VCCI Chairman Pham Tan Cong (right) and the Ambassador of the Republic of Nicaragua to Vietnam, Mr. Mario Jose Armengol Campos (Photo: Truong Dang)

On September 10, 2024, Chairman of VCCI Pham Tan Cong received a visit from the Ambassador of the Republic of Nicaragua, Mr. Mario Jose Armengol Campos. During the meeting, both sides discussed the economic situation in each country and upcoming opportunities for trade cooperation between Vietnam and Nicaragua.

Chairman Pham Tan Cong congratulated Nicaragua on reopening its embassy in Vietnam and congratulated Mr. Campos on his appointment as the Ambassador Extraordinary and Plenipotentiary of Nicaragua to Vietnam.

Both parties acknowledged that while economic and trade relations between the two countries are currently limited, there is significant potential for cooperation and trade, especially in agriculture, infrastructure investment, and telecommunications. Consequently, VCCI leaders expressed their hope that Ambassador Campos will actively collaborate to exchange information and identify new areas for trade development between the two countries.

Currently, trade between Vietnam and Nicaragua is modest, averaging $34 million annually. The main traded items between the two countries include computers, electronic products and components, rice, textiles, machinery and equipment, and spare parts.

Both sides hope that cooperation between VCCI and the Nicaraguan Embassy will be a driving force to boost trade between Vietnam and Nicaragua (Photo: Truong Dang)

Regarding the challenges, Chairman of VCCI noted that since Nicaragua has just established its embassy in Vietnam, trade and investment information between the two countries is still limited. He pointed out that in the future, efforts need to be made to facilitate businesses' access to information and to implement cooperative projects. This is an advantage because the Forum of Business magazine – the official publication of VCCI – has many strengths in communication and a large readership of businesses in Vietnam.

The Nicaraguan Ambassador shared some notable economic information about his country. Last year, Nicaragua achieved an impressive growth rate of 4.3%. Nicaragua also has significant potential for cooperation in areas such as agriculture, coffee, and seafood. Mr. Campos emphasized that Vietnam is an important partner for Nicaragua with great potential in rice production, infrastructure development, and telecommunications.

In the coming time, Chairman Pham Tan Cong indicated that VCCI will support the Nicaraguan Embassy in Vietnam to promote trade and investment: introducing and connecting partners; sharing information; fostering exchanges and cooperation between localities, businesses, and organizing promotional seminars, and supporting delegations visiting to survey the market.

In 2024, Vietnam and Nicaragua will celebrate 45 years of diplomatic relations. According to Mr. Pham Tan Cong, the previous leadership generations of Vietnam and Nicaragua shared similar ideals of national liberation and development, and the Vietnamese people hold affectionate sentiments toward Nicaragua and its people. This is an important foundation for the two countries to continue to strengthen and deepen their relations, he noted.