Hanoi (VNA) - The upcoming state visit to Angola by Vietnamese State President Luong Cuong holds profound significance, marking a turning point in the history of traditional friendship between the two countries, Angolan Ambassador to Vietnam Fernando Miguel told the press.

This is the highest-level visit by a Vietnamese leader to Angola in nearly two decades, and that it takes place in the context that the two nations are preparing to celebrate the 50th anniversary of their diplomatic relations (1975–2025) further highlights the historical and symbolic importance of the event.

It not only reflects Vietnam’s high regard for its relationship with Angola, but also creates new political momentum to comprehensively advance bilateral cooperation across all sectors, Miguel said.

Within the framework of the trip, the two sides will sign several important cooperation agreements and hold meetings between high-ranking leaders, ministries, and businesses. This will be an opportunity to review the implementation of existing agreements, identify new priorities, and establish a favourable legal framework for future collaboration initiatives.

The diplomat expressed his belief that this visit will lay a solid foundation to usher in a new phase of development in the bilateral relationship.

Regarding bilateral economic cooperation potential in the coming time, especially after President Cuong’s visit, Miguel said that there remains ample room for economic collaboration, as it has not yet been fully tapped in accordance with the actual capacities and needs of each side.

According to the diplomat, with a population of nearly 36 million, Angola is one of the largest consumer markets in Africa, especially for consumer goods, processed agricultural products, pharmaceuticals, and technological equipment. Additionally, it is rich in natural resources, including abundant mineral reserves, tropical timber, vast arable land, and numerous valuable river basins, which provide favourable conditions for investments in production.

Meanwhile, Vietnam holds competitive advantages in manufacturing, processing, and exporting goods that align with the consumption needs of the Angolan market, creating a solid foundation to step up trade exchanges and economic cooperation between the two countries.

In recent years, bilateral trade turnover has fluctuated between 150–200 million USD a year, but this figure remains modest compared to the actual potential. Notably, sectors such as oil and gas, telecommunications, agriculture, healthcare, and vocational training are areas of strong interest to Angola and where Vietnam has extensive practical experience.

The ongoing efforts by both sides to negotiate and sign important agreements such as the Investment Promotion and Protection Agreement, the Double Taxation Avoidance Agreement, and memoranda of understanding on cooperation in trade, agriculture, and industry, will open favourable legal corridors for businesses from both countries to confidently boost investment and expand long-term cooperation.

In addition, Angola is implementing its National Development Strategy for the 2023–2027 period, which emphasises industrialisation, sustainable agriculture, and digital transformation. These are areas where Vietnam has practical strengths and experience, which can be shared through a “mutual development” cooperation model rather than merely simple trade exchanges, Miguel said, believing that following this visit, the two countries will witness a new wave of bilateral economic cooperation that is more practical and effective.

The ambassador also assessed that the Vietnamese business community in Angola, despite mostly small- and medium-sized enterprises, has played an important bridging role in promoting bilateral economic and trade relations.

Amidst Angola’s gradual improvement of the investment environment and encouragement of the private sector to become a growth driver, many new opportunities are opening up for foreign businesses.

Priority investment sectors currently include agricultural production and food processing, light industry, pharmaceuticals, logistics infrastructure, telecommunications, education and vocational training, financial services, and digital technology, he added./.