because of the peculiar businesses Uganda has been sharing with the government of Vietnam.

“The way we have structured this summit is going to be very productive and we are going to have very many engagements. In the event that Uganda is built on the private sector foundation, we are going to have a lot of private sector players joining us led by the private sector foundation and Uganda National Chambers of Commerce,” she said.

The minister added that according to the theme, the summit will focus on how to accelerate trade, and also build networks and trade relations between the two countries.

She assured the Vietnamese of the incentives provided by the government of Uganda to investors who come and invest in the country. She advised Ugandans about the great opportunities to be availed to them when they visit Vietnam for the Business Summit.

“We are going to focus on key priorities of the two economies. The two economies have a shared experience, especially in terms of the products we engage in mostly like in agriculture, ICT, in education and the challenges faced by the two countries. We are going to educate each other and study from each other, the way of doing things,” she noted.

Meanwhile, the Honorary Consul of Vietnam in Uganda, King Ceasor Augustus Mulenga, gave a glimpse into the economy of Vietnam citing 2020 statistics that showed the economy of Vietnam in the 41st position and 16th amongst the most exporting countries in the whole world.

He added that Vietnam is the 18th country in the whole world in terms of imports, 139th in GDP per capita and has pitched a lot on high-quality products, from which they earn a lot of money by adding value to everything they do.

“One of their biggest markets is the USA and they export their products once in every year worth $77 billion. They export to China goods worth $49.4 billion; they are exporting to Japan goods worth $20.4 billion. In South Korea, it’s $19.6 billion, and in Hong Kong $13.8 billion,” he said.

Mulenga also noted that Vietnam is the second country in the whole world growing rice and the country is also good at growing coffee. He explains that this during the summit can help the two countries help each other in how to boost agriculture.

According to UN COMTRADE, the total trade between Uganda and Vietnam was at US$49.2 (imports) and US$9.34 million (exports) in 2022.

Uganda’s main exports to Vietnam include edible fruits, nuts, peels of citrus fruit, and melons coffee while she imports textiles, electronics, and electrical equipment.