The Abuja Chamber of Commerce and Industry (ACCI) has weighed in on the Nigeria and Vietnam partnership seeking more economic cooperation between the two countries.
According to the President of the ACCI, Adetokunbo Kayode, the need to address the trade deficit between the countries by exploring the potential in key sectors of their economies cannot be overemphasized.
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Areas which Kayode said needed improved economic cooperation include oil and gas, transportation, maritime, mining, construction, power, agriculture, cement, engineering, telecommunications and education.
Speaking on the trade volume between the two countries, he said it was about $303.8 with Nigeria’s export to Vietnam put at about $232.65 million in 2017. The export, he said, was mainly in raw materials, especially cashew nuts.
Kayode further said that Nigeria’s imports from Vietnam were worth $71.18 million made up of mobile phones, electronics, textiles, plastic, chemicals and machine parts.
“Nigeria and Vietnam must devise more areas of economic cooperation in important sectors such as oil and gas, maritime, mining, construction, power, agriculture, cement, transportation, engineering, telecommunications and education.
“This is in order to add maximal value to our economies on a win-win basis and to ensure mutual prosperity.
“The ACCI with the Organised Private Sector is prepared to partner with the investors in all the identified sectors. We have identified critical sectors such as wood processing, footwear, cashew farming/processing, cotton farming/processing; cocoa farming/processing, textile mills, garment industries, motor/tricycle manufacturing and assembly, trucks assembly, tourism, culture, manufacturing and agriculture.”
Kayode’s call is in line with what Vietnam’s Deputy Minister of Industry and Trade, Dang Hoang An said. He said the trade relations between both countries would begin to see improvement stating that the Nigeria population of 200 million, accounts for a huge chunk of the market size in West Africa.
Nairametrics recently reported that Nigeria and Vietnam signed a Memorandum of Understanding (MOU) on waiver of visa requirements to encourage business trade. This agreement on visa waiver came amidst Vietnam’s plea that Nigeria should open its borders for Vietnamese rice, leather shoes, textiles, and other products.