Governments of Nigeria and Vietnam are seeking to enhance co-operation in trade and investment in view of tapping significant potential between the both countries.
This was made known at the Vietnam-Nigeria Trade and Investment Forum in Ha Noi on Monday, Doan Duy Khuong, Vice Chairman of the Viet Nam Chamber of Commerce and Industry, said the two countries had significant room to boost co-operation. He said Viet Nam was entering a new development period in 2016-20 with a stable macro-economy, high gross domestic product growth rate and total trade revenue of US$359 billion.
Vietnam was an important gateway for Nigerian firms to penetrate other markets, especially ASEAN markets, and Nigeria was a potential market for Vietnam in Africa.
Khuong said both countries had potential to boost co-operation in agriculture, agricultural processing, garments, mining and building materials.
Nigeria wanted to import products that were Vietnam’s strengths and Vietnam wanted to import raw materials for processing.
On his part, the President of the Nigeria-Vietnam Chamber of Commerce and Industry,Oye Akinsemoyin said he expects both countries to further promote their co-operation in processing agricultural products.
It might interest you to know that trade revenue between Vietnam and Nigeria averaged more than $250 million during the past five years.
In 2016, bilateral trade reached $303.84 million, up by 23.8 per cent over the previous year.
Vietnam mainly exported ships, phones and components, garment and plastics, as well as chemicals, machinery and electronic products to Nigeria. While in return, Nigeria exports cashew and wood to Vietnam.
Vietnam is a South East Asian country with an estimated population of about 96 milllion. The country has an agrarian economy, and is the 5th largest rice exporter in the world.