Kathmandu, On the occasion of the 50th anniversary of the establishment of diplomatic relations between Nepal and Vietnam, a discussion was held between Nepali and Vietnamese business representatives on expanding economic relations.
During the discussion with the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi, the capital of Vietnam, on Thursday, Nepali businesses highlighted the significant investment potential in sectors such as tourism, hydropower and agriculture in Nepal, and appealed for investment in the country.
Speaking on the occasion, Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), urged Vietnamese investors to advance further economic cooperation between Nepal and Vietnam.
Noting that the diplomatic relationship between Nepal and Vietnam has reached 50 years, Dhakal stressed the need to promote economic cooperation between the two countries. “There is huge potential in the field of economic cooperation between the two countries. I would like to urge Vietnamese investors to invest in Nepal and inform them that there is significant potential for exports from Nepal,” he said. “Since products like handicrafts, tea, coffee and herbs have good market prospects in Vietnam, I urge you to increase investment in that area as well.” He also stated that the economies of the two countries can be complementary. He mentioned that there is also potential in the Nepali market for Vietnamese products like agricultural produce, seafood and electronics.
“The environment for Foreign Direct Investment is developing in Nepal; the laws are also investment-friendly, improvements have been made in licensing, customs, and tax administration, and the government is also conscious of the security of foreign investment,” he stated.
Noting that regional investment is increasing in Nepal’s tourism sector, especially in hotels, resorts, cable cars, adventure tourism and wellness centres, he expressed their desire to welcome Vietnamese investors.
He also extended an invitation to the Vietnamese team to participate in the FNCCI’s upcoming annual general assembly and to directly observe Nepal’s business environment.
Nguyen Quang Vinh, Vice Executive President of the Vietnam Chamber of Commerce and Industry, stated that they are also interested in further economic partnership with Nepal. Expressing happiness in welcoming the FNCCI to Vietnam, he highlighted the significant potential in the fields of investment and trade between the two countries and emphasised the need to strengthen the economic partnership. “There is not much cooperation between the two countries in the fields of trade and investment, although there is great potential for cooperation in this area. Our cooperation will continue in the coming days,” he said.
On the occasion, Dhan Bahadur Oli, Nepali Ambassador to Thailand and Vietnam, urged increased investment in Nepal, mentioning the immense potential for investment in various sectors. Noting that the diplomatic relationship between Nepal and Vietnam has reached its 50th year, he stressed that both countries must utilise the potential in the fields of trade and investment. Pointing out the new challenges facing the global economy recently, he highlighted the necessity for both countries to increase economic cooperation and benefit from it.
FNCCI executive committee officials and members were present at the event.
