Vietnam Rolls Out $3bn Investments in Nigerian
Vietnam seeks to develop its relationship with Nigeria in economics, trade, industry and investment, estimated at $3 billion annually, a Vietnamese trade official has said.
The official noted that Nigeria is considered as a country with large, potential market in Africa and an economic gateway to neighbouring countries in western and central Africa.
Addressing the Vietnam-Nigeria Business Forum in Hanoi, last week, Mr. Le Duong Quang, deputy minister of industry and trade, said the ministry has chosen Nigeria, a key African market of almost 160 million people, to create opportunities for Vietnam’s exports.
Two-way trade between Vietnam and Nigeria in 2010 exceeded $155 million, up by 56 per cent over 2009. By the end of October this year, two-way trade exceeded $121 million.
Vietnam exports mainly garment products, computers and electronic spare parts, automobile components, seafood, chemicals, rice, machines and equipment to Nigeria.
According to the Vietnamese trade office in Nigeria, the country has a great demand for rice and seafood and it imports 1.5-1.7 million tonnes of rice each year.
Chief Samuel Ioraer Ortom, Nigerian minister of state for trade and investment, said the country is the biggest seafood consumer in Western Africa, using around 1.4 million tonnes a year.
According to Tunde Ajisomo, head of the diplomatic delegation of the Nigerian Embassy in Vietnam, the two governments signed the trade agreement 2011 with the aim of facilitating business activities between the two countries.
Hundreds of Nigerian traders arrive in Vietnam each year to seek new partners, while some of them have established representative offices in Ho Chi Minh City. The Nigerian firms see Vietnam as a good replacement for Chinese partners.
A number of Vietnamese enterprises have sought investment opportunities in Nigeria. Recently, FPT Joint Stock Company of Vietnam signed a cooperative agreement with the 21st Century Technologies of Nigeria, to promote cooperation in telecoms, education and computer equipment production.
Le Duong Quang suggested the two governments create favourable legal frameworks for enterprises from both nations, adding that the two countries should strengthen the exchange of visits at all levels and organise workshops and business forums in the near future.
Ortom said Nigerian government introduced economic reforms to gain high growth, maintain macroeconomic stability and strictly manage tax, in order to create a favourable environment for foreign investors.
At the event, Nigerian businesses showed interest in Vietnam’s export products. They signed a number of business deals for bulbs, batteries, pharmaceutical and farm products, animal feed and plastics.
Vietnam and Nigeria signed a deal to promote trade ties between the business circles of the two countries in Hanoi on Oct. 22.
The pact was inked in the framework of the first Vietnam-Nigeria Business and Investment Forum jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the Nigerian Investment Promotion Commission and the Vietnamese Trade Mission in Nigeria .
According to Nguyen Bich Van, deputy director of the foreign investment department, Nigeria boasts large potentials in oil and gas, maritime shipping, agriculture and aquaculture.
The department will improve mechanism for better bilateral cooperation and increase coordination with relevant agencies of Vietnam and Nigeria to remove difficulties and obstacles hindering Vietnam’s investment flow into Nigeria and vice versa.
Both Mr. Adesoji Adesugba, director of the Nigerian Investment Promotion Commission and Mr. Sani Bako, Charge’ d’affaires of the Nigerian Embassy in Hanoi, said the forum was a chance for businesses from the two countries to discuss ways of cooperation and share business experiences.
The official noted that Nigeria is considered as a country with large, potential market in Africa and an economic gateway to neighbouring countries in western and central Africa.
Addressing the Vietnam-Nigeria Business Forum in Hanoi, last week, Mr. Le Duong Quang, deputy minister of industry and trade, said the ministry has chosen Nigeria, a key African market of almost 160 million people, to create opportunities for Vietnam’s exports.
Two-way trade between Vietnam and Nigeria in 2010 exceeded $155 million, up by 56 per cent over 2009. By the end of October this year, two-way trade exceeded $121 million.
Vietnam exports mainly garment products, computers and electronic spare parts, automobile components, seafood, chemicals, rice, machines and equipment to Nigeria.
According to the Vietnamese trade office in Nigeria, the country has a great demand for rice and seafood and it imports 1.5-1.7 million tonnes of rice each year.
Chief Samuel Ioraer Ortom, Nigerian minister of state for trade and investment, said the country is the biggest seafood consumer in Western Africa, using around 1.4 million tonnes a year.
According to Tunde Ajisomo, head of the diplomatic delegation of the Nigerian Embassy in Vietnam, the two governments signed the trade agreement 2011 with the aim of facilitating business activities between the two countries.
Hundreds of Nigerian traders arrive in Vietnam each year to seek new partners, while some of them have established representative offices in Ho Chi Minh City. The Nigerian firms see Vietnam as a good replacement for Chinese partners.
A number of Vietnamese enterprises have sought investment opportunities in Nigeria. Recently, FPT Joint Stock Company of Vietnam signed a cooperative agreement with the 21st Century Technologies of Nigeria, to promote cooperation in telecoms, education and computer equipment production.
Le Duong Quang suggested the two governments create favourable legal frameworks for enterprises from both nations, adding that the two countries should strengthen the exchange of visits at all levels and organise workshops and business forums in the near future.
Ortom said Nigerian government introduced economic reforms to gain high growth, maintain macroeconomic stability and strictly manage tax, in order to create a favourable environment for foreign investors.
At the event, Nigerian businesses showed interest in Vietnam’s export products. They signed a number of business deals for bulbs, batteries, pharmaceutical and farm products, animal feed and plastics.
Vietnam and Nigeria signed a deal to promote trade ties between the business circles of the two countries in Hanoi on Oct. 22.
The pact was inked in the framework of the first Vietnam-Nigeria Business and Investment Forum jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the Nigerian Investment Promotion Commission and the Vietnamese Trade Mission in Nigeria .
According to Nguyen Bich Van, deputy director of the foreign investment department, Nigeria boasts large potentials in oil and gas, maritime shipping, agriculture and aquaculture.
The department will improve mechanism for better bilateral cooperation and increase coordination with relevant agencies of Vietnam and Nigeria to remove difficulties and obstacles hindering Vietnam’s investment flow into Nigeria and vice versa.
Both Mr. Adesoji Adesugba, director of the Nigerian Investment Promotion Commission and Mr. Sani Bako, Charge’ d’affaires of the Nigerian Embassy in Hanoi, said the forum was a chance for businesses from the two countries to discuss ways of cooperation and share business experiences.
