FG urges Vietnam to raise trade volume to $2bn

The Federal Government has urged Vietnam to increase bilateral trade to $2 billion, according to Ambassador Dunoma Ahmed of the Ministry of Foreign Affairs. The call came during a reception marking the 81st National Day of Vietnam and the 50th anniversary of diplomatic relations between Nigeria and Vietnam. Currently, bilateral trade between the two nations stands at over $1 billion.

Ahmed expressed hope that this figure would be increased to $2 billion, as Nigeria aims to achieve a $1 trillion economy. Nigeria and Vietnam have maintained steady cooperation in various sectors including agriculture, trade, investment, defense, and multilateral diplomacy over the past 50 years. Both countries are strategic partners in West Africa and beyond, symbolizing the spirit of South-South cooperation.

The Nigerian government is committed to deepening the partnership and expanding cooperation in areas such as agro-agricultural processing, renewable energy, digital economy, pharmaceuticals, skills development, and manufacturing. The Vietnamese Ambassador to Nigeria, Le Viet Hoang, noted that Nigeria is one of Vietnam's largest trading partners in Africa, with trade involving commodities like cashew nuts, timber, and liquefied natural gas.

Vietnamese exports to Nigeria include rice, consumer goods, textiles, and technology. Hoang suggested that both countries could deepen cooperation in high-tech agriculture, rice value chains, aquaculture, agro-processing, telecommunications, infrastructure, innovation, e-commerce, and financial technology. The ambassador encouraged Nigerian businesses to explore investment opportunities in Vietnam, and assured that the Vietnamese Embassy would facilitate the entry of Vietnamese businesses into the Nigerian market.