Nigeria-Vietnam Trade Volume Hit $433.53m in 2017

• Nigeria-Vietnam Trade Volume Hit $433.53m in 2017

Nigeria-Vietnam trade volume grew at an average yearly rate of 36.49 percent from the $233.18 million recorded in 2015 to $433.53 million in 2017.

The Ambassador of the Socialist Republic of Vietnam, Pham Anh Tuan, who speaks at the Nigeria-Vietnam Trade and Investment Promotion Forum held in Lagos, said stronger bilateral trade tie between Nigeria and Vietnam would further drive more Foreign Direct Investments (FDIs), as Vietnam is always ready to do business with Nigeria.

Again, the Ambassador reaffirmed that the strong relationship between both countries will enhance private sector investment, as well as enable the two nations to stimulate growth in each other, thereby promoting individual national interest.

“A number of cooperation agreements have been signed to boost socio-economic relations between the governments and entrepreneurs of the two countries, while others are being negotiated”.

“It should be mentioned that the Vietnamese trade balance with Nigeria is surplus in favour of Nigeria. However, Nigeria remains the largest market in Africa and therefore has great demand for a lot of commodities sourced indirectly from Vietnam”.

“With Nigeria coming out of economic recession, my expectation is that we can do more in the future as I can see the trade and investment statistics now are still beyond the potential facts,” Ambassador Pham Anh Tuan said.

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, represented by the Deputy Director, Trade, Aliyu Abubakar, at the Forum, said that the move to strengthen the trade ties between the two countries is a welcome development.

The Minister, represented, further noted that the Nigeria-Vietnam collaboration will benefit both countries, as Nigeria, aligned with the diversification agenda of the government in reviving the non-oil sector, has the capacity to boost partnership in Agriculture.