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  • Nigeria - Vietnam Trade and Investment Forum

    Apr 17th, 2019

    In the afternoon of April 16, the Vietnam Chamber of Commerce and Industry in Ho Chi Minh City (VCCI) cooperated with the Nigeria Chamber of Commerce and Industry to organize the Vietnam-Nigeria Trade and Investment Forum. The meeting was attended by the representative of Nigeria Ministry of Industry and Trade, Ministry of Agriculture and Rural Development Nigeria and enterprises operating in the fields of: agricultural products, cotton fiber, solar energy, and banking. goods, food processing, technology transfer ...

    According to VCCI, Africa is a large potential market including 55 countries with a population of over 1.2 billion people. Currently, many African countries, including Nigeria, have become an increasingly important economic partner of Vietnam. In recent years, bilateral relations between Vietnam and Nigeria have not stopped growing. The two sides not only promote trade cooperation, but also facilitate production, technology transfer, investment promotion ... Regarding trade relations, Vietnam-Nigeria two-way trade turnover in the 2012 - 2016 period averaged US $ 250 million per year. In 2017, the total bilateral trade turnover between the two countries reached 433.5 million US dollars. In particular, Vietnam's export value to Nigeria reached US $ 63.8 million and import value from this market reached US $ 367.7 million. In 2018, Vietnamese goods were present in the market of 53 of 55 African countries (except South Sudan and Eriteria). In particular, Nigeria continues to be in the top 7 markets with turnover of over 100 million US dollars.

    Vietnamese immigration and business development in Nigeria

    Vietnam has exported 52 products to Nigeria including: mobile phones and components, textiles, footwear, cigarettes and raw materials, plastic products, chemicals, machinery and spare parts, razors. , computers and electronic devices ... in the opposite direction, Nigeria is providing Vietnam with items: raw cashew nuts, wood and wood products, cotton yarn.

    Although the bilateral trade balance is somewhat tilted towards Nigeria, Vietnam mainly imports from Nigeria the raw materials for production and export. Currently, two commodities, raw cashew nuts and wood, account for over 80% of Vietnam's total imports from Nigeria with a value of over 300 million US dollars. In particular, Vietnam is the largest cashew exporter in the world, domestic raw cashew production only meets over 20% of the export processing demand of enterprises, and must import over 65% of raw materials from other countries. In particular, Nigeria is one of the major suppliers of raw materials for Vietnam.

    At the forum, Nigerian businesses want to cooperate with Vietnamese enterprises to invest and transfer technology to build factories and processing lines in Nigeria. This is a good opportunity for businesses of the two countries to exchange issues of mutual concern for seeking business opportunities and long-term investment cooperation.


    Source: http://www.vinacas.com.vn/