Vietnam, Nigeria boost trade-investment relations
VCCI Chairman Vu Tien Loc said that Nigeria is considered as a potential market in Africa , adding that the full exploitation of this market is an important target of Vietnamese businesses.
Vietnam has exported products to Nigeria since 1995 and imported goods from the African country three years later. However, many of Vietnamese products have been exported to Nigeria through a third country. Therefore, the establishment of a direct trade channel will help businesses from both countries expand cooperation and reduce expenses.
VCCI is now building a trade portal with Vietnamese and English versions to foster the commercial relations with nine key markets in Africa, including Nigeria , Loc said.
Loc’s view was shared by Deputy Minister of Industry and Trade Le Duong Quang, who put forth a number of measures to promote cooperation between the two countries’ businesses in the year to comes, including the increased exchange of visits and organisation of trade promotion activities, fairs and exhibitions in each country.
According to Nguyen Bich Van, Deputy Director of the Foreign Investment Department, Nigeria boasts large potentials in oil and gas, maritime shipping, agriculture and aquaculture.
The department will improve mechanism for better bilateral cooperation and increase coordination with relevant agencies of Vietnam and Nigeria to remove difficulties and obstacles hindering Vietnam ’s investment flow into the African country and vice versa.
Both Director of the Nigerian Investment Promotion Commission Adesoji Adesugba and Charge’ d’affaires of the Nigerian Embassy in Hanoi Sani Bako said the forum was a chance for businesses from the two countries to discuss ways of cooperation and share business experiences.
“There are now few Vietnamese investors in Nigeria and vice versa. Two-way trade remains modest, whilst a lot of staples are exported via a third country,” said Adesugba.
He went on to say that “We hope through this forum, investors from the two countries will better understand each other and successfully seek partners as well as business opportunities in the other country.”
Vietnam and Nigeria signed a trade agreement in 2001 which has created a favourable legal framework for businesses from the two nations. Two-way trade has grown constantly in recent years, from 52.4 million USD in 2006 to 55 million USD last year. The figure reached close to 46.7 million USD in the first half of 2008.
Vietnam ’s key export staples include textiles and garments, computers, electronic products and components, pharmaceutical products, automobile components, motorbikes and plastic products. Meanwhile, the country has imported unprocessed cashew nuts, cotton, timber and fertilisers.
VCCI is planning to coordinate with the Ministry of Industry and Trade and the Vietnam Food Association to hold a meeting of rice sellers and buyers in Ho Chi Minh City in late November in order to set up a direct channel for food trading with 14 nations in Western and Central Africa.
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