Investment opportunities in 'gateway to Africa' for Vietnamese businesses

On August 12, the Uganda High Commission in Kuala Lumpur, Malaysia, in coordination with Uganda’s ministries, agencies, and investment, trade, and tourism promotion bodies, and the Viet Nam Chamber of Commerce and Industry (VCCI), organized the Viet Nam-Uganda Business Forum: “The Pearl of Africa.”

The forum is a key initiative under Uganda’s Economic and Trade Diplomacy Strategy. It aims to expand markets for Ugandan products while attracting foreign direct investment, contributing to the country’s goal of increasing its economy tenfold and reaching a GDP of US$500 billion by 2040.

Ugandan Ambassador to Viet Nam Betty Bigombe emphasized that the forum provides a platform to translate the long-standing and positive friendship between Uganda and Viet Nam into concrete opportunities for trade and investment cooperation.

With Viet Nam’s industrial strengths and Uganda’s abundant natural resources, a competitively priced labor force, and access to African markets, the two countries have a unique opportunity to build partnerships that create jobs and shared prosperity.

“Africa is a new frontier for Viet Nam’s next phase of economic expansion. With its strategic location and favorable investment environment, Uganda is an ideal partner to begin that journey,” the Ambassador said.

Viet Nam’s development trajectory shares many similarities with Uganda’s development strategy, particularly in key areas such as agricultural industrialization, tourism development, the mineral industry, and science, technology and innovation. These sectors are driving economic growth and offer valuable lessons for Uganda, while also creating opportunities for cooperation and synergies in the development process.

Uganda and Viet Nam established diplomatic relations in 1973. Their relationship has been built on a foundation of South-South cooperation, industrialization and agricultural transformation. 

Economic cooperation between Viet Nam and Uganda still has significant room for growth. Although bilateral trade remains relatively modest, it is growing rapidly. In 2024, two-way trade reached US$22.1 million, quadrupling in 2025 to US$95.47 million.

In terms of investment, Viet Nam has committed US$40 million to projects in Uganda, mainly in mining and construction. The forum highlighted investment opportunities in Uganda’s agro-processing, industrial manufacturing, information technology and business process outsourcing (BPO), tourism, minerals and mining, oil and gas, pharmaceuticals, and renewable energy sectors. It also emphasized opportunities to expand the Vietnamese market for Ugandan exports, including coffee, tea, meat, fruits, seafood and textiles.

VCCI Vice Chairman Nguyen Quang Vinh said the forum would focus on business-to-business (B2B) and government-to-business (G2B) connections, as well as networking sessions. Policy dialogue will center on harmonizing legal frameworks, including negotiations on a Bilateral Investment Promotion and Protection Agreement and a Double Taxation Avoidance Agreement.

The momentum of bilateral cooperation has been maintained following President Yoweri Kaguta Museveni’s state visit to Vietnam in November 2022 and Vice President Vo Thi Anh Xuan’s visit to Uganda in November 2024.

The two countries need to strengthen exchanges of delegations at all levels, particularly among ministries, sectors, associations, and businesses, to discuss and explore opportunities and identify solutions to address difficulties and obstacles in economic cooperation. Relevant agencies of both countries should work closely together to help businesses access market information, opportunities for cooperation, priority product categories, and each other’s investment policies and business environments. They should also establish regular business-matching mechanisms and encourage the participation of organizations, associations and businesses in major trade promotion events and exhibitions held by each country.

On the basis of South-South cooperation, Viet Nam has always attached importance to building an equal, trustworthy, sharing, and mutually beneficial partnership with Uganda. I hope the business communities of the two countries will seize opportunities, overcome challenges and forge effective connections, thereby contributing to bilateral relations and the socio-economic development of both countries.

In 2025, Uganda imported US$45.62 million worth of goods from Vietnam, while Uganda’s exports to Vietnam reached US$49.85 million, with coffee, cotton and meat among the major export products.

This trade balance presents clear opportunities for Uganda to increase exports of agricultural products and natural resources, while enabling Viet Nam to expand investment in manufacturing and value addition in Uganda, serving both the Ugandan market and the wider African market.