Vietnamese Ambassador to Tanzania Nguyen Nam Tien speaks a the forum. Photo: The World & Vietnam Report

Tanzania is an area capable of meeting Vietnam's needs in terms of raw materials and fuel supplies, diversifying export markets for goods, services, human resources and investment, said Vietnamese Ambassador to the African country Nguyen Nam Tien at a recent hybrid investment forum.

The July 21 event attracted the participation of more than public personnel from the two countries as well as representatives of their business communities. It was co-organised by the embassy, Tanzania Investment Center (TIC), Institute for Africa and Middle East Studies (IAMES), and Vietnam-Africa Economic Alliance (VAECA), VietnamPlus said.

In his opening speech, Tien affirmed that the nations have much potential for cooperation and complementary advantages for mutual development.

According to the diplomat, Vietnam and Tanzania have created a legal framework as a basis for collaboration, with Vietnamese enterprises looking for investment opportunities in Tanzania. However, the bilateral economic and trade relations remain modest and are not commensurate with their potential.

He expressed his wish that through this networking forum, participating businesses will take advantage of opportunities, promote strengths, and overcome difficulties and challenges to enhance exchanges serving the implementation of effective and practical cooperation projects.

The July 21 event attracted the participation of more than public personnel from the two countries as well as representatives of their business communities. Photo: The World & Vietnam Report

Tien stated that the embassy always stands ready to be a bridge linking the business communities.

Vietnamese and Tanzanian participants introduced their capacities and discussed matters of common interest in trade and investment at the event.

IPP Media also cited the Tanzania Investment Centre (TIC) as saying that the Government of Tanzania is in talks with its Vietnamese counterpart to collaborate with local investors to build a cashew nut processing factory.

TIC Acting Director General Revocatus Rasheli said at the investment forum that Vietnam has registered only six projects at TIC in the areas of tourism, communications and real estate, but their total investment is $1.5 billion and the projects have created over 200,000 jobs for Tanzanians.

Acting Director of the Cashew Nut Board (TCB) of Tanzania Francis Alfred also affirmed that Vietnam and India are potential markets for Tanzania cashew nuts, as they have been buying at least 90% of cashew nuts produced in Tanzania.

Over the first four months of the year, Vietnam imported 728,731 tons of cashew nuts worth more than $1.1 billion. Photo: Vietnam Agriculture Newspaper

According to Vietnam Agriculture Newspaper, in April, Vietnam imported 255,285 tons of cashew nuts, with a turnover of $373.4 million, down 22.6% in volume and 26.1% in value compared to the previous month.

Over the first four months of the year, Vietnam imported 728,731 tons of cashew nuts worth more than $1.1 billion, a decrease of 38.6% in volume and 41.8% in value year-on-year.

Vietnam's cashew nuts imports in the first few months of this year are mainly from Cambodia. During the four-month period, Vietnam’s cashew nuts imports from the neighbouring country reached 555,094 tons, with a turnover of $845.8 million.

Other major markets supplying raw cashew nuts to Vietnam included Tanzania (62,937 tons); Ivory Coast (46,884 tons); Ghana (10,684 tons); and Nigeria (5,575 tons)./.

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