Why Uganda should copy and paste Vietnam growth trajectory - Ambassador

The summit is the combined effort of the Private Sector Foundation (PSFU) and Uganda Investment Authority with support from the Trade, Industry and Foreign Affairs Ministries in collaboration with the Vietnam government.

It will run under the theme "Unlocking investment opportunities" from November 23 to November 26, 2022 at the Hilton Opera in Hanoi, Vietnam.

According to the Senior Presidential Press Secretary, Sandor Walusimbi, "whilst there, he (President Museveni) will hold official talks with President Nguyễn Xuân Phúc and also witness the signing of agreements between the two countries among other engagements."

The business summit will run concurrently with the trade exhibition which, according to King Ceasor Augustus Mulenga, the Honorary Consul of Vietnam in Uganda, Uganda will tap into the value addition expertise that Vietnam has built over the last 20 years.

"In a period of 20 years ago, Vietnam was just like Uganda but they have moved ahead quickly because of industrialization. Vietnam is blessed just like Uganda. Whereas the products produced by both countries are same, Vietnam is ahead of Uganda in terms of value addition to their products. This fetches high prices but also the country follows international standards but this lacks here (Uganda). The summit is therefore an opportunity for Uganda to copy some of these best practices," said Mulenga.

He cited coffee, which has become a key agricultural export product for Vietnam with 95 percent of production complemented with value addition for shipping abroad unlike in Uganda.

According to United Nations COMTRADE, the total trade between the the two countries was at $49.2 million for imports and $9.34 million for exports as of 2022. Uganda's main exports include edible fruits, nuts, peels of citrus fruits, melons and coffee. Her imports include textiles, electronics and electrical equipment.

One of the organisers, the Uganda Investment Authority, said that the event will accelerate the Uganda-Vietnam trade and bilateral relationships to facilitate close business ties as members from the public sector, private sector and financial institutions interact with counterparts and attract investment in Uganda.