Uganda, Vietnam to further bolster trade ties at upcoming investment summit

Uganda and Vietnam are set to hold an investment summit and trade exhibition as both countries move to further bolster trade ties.

Organised by the Private Sector Foundation Uganda(PSFU) in partnership with the Uganda Investment Authority, Ministry of Foreign Affairs and the Consul of Vietnam in Uganda, the summit will be held between November, 23 and 26 in Hanoi, Vietnam.

Speaking to journalists on Thursday, King Ceasor Augustus Mulenga Honorary Consul of Vietnam in Uganda said the summit will be another opportunity for both countries to bolster relations.

“Vietnam is near China but is blessed just like Uganda. Whereas the products produced by both countries are same, Vietnam is ahead of Uganda in terms of value addition to their products. The summit is an opportunity for Uganda to tap into this expertise in adding value to products,”Mulenga said.

He cited an example of coffee that has become one of Vietnam's key agricultural export products with 95 percent of output being shipped abroad but noted all their exports have value added on it, contrary to what happens in Uganda.

The Vietnamese Honorary to Consul to Uganda noted that the summit will be an opportunity for Ugandans to borrow a leaf from the good practices by Vietnam.

“Vietnam adds value to its products which fetch high prices but also the country follows international standards but this lacks here. The summit is therefore an opportunity for Uganda to copy some of these best practices.”

According to King Ceasor Mulenga, Vietnam has advanced in research, especially in agriculture which he said has seen the country get a lot of money out of its agricultural products.

“In a period of 20 years ago, Vietnam was just like Uganda but they have moved ahead quickly because of industrialization. The 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. The summit will provide a learning space for engagement on how they can diversify in key priority sectors in the agriculture sector.”

The summit will also provide a platform for the public sector, private sector, and financial institutions to engage and interact with potential investors and partners that will in the long run boost trade between the two countries.

Trade

The UN COMTRADE estimates that 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, peel of citrus fruit, melons coffee while she imports textiles, electronics, and electrical equipment.