Tuesday, 19 Dec 2017
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ECONOMY

Vietnam - Nigeria trade cooperation opportunities

Updated at Tuesday, 05 Dec 2017, 13:25
The Hanoitimes - On December 4, in Hanoi, the Vietnam Chamber of Commerce and Industry (VCCI) hosted the Vietnam – Nigeria Trade and Investment Forum.
Speaking at the event, VCCI Vice Chairman Doan Duy Khuong said Vietnam’s total foreign trade has hit 359 billion USD and the country is home to more than 22,000 projects worth upwards 290 billion USD invested by over 100 countries and territories. 

​The Investment Forum gives Vietnam's and Nigeria's businesses a chance to seek business opportunities. Vietnam can be an important gateway for Nigerian firms to access large markets, especially the ASEAN, he said, vowing to serve as a bridge for the two nations’ enterprises to do long-term business. 
 
 
Vietnam – Nigeria Trade and Investment Forum
Vietnam – Nigeria Trade and Investment Forum
According to the VCCI, two-way trade between Vietnam and Nigeria has topped 250 million USD annually over the past five years. Vietnam enjoys big trade surplus with Nigeria, but it buys cashew nuts, cotton, fruits and vegetables from the African country. The two nations hold potential of partnership in agriculture, farm produce processing, apparel, mining and construction materials. 

Oye Akinsemoyin, Chairman of the Nigeria-Vietnam Chamber of Commerce and Industry, suggested that the two countries should tap each other’s strength to develop the processing industry, including farm produce, while helping each other to boost exports of unprocessed products. 

Meanwhile, Nigerian Ambassador to Vietnam Fransis Efeduma said the African country wants to tap Vietnam’s technology to churn out locally-made products. We look forward to creating opportunities for cooperation, joint ventures, joint investment; taking advantage of opportunities and technologies from Vietnam to how to localize products in our country, to increase prices; contributing to the economic development of the two countries. Hopefully, we can build a comprehensive agreement, a new agreement and two-way cooperation.
Anh Kiet - Khac Kien
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