14:47 (GMT +7) - Saturday 25/11/2017

Vietnam Today

Moroccan companies keen on Vietnam

Released at: 11:36, 13/11/2017

Moroccan companies keen on Vietnam

H.E. Dr. Azzeddine Farhane, Ambassador of Morocco to Vietnam (Photo: law.vnu.edu.vn )

Companies interested in agri-food, IT, pharmaceuticals, and tourism investment, Moroccan Ambassador tells VET.

by Hai Van

Moroccan companies are very much interested in investing in Vietnam, primarily in agri-food, information technology, pharmaceuticals, and tourism, Ambassador of Morocco, H.E. Dr. Azzeddine Farhane, told VET recently.

The Moroccan Office for Promotion of Trade and Export has undertaken a series of trade and B2B missions to Vietnam in order to establish contact between Moroccan and Vietnamese enterprises and explore opportunities for cooperation.

These exploratory missions, along with the support of the Moroccan Embassy, have identified strategic industries in Vietnam in which Moroccan companies are interested.

Ambassador Farhane also emphasized that Morocco and Vietnam have substantial potential for cooperation in investment and trade. The two have signed more than 15 agreements to enhance the legal framework for investment in myriad fields.

He said that in recent years Vietnam’s economy has faced many challenges, such as the global economic recession and rapidly changing economic conditions. “Nevertheless, Vietnam remains a success story in terms of strong economic growth, among other markets that were floundering during the economic downturn,” he said. “I am confident that Vietnam will continue to offer remarkable opportunities to investors.”

He added that Vietnam’s recent raking in the World Bank’s Doing Business Report 2018, where it was in 68th place, is testimony to the country’s improved business environment, thanks to its broad-based growth, low wages, and strong economic outlook. “Vietnam continues to be an attractive destination for investment,” he believes.

The Doing Business 2018 report ranked Morocco 69th among the 190 countries surveyed, with a score of 67.91 points, consolidating its leadership in North Africa compared to Tunisia (88th), Egypt (128th), and Algeria (166th).

It also ranked third among countries in the Middle East and North Africa, behind the United Arab Emirates (21st) and Bahrain (66th), and for the first time overtaking Oman (71st).

The results achieved by Morocco are down to its attractive business environment, tax advantages, business creation, simplification of procedures, and improvement and strengthening of online services for the benefit of business and cross-border trade.

Vietnam’s dynamic business environment is due to its young population, changing consumer behavior, and greater urbanization, which offer investors the right ingredients to invest and establish projects in the country. Ambassador Farhane expects there will be more companies from around the world investing in and boosting the strengths of both Vietnam and Morocco.

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