The two sides discussed solutions to promote bilateral trade and investment in the coming time (Photo: Truong Dang)

The visit took place in the context of Vietnam - Africa relations entering a period of "acceleration and expansion", clearly demonstrating the determination of both sides in promoting bilateral economic and trade cooperation.

In recent years, Vietnam has built a wide diplomatic network with most African countries, considering this a region with potential for comprehensive cooperation. In the Southern African region, South Africa is identified as a key partner, while in East Africa, Vietnam has developed outstanding relations with Tanzania, Mozambique and Burundi, especially in the telecommunications sector with the presence of Viettel Global.

Zimbabwe, located in Southeast Africa, although its trade relations with Vietnam are still modest, are developing in depth. The two sides have maintained diplomatic cooperation channels and business connections, in which tobacco leaves are a prominent trade highlight. The prospect of expanding into the fields of cotton, agricultural products, medical supplies, light machinery, minerals and deep processing is opening up diverse opportunities for businesses of the two countries.

Mr. Nguyen Quang Vinh, Vice President of VCCI, suggested that the Ambassador pay attention to connecting VCCI and the Zimbabwe National Chamber of Commerce to further enhance investment and trade promotion activities. He emphasized that VCCI is ready to support businesses of both sides in finding partners, exchanging information and expanding cooperation in potential areas.

According to him, Vietnam currently advocates deepening relations with the Middle East and Africa, bringing cooperation to a new stage on all three pillars: politics - diplomacy, economics - trade - investment, and science - technology. In that context, the visit and work of the Zimbabwean Ambassador to Vietnam to VCCI is a positive signal, creating a foundation to promote connections between the business communities of the two countries.

According to information, the Vietnamese Ambassador to South Africa, who is also concurrently serving in Zimbabwe, presented his credentials to the President of Zimbabwe, officially opening a direct diplomatic cooperation channel, strengthening political trust and facilitating trade promotion activities.

Zimbabwean Ambassador expects Vietnamese businesses to increase investment and expansion in the African country in the coming time (Photo: Truong Dang)

Vietnam-Zimbabwe trade has many prospects

In 2024, Zimbabwe's exports to Vietnam will reach about 71.7 million USD, mainly tobacco leaves - an item that accounts for an overwhelming proportion of the two-way trade balance. In contrast, Vietnam's exports to Zimbabwe are still modest, mainly consumer goods, light machinery and medical supplies.

According to the Ambassador, Zimbabwe wants to maintain a stable flow of tobacco leaf exports to Vietnam, while encouraging Vietnamese businesses to explore cooperation opportunities in the fields of cotton, wood, oilseeds and other agricultural products.

For its part, Vietnam can promote its strengths in rice seed production, freshwater aquaculture, medicine and medical equipment to access the Zimbabwean market.

One of the potential cooperation areas emphasized by both sides is the mineral sector. Zimbabwe possesses many valuable resources such as chromium, lithium, platinum group metals - strategic materials for energy transition and industrial production. Vietnam can participate in the model of geological survey, exploration, deep processing combined with product consumption or technology transfer.

In addition, logistics is also considered an important link. Vietnamese logistics enterprises are surveying transportation routes through Durban (South Africa), Maputo (Mozambique) and Dar es Salaam (Tanzania) to optimize the trade corridor between Vietnam and the East - South Africa region, including Zimbabwe. This connection is expected to reduce costs, shorten time and improve supply chain efficiency.

Challenges and policy coordination requirements

Despite its great potential, Vietnam-Zimbabwe cooperation still faces a number of challenges such as long geographical distance, fluctuations in foreign exchange policies, unsynchronized domestic logistics infrastructure and limited international payment methods. Experts say that to overcome these obstacles, it is necessary to have the participation of both the government and the private sector, along with flexible mechanisms on credit, trade guarantees and policy dialogue.

Mr. Nguyen Quang Vinh, Vice President of VCCI, suggested that the Ambassador pay attention to connecting VCCI and the Zimbabwe National Chamber of Commerce to further enhance investment and trade promotion activities. He emphasized that VCCI is ready to support businesses of both sides in finding partners, exchanging information and expanding cooperation in potential areas.

The meeting between the Zimbabwean Ambassador and VCCI leaders has opened up an optimistic signal for a new phase in Vietnam-Zimbabwe relations. In the context of Vietnam promoting its integration strategy with Africa, while Zimbabwe seeks more partners in Asia, the mutual complementarity in needs and strengths is expected to promote sustainable development of two-way trade.