VOV.VN - Nigeria has become a potential commercial market for Vietnam in Africa as Vietnam is running a huge trade surplus with the market, focusing on such staple items as transportation vehicles, computers and electronic products.
Doan Duy Khuong, vice chairman of the Vietnam Chamber of Commerce and Industry (VCCI) made the remarks at a Nigeria-Vietnam Business and Investment Forum in Hanoi on December 4.
Businesses from the two countries have strengthened exchanges and cooperation on the principle of equal mutual benefits. Over the past five years, average two-way trade between Vietnam and Nigeria hit more than US$250 million annually, he said.
Vietnam’s exports to Nigeria included transport vehicles, computers, and electronic products while imports were cashew nuts, cotton yarn, wood fibre, fruit and vegetables.
The two countries have also boast great cooperation potential in agriculture, farm produce processing, clothing outwork, mining, and construction material production.
According to VCCI, Nigeria wants to import products that Vietnam is a leading producer of, while Vietnam desires to buy raw products to serve its export targets.
The forum will help push up trade, investment, and import and export activities between the two countries, said Mr Khuong, adding that VCCI will serve as a bridge for setting up an effective and enduring partnership between businesses.
Oye Akinsemoyin, chairman of Nigeria-Vietnam Chamber of Commerce and Industry, said the Chamber hopes to receive assistance from Vietnam to fully exploit the two countries’ strengths in product processing, particularly farm produce.
He hopes trade activities between Nigeria and Vietnam will further expandin the future, with a focus on exports of unprocessed products and cooperation in production and processing.