HaNoi — A memorandum of understanding intended to promote trade betweenViet Nam and Tanzania was signed in Ha Noi yesterday by the Viet Nam Chamber ofCommerce and Industry and the Tanzania Chamber of Commerce, Industry andAgriculture.

Two-way trade between thetwo countries totalled only US$27 million last year, although the Viet Nam andTanzania Governments signed a trade agreement in 2001.

Of this, $22.4 million wasin the export of Viet Nam's commodities mostly rubber, rice, garment, spareparts, electronic component and computers.

High transport costs,lacklustre trade promotion, poor networking between enterprises, a lack ofinformation were responsible, said the VCCI chairman.

Tanzania's primeminister described the MoU as a important to the identification of new trade andinvestment opportunities between the two nations.

Deputy Trade Minister TranDuc Minh suggested that market demand and the trade regulations of each countryshould be explored as a prelude to long-term export strategies.

They should also exchangemore information about products and markets. The Tanzanian Prime Minister andhis entourage later left Ha Noi for HCM City.

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