Kathmandu. KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has urged the Viet Nam investors to take forward the economic cooperation between the two countries.

Stating that the two countries completed 50 years of diplomatic relations, PM Oli stressed the need of further consolidating the economic cooperation between the two countries. “I urge the Vietnamese investors for economic cooperation between the two countries that there is huge potential for investment in Nepal.

Dhakal said that Nepal has good market potential of handicraft, tea, coffee and medicinal herbs products in Vietnam and investment could be increased in that direction as well. He also said that the economies of the two countries could be complementary to each other.

He said that Vietnam has a big market for agricultural products, seafood, electronics and other products in Nepal. “An environment conducive for foreign direct investment is being created in Nepal, the laws are also investment-friendly, there have been reforms in licensing, customs and tax administration, and the government is aware of the security of foreign investment,” he said.

Stating that regional investment was growing in Nepal’s tourism sector, especially in cable car, resort, adventure tourism and wellness center, he expressed his desire to welcome the Vietnamese investors. President Dhakal also invited the Vietnamese delegation to attend the upcoming annual general meeting of the FNCCI and observe the business environment of Nepal firsthand.

On the occasion, Nepali Ambassador to Thailand and Vietnam Dhan Bahadur Oli urged the Vietnamese ambassador to increase investment in Nepal as he highlighted the possibilities of investment in Nepal.

During a meeting with the Federation of Nepalese Chambers of Commerce and Industry and Vietnamese Chamber of Commerce Industry in Hanoi, the capital of Viet Nam, Minister Bhattarai said that Nepal and Vietnam are celebrating the 50th anniversary of the establishment of diplomatic relations and stressed the need for collaboration between the two countries in trade and investment.

“There are new challenges emerging in the world economy of late, so it is necessary for both the countries to increase economic cooperation and reap benefits from each other,” he said, urging the Vietnamese investors to invest in export-oriented industries in Nepal. He also highlighted the potential in tourism sector between the two countries.

He also said that trade could be done at regional and international level through economic cooperation between the governments of Nepal and Vietnam. He also said that there was possibility of investment in manufacturing industry, ICT, pharmaceuticals and medicinal herbs in Nepal. He said the Government of Nepal was ready to welcome the Vietnamese investors and pledged to facilitate trade and investment between the two countries.

Nguyen Cang Vinh, Deputy Executive Chairman of Vietnamese Chamber of Commerce Industry said that they were also interested in further economic partnership with Nepal. Stating that he was happy to welcome the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to Vietnam, he stressed the need of further consolidating economic partnership as there are huge potentials for investment and trade between the two countries. “There is no big cooperation between the two countries in trade and investment, although there is a lot of potential for collaboration in this area.