Bilateral economic cooperation has seen positive development. Two-way trade increased from US$156 million in 2014 to US$204 million in 2015. The military-run telecommunication group Viettel is running a joint venture in Tanzania with a total investment of over US$700 million.
The two countries have signed a number of cooperation agreements, including a trade agreement in 2001, a memorandum of understanding on an agricultural cooperation programme in 2002, and an agreement on economic, trade, scientific and technological cooperation. An inter-governmental committee has been set up with the first meeting held in December 2014. Meanwhile, Vietnam set up its diplomatic ties with Mozambique on June 25, 1975 and the two countries have maintained close friendship. Most recently, Party General Secretary Nong Duc Manh paid a visit to Mozambique in 2008 and Mozambican Prime Minister Aires Ali came to Vietnam in 2010.Last year, two-way trade reached US$66.1 million, of which US$59.6 million came from Vietnam’s exports. At present, Viettel and Hapro (Hanoi Trade Corporation) are investing in Mozambique in the fields of telecoms and trade.
The two countries have conducted many cooperation projects in agriculture and fisheries, and signed numerous agreements in other fields, such as a framework agreement on economic, cultural, scientific and technological cooperation and a trade agreement in 2003, an agreement on investment encouragement and protection in 2007, among others. In 2014, the two governments reached another agreement on joint research into food crop development in Mozambique for 2013-2017. Vietnam and Iran established their diplomatic ties on August 4, 1973. Since then, they have organised six political consultations and eight inter-governmental committee meetings.Bilateral trade turnover hit US$106.7 million last year, of which Vietnam’s exports were valued at US$77.2 million.