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Tanzania, Vietnam eye 1-bln-USD bilateral trade by 2017

The Southeast Asian nation Vietnam and Tanzania agreed on Wednesday to scale-up business ties and increase trade volumes between the two nations to at least 1 billion U.S. dollars by 2017.

According to a joint statement, Tanzanian President John Magufuli and Vietnamese President Truong Tan Sang, who is on a three-day official visit to Tanzania, have agreed to strengthen and improve business ties.

In the statement, President Magufuli said that current business volume between the two nations is 300 million dollars.

"Our plans are to increase it to one billion U.S. dollars in a few years," the Tanzanian leader said.

The two leaders also witnessed the signing of the Double Taxation Avoidance Agreement between Tanzania and Vietnam which was done by respective ministers.

Vietnamese President said they have agreed to work together in the sectors of agriculture, investment, trade and telecommunications.

He said Tanzania was among the first countries to establish political friendship with Vietnam and the two countries have been supporting each other in various aspects.

"I am impressed with Tanzania’s rapid development progress as it is among the African countries with high economic growth," he said.

Notable investments from Hanoi in Tanzania include Viettel Tanzania, a mobile communication company that trades as Halotel.

The company has invested over 1 billion U.S. dollars to spread out communication services in rural areas where existing players are reluctant to operate. Enditem

By Robert Muriisa.

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