Tuesday, January 28 2020


VN, Nigeria seek to boost trade cooperation

Update: December, 04/2017 - 17:00
Việt Nam and Nigeria want to boost cooperation in processing of agricultural products, such as cashew. — VNA/VNS Photo Đình Huệ
Viet Nam News

HÀ NỘI — Việt Nam and Nigeria are seeking to boost co-operation in trade and investment to tap the significant potential between the two countries.

At the Việt Nam-Nigeria Trade and Investment Forum in Hà Nội on Monday, Đoàn Duy Khương, vice chairman of the Việt Nam Chamber of Commerce and Industry, said the two countries had significant room to boost co-operation.

Khương said Việt Nam was entering a new development period in 2016-20 with a stable macro-economy, high gross domestic product growth rate and total trade revenue of US$359 billion.

Việt Nam was an important gateway for Nigerian firms to penetrate other markets, especially ASEAN markets, Khương said, adding that Nigeria was a potential market for Việt Nam in Africa.

Khương said the two sides had potential to boost co-operation in agriculture, agricultural processing, garments, mining and building materials.

Nigeria wanted to import products that were Việt Nam’s strengths and Việt Nam wanted to import raw materials for processing.

Oye Akinsemoyin, president of the Nigeria-Việt Nam Chamber of Commerce and Industry, expected the two countries would further promote their co-operation in processing agricultural products.

The trade revenue between Việt Nam and Nigeria averaged more than $250 million during the past five years.

In 2016, bilateral trade reached $303.84 million, up by 23.8 per cent over the previous year.

Việt Nam mainly exported ships, phones and components, garment and plastics, as well as chemicals, machinery and electronic products to Nigeria and imported cashew and wood from this African country. — VNS



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