Nigeria-Vietnam Business Group Holds Meeting to Improve Bilateral Trade

The Embassy of the Socialist Republic of Vietnam in collaboration with the Nigeria-Vietnam Economic, Trade and Cultural Association, (NVETCA) will be holding a high-level Round Table Business Meeting on the 30th of October 2024 in Abuja to improve the bilateral trade and economic relations between the two countries.

The meeting, which is being co-hosted by the Vietnamese Ambassador, H.E. Bui Quoc Hung and the Chairman of NVETCA, Ambassador Sani Bako MFR, mni, intends to focus on harnessing more trade areas, particularly in agriculture, food processing, import and export, manufacturing, infrastructure, and information technology.
According to a statement by Wale Akintade, the Group’s Director of Strategic Communications and Marketing, “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 centered around a few commodities and in a few sectors despite the huge potentials available for trade and economic growth between both countries”.
According to Wale Akintade, “the business round table presents a fantastic opportunity for economic growth and cooperation. Nigeria’s strengths in oil and gas and huge potentials 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. The key areas being looked at strengthening 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; Energy Cooperation 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 addition, Infrastructure Development and Digital Economy initiatives particularly Nigeria’s growing Fintech industry can benefit from Vietnam’s experience in its tech industry. By leveraging each other’s strengths, both countries can unlock new markets, create jobs, and drive sustainable economic growth,” he added.
Expected at the event are some federal and state government officials, some business chambers and interest groups across the country and business men and women.

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