VCCI President Pham Tan Cong (R) at the meeting with Ambassador Mario Jose Armengol Campos

At the meeting, Mr. Pham Tan Cong, President of Vietnam Chamber of Commerce and Industry (VCCI) extended congratulations to Nicaragua on the reopening of its Embassy in Vietnam and commended Mr. Campos for his tenure as ambassador to Vietnam.

The economic and trade cooperation between Vietnam and Nicaragua is currently modest but the potential for cooperation and trade remains tremendous, especially in agricultural cooperation, infrastructure investment and telecommunications, Cong said. Therefore, he hoped that Ambassador Campos will actively coordinate with VCCI in exchanging information and expanding trade and investment cooperation opportunities for the business communities of the two countries in the coming time.

Ambassador Campos said, Nicaragua achieved impressive GDP growth of 4.3% last year. Nicaragua has great potential for agricultural cooperation with Vietnam.

Vietnam is an important partner of Nicaragua with great potential in rice, infrastructure development, and telecommunications, he said, hoping that investment will be increased, imports and exports promoted and tourism developed by companies of the two countries.

VCCI President Cong affirmed that VCCI will support the Nicaraguan Embassy in Vietnam by promoting trade and investment development. This support includes introducing and connecting partners, sharing information, facilitating local and business exchanges, organizing promotional seminars, and aiding in market survey delegations.

Currently, the Vietnam-Nicaragua trade value is still modest, averaging US$34 million a year. Key exchanged items include computers, electronic products and components, rice, apparels, machinery, equipment and spare parts.

The two sides attribute the limited trade between them to geographical distance. With Nicaragua recently establishing its embassy in Vietnam, trade and investment information remains sparse, making it challenging for companies to access relevant data.

Nicaragua has great potential for cooperation in agriculture, coffee and seafood while Vietnam has great potential for rice, infrastructure development and telecommunications. Active information exchanges will create many cooperation opportunities for Vietnamese and Nicaraguan businesses. In 2024, Vietnam and Nicaragua will celebrate the 45th anniversary of diplomatic relations. This is an important foundation for the two countries to further strengthen and tighten bilateral cooperation.