Angola/Mozambique: Vietnam interested in investing and setting up factories

1 November 2007

Beijing, China, 1 Nov – Vietnam plans to invest in Angola and Mozambique but for now missions of business people and public representatives are being sent to find out more about the markets, the Vietnamese planning and investment minister said Wednesday in Beijing.

In an interview with Portuguese news agency Lusa, Vo Hong Phuc said that sectors such as construction material, electronics, tourism, plastics manufacturing and motorcycle construction could be those in which Vietnam might most easily invest in Angola.

Angola does not export to Vietnam, and the southeast Asian country exported a total of US$70 million in goods to Angola in 2006, and US$90 million in the first nine months of 2007, according to official Vietnamese figures.

Vo Hong Phuc also noted that, as well as interest in Angola and Mozambique merely as markets in which to place Vietnamese products, Hanoi aims to channel manufacturing centers to the African countries – such as television and computer factories – which make it possible to create jobs and transfer technology.

Particularly in relation to Mozambique, the minister noted a recent agreement with Maputo in the area of fish farming as a good model for cooperation between the two countries.

In that partnership, beginning in 2008, the two countries will boost their exchange of information and technology, research in the area of aquaculture and training of production and export technicians for seafood, one of the largest sources of foreign trade revenue for Vietnam.

“Just as with Angola, in Mozambique we are also in a stage of studying the market, but I think we can also boost cooperation in the sectors of rural development, namely in production of rice,” said Vo Hong Phuc.

Trade between Mozambique and Vietnam has posted strong growth, rising from US$7.7 million in 2003 to US$210 million in 2006. (macauhub)