Nigeria-Vietnam Business Group to improve bilateral trade

The Embassy of Vietnam and the Nigeria-Vietnam Economic, Trade and Cultural Association are set to hold a high-level roundtable business meeting to improve bilateral trade and economic relations between the two countries.

A statement from NVETCA on Tuesday said that the meeting, which was being co-hosted by the Vietnamese Ambassador H.E. Bui Quoc Hung and the Chairman of NVETCA, Sani Bako, intended to focus on harnessing more trade areas, particularly in agriculture, food processing, import and export, manufacturing, infrastructure, and information technology.

The statement signed by the Group  Director of  Strategic Communications and Marketing,  Wale Akintade, partly read, “Both countries now more than ever before need to harness their potentials with the view to finding more meaningful and deeper ways of forging mutually beneficial means of trade and collaboration.

“Since Nigeria established diplomatic relations with Vietnam in 1976, trade has only centred around a few commodities and in a few sectors despite the huge potentials available for trade and economic growth between both countries.”

Akintade added that the business round table presented a fantastic opportunity for economic growth and cooperation.

“Nigeria’s strengths in oil and gas and huge potential in agriculture and manufacturing can complement Vietnam’s expertise in technology, textiles, and electronics. Vietnam’s experience in exporting goods to the US and China can also help Nigeria expand its global market reach appreciably,” he added.

The key areas being looked at include agricultural trade, where Nigeria can export cashews, cocoa, and other products to Vietnam while importing machinery, technology and the exchange of agricultural experts to boost local production and processing of these.

Other areas of cooperation are energy, where Nigeria’s oil and gas reserves and Vietnam’s expertise in renewable energy can help reduce the present energy crisis in the country.

 In the area of infrastructure development and digital economy initiatives, particularly Nigeria’s growing fintech industry, NVETCA said the country could benefit from Vietnam’s experience in the tech industry.

 Expected at the event are some Federal and State Government officials, some business chambers and interest groups across the country and businessmen and women.

 NVETCA is aimed at promoting and facilitating economic and cultural relations between Nigeria and Vietnam in areas that further unlock the potential and ingenuity of the people of both countries.