Vietnam and Guinea sign MOU to boost investment cooperation

Vietnam and Guinea have signed a memorandum of understanding (MOU) to strengthen cooperation in investment, planning, and development. The agreement was signed in Hanoi on August 20 by Vietnamese Finance Minister Ngo Van Tuan and Guinean Minister of Planning, International Cooperation and Development Ismaël Nabé during a high-level visit by a Guinean delegation.

The seven-article MOU aims to formalize institutional cooperation and facilitate the sharing of experiences in development and planning. While the document does not constitute an international treaty or create legal obligations under international law, it remains in effect for three years.

Both nations identified significant potential for economic growth, noting that current trade levels remain modest relative to their complementary strengths. Vietnam expressed readiness to serve as a gateway for Guinea to access the ASEAN market, which comprises nearly 700 million people. Conversely, officials hope Guinea will act as an entry point for Vietnamese enterprises into the African market. Future exploration of investment opportunities may include sectors such as mining (specifically bauxite and iron ore), telecommunications, infrastructure, and agriculture.