Vietnamese capital is flowing into Angola; new investments target six provinces.
It provides opportunities for 50,000 families.
Written by Omnia Hassan:
Angola continues to strengthen its position as an attractive destination for foreign investment, with Vietnam’s Xuan Thien Group announcing a new expansion plan targeting six provinces, a move that reflects the growing interest of Asian investors in the Angolan economy, particularly in productive sectors away from oil.
Various projects to support the local economy
The group, headed by Vietnamese businessman Nguyen Van Thien, plans to implement projects in the provinces of Uige, Malanje, Cuando, Cubango, Cuanza Norte and Huambo, covering the agriculture, mining, manufacturing and green economy sectors. These projects are expected to provide jobs and income sources for about 50,000 Angolan families.
During a meeting held in the capital Luanda with the head of the group, Angolan Foreign Minister Tete Antonio discussed the details of the investment plan, which focuses on supporting local production, diversifying the economy, and reducing dependence on oil revenues.
Coffee and mining are top priorities
The Vietnamese group is placing the coffee sector at the top of its priorities by establishing modern farms and a coffee processing plant, allowing Angola to increase the added value of its agricultural products instead of exporting raw materials.
The company also plans to implement mineral exploration and extraction projects in coordination with the Angolan authorities, in addition to investing in manufacturing and green economy projects, while confirming that the next phase will witness the actual implementation of the projects on the ground.
Billions of dollars in investments are under development
Although the value of the new investments for the six provinces has not been announced, the group already has huge projects in Angola, most notably an integrated agricultural and industrial complex in Quanza Sul worth $750 million, which includes cassava farms and factories for starch, pasta and organic fertilizers, with expectations of providing about 95,000 job opportunities.
The group has also previously announced plans to create an agricultural economic zone spanning 6.8 million hectares with expected investments of up to $4.5 billion, in addition to entering the energy sector through exploration projects in the Etosha-Okavango Basin.
Angola enhances its attractiveness to Asian investments
The Vietnamese move comes at a time when Angola is intensifying its efforts to attract foreign capital from Asia and the Gulf.
According to the Angolan Investment Promotion Agency, the country has received 596 investment projects over the past five years with a total value of $21.8 billion, of which Chinese investors accounted for about 80%.
As Vietnam continues to expand its economic presence in the Angolan market, this reflects the growing interest of Southeast Asian countries in promising investment opportunities in the African continent.
