Vietnam, Uganda agree to prioritise trade, investment ties

Prime Minister Pham Minh Chinh suggested Vietnam and Uganda bring economic cooperation on par with their fine political ties and potential, at a reception for Ugandan President Yoweri Kaguta Museveni in Hanoi on November 24.

The PM congratulated Uganda on its achievements in politics, socio-economic development, and disease prevention and control, and lauded the country’s contributions at important multilateral mechanisms such as the United Nations, the Non-Aligned Movement (NAM), and the African Alliance.

He also briefed the guest on Vietnam’s orientations and results in socio-economic recovery and development.

The leaders stressed that the two countries should closely coordinate to deepen their relations in a pragmatic and effective manner, saying the exchange of delegations, especially at the high level, would help enhance mutual understanding and political trust.

He suggested the two countries continue their mutual support at multilateral forums, especially at the time when Uganda assumes the NAM Chairmanship for 2023-2026.

To boost the economic ties, Vietnam and Uganda need to step up trade and investment promotion activities, thereby facilitating the penetration of goods into the East African market and the Association of Southeast Asian Nations (ASEAN) as well, the PM continued.

The leader spoke highly of the initial results in the bilateral investment ties, especially in mining and construction with a total capital of nearly 40 million USD, and urged the two sides to intensify the sharing of information about investment capacity, environment and opportunities.

Agriculture should be a key cooperation area in order to contribute to ensuring food security in each nation, he said, suggesting stronger collaboration in education-training, information-communications, national defence and security and tourism, as well as partnerships in other spheres like oil and gas, health care, culture and sports.

For his part, Museveni expressed his impression on Vietnam’s socio-economic achievements over the past time, and praised its role at multilateral forums, particularly the UN.

The President noted his belief that Vietnam will successfully perform its membership at the UN Human Rights Council for 2023-2025, significantly contributing to peace and development and ensuring human rights.

Uganda always attaches importance to the good friendship with Vietnam, he said, sharing PM Chinh’s views on cooperation orientations, with trade, investment and agriculture to be the core.

Host and guest agreed to create a legal framework for investment and trade activities through the negotiations and signing of free trade agreements, and those on double taxation avoidance.

They shared the view that disputes should be settled by peaceful measures in line with international law, thus ensuring security, safety and freedom of navigation and aviation.