Nigeria boasts potential market for Vietnamese enterprises

Monday, 2017-12-04 10:09:59
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Vietnam has enjoyed large trade surplus with Nigeria, particularly in the exports of transport vehicles, computers, and electronic equipment (illustrative image)
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NDO - Nigeria is becoming a potential market in Africa for Vietnamese enterprises as Vietnam has enjoyed a large trade surplus with Nigeria for years, heard the Nigeria-Vietnam Business and Investment Forum held in Hanoi on December 4.

Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong said that the forum will help to promote trade, investment and import-export activities between the two countries and the Governments of both sides will work actively to support the long-term and effective cooperation between enterprises of the two countries.

Khuong added that Vietnam now has more than 22,000 direct investment projects in more than 100 countries and territories across the world with a total investment of over US$290 billion. Vietnam is also an important gateway for Nigerian enterprises to approach large markets, particularly the ASEAN market.

Over the past five years, the average bilateral trade revenue reached over US$250 million and Vietnam has enjoyed large trade surplus with Nigeria, particularly in the exports of transport vehicles, computers, and electronic equipment.

Meanwhile, Vietnam imports cashew nuts, cotton yard, wood fibre, vegetables and fruits from Nigeria.

According to the VCCI, Vietnam and Nigeria have considerable cooperation potential in agriculture, agricultural product processing, garment outwork, mining, and production of construction materials, among others.

Chairman of the Nigeria-Vietnam Chamber of Commerce and Industry (NVCCI), Oye Akinsemoyin said that Nigeria wishes to receive Vietnam's support in human resources and the two sides should take advantage of its strength to develop the processing industry including the processing of farm produce.

He hoped that the two countries will boost the export of unprocessed products in addition to promoting cooperation in the production and processing industry.