“THERE is great potential for trade between Việtnam and Nigeria and investment in many sectors like agriculture, agricultural processing, garment, footwear, mining, and production of construction materials.”
This were the words of Thế Hưng, deputy director of the Việt Nam Chamber of Commerce and Industry (VCCI)’s HCM City branch, during a bilateral trade and investment forum held in HCM City.
Hung said many African countries, including Nigeria, had become increasingly important economic partners of Việt Nam.
” Nigeria is an important gateway for Vietnamese firms to penetrate the African market. It is forecast that by 2050 Nigeria will be the third most populous country in the world; so this will be a big market for Vietnamese enterprises,” he said.
He said the business community on both sides should take advantage of each other’s strengths, especially in the field of raw material production, human resources, technology, processing and exports to take their trade and investment relations to new heights
He discloses that trade between Việt Nam and Nigeria has shot up from US$250 million a year in 2012-16 to $433.5 million in 2017, with Việt Nam running a deficit. Việt Nam exports 52 items to Nigeria including mobile phones and components, textiles, footwear, cigarettes and tobacco, plastic products, chemicals, machinery and spare parts, computers, and electronic devices.
It imports raw cashew nuts, wood and wood products and cotton yarn, with the first two accounting for over 80 per cent.
Sunday Edet Akpan, permanent secretary at Nigeria’s Federal Ministry of Industries, Trade and Investment, said that a lot of investment opportunities exist in mining and processing of solid minerals, agricultural sector, large-scale commercial agricultural production and other sectors.
“Nigeria’s trade with Việt Nam is characterised by primary commodities, mainly cashew nuts and wood. However, we strongly believe that this can be improved upon and expanded to include other processed commodities and manufactured goods in line with the developmental aspirations and economic policies of our countries.
“It is clear for example that, given Nigeria’s vast resources in land, minerals and agricultural produce, the opportunities for product manufacturing and produce processing are limitless.
“Fortunately for Việt Nam, it is strategically located in a region where it can take full advantage of recent technological advances in developing its own economy.
“The various manufacturing and processing factories now springing up in Việtnam could be brought to Nigeria, where raw materials abound to the benefits of both countries.”
Source: Nipc / Africazine