Vietnam and Nigeria foster economic cooperation and development

The Vietnam Chamber of Commerce and Industry- Ho Chi Minh City Branch (VCCI- HCM) yesterday coordinated with the Nigeria- Vietnam Chamber of Commerce and Industry to hold a trade exchange program between the two countries. 

(Illustrative photo:SGGP)

(Illustrative photo:SGGP)

According to the VCCI-HCM, Vietnam and Africa are considered as the large potential markets with 55 countries having population of over 1.2 billion people.

Currently, many African countries including Nigeria become important economic partners of Vietnam. In recent years, the bilateral relationship between the two nations has blossomed as the two countries have strengthened trade cooperation and created favorable conditions in production link, technology transfer and investment promotion.

The two-way trade turnover between Vietnam and Nigeria averaged US$ 250 million a year in the period of 2012- 2016. In 2017, it gained US$ 433.5 million. Last year, Vietnamese goods appeared in 53 African countries. Of which, Nigeria continued to top seven potential markets having the turnover of over US$ 100 million. 

Vietnam exported 52 commodities of cell- phone and mobile components, garment-textile, footwear, tobacco, raw material, plastic products, shavers, computers and laptops, electrical equipment, etc whereas Vietnam imported raw cashew nuts, wood products, cotton products…from the partner. 

Currently, Nigeria is a major trade gateway to approach to the African market. In parallel, Nigeria has highly appreciated development achievements of Vietnam in recent years. 

As expected, Nigeria will rank third in the world's population growth by 2050. Therefore, the country will be the big cooperation and investment market luring Vietnamese enterprises. 

BY MINH HAI- Translated by Huyen Huong

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