Dominica Seeks Collaboration in Various Sectors in Vietnam
Dominica boasts the most advanced economy in the Caribbean region, focusing on services, tourism, exports, and agricultural production, including cocoa, fruits, and coffee. In contrast, Vietnam is the fastest-growing economy in Asia, attracting many foreign investors and implementing policies to enhance its investment environment, resulting in impressive export turnover.
At a Vietnam-Dominica business forum attended by Prime Minister Pham Minh Chinh, Ms. Biviana Riveiro, Director of the Investment Promotion Center of the Dominican Republic, emphasized the country’s strategic location in Latin America and the Caribbean, as well as its macroeconomic, political, and legal stability. Dominica was recognized by the World Tourism Organization as one of the fastest countries to recover its tourism industry post-COVID-19, attracting 8.3 million tourists as of 2024.
Dominica is currently considering importing tobacco, garments, pork, beef, and other products from Vietnam. They also seek collaboration in improving the agricultural supply chain and exploring partnerships in energy, healthcare, and tourism infrastructure development.
Dominica is particularly interested in attracting investments in infrastructure, maritime, aviation, energy, tourism, agriculture, telecommunications, electric vehicle manufacturing and distribution, digital transformation, and pharmaceuticals.
Prime Minister Pham Minh Chinh attends the Vietnam-Dominica Business Forum – Photo: VGP/Nhat Bac
During this visit, Prime Minister Pham Minh Chinh and Dominican leaders identified specific projects for immediate implementation in energy, digital transformation, telecommunications, artificial intelligence, semiconductors, agriculture, fertilizer production, chemicals, rice, construction, and electric vehicles. Vietnam has large state-owned and private corporations capable of investing and collaborating in these sectors.
The Prime Minister shared that Vietnam will consider opening an embassy in the Dominican Republic at an appropriate time. Additionally, they will work towards establishing a task force or a joint committee to promote trade and investment between the two countries.
Vietnamese and Dominican businesses aim to leverage mutual market access opportunities and expand into other markets in the ASEAN-Asia region, as well as Latin America and the Caribbean.
Economic Cooperation Prospects
Vietnam and the Dominican Republic are preparing to celebrate 20 years of diplomatic relations in 2025. During his official visit to the Dominican Republic, Prime Minister Pham Minh Chinh affirmed Vietnam’s great importance to and desire to enhance comprehensive cooperation with the country.
Dominica has the most advanced economy in the Caribbean
Notably, over the past 19 years, trade relations between Vietnam and Dominica have made significant strides. Bilateral trade has grown remarkably from approximately $30 million in the early years to nearly $120 million in 2022 and $112 million in 2023. In the first nine months of 2024, it reached $56 million, and this figure is expected to increase further.
Vietnam’s main export products include coffee, textiles, footwear, electronic components, and agricultural products. The two countries have also reached investment agreements in industries, services, and technology development.
Both nations aim to increase trade turnover to $500 million within 4-5 years by promoting investment cooperation and expanding markets for each other’s key products.
The Prime Minister encouraged businesses from both countries to seize collaboration and investment opportunities, ensuring legitimate rights and interests. He emphasized that this goes beyond business interests and reflects the beautiful sentiments and intellectual products of the two nations, upholding the responsibility for bilateral relations laid down by their predecessors.
Moving forward, the two sides will continue to build on existing agreements to facilitate the penetration of their goods into each other’s markets, including the Asian and American markets. They will also actively promote trade and investment through fairs, exhibitions, and investment forums, connecting businesses and localities from both countries to exchange information on cooperation opportunities. Additionally, they will work to further stimulate the development of the tourism industry.
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