NVCCI urges improved ties between Nigeria, Vietnam

The President of The Nigeria-Vietnam Chamber of Commerce and Industry (NVCCI), Oye Akinsemoyin, has called for closer ties between Vietnam and Nigeria, in a bid to move from raw items export to processed and semi-processed items as well as boost economic ties between the two countries.

Akinsemoyin argued that in order to boost trade, industry and investment, the governments of the two countries need to address issues bordering on immigration and visas, as well as on ease of doing business.

The NVCCI President, who led a trade delegation on a survey trip to Vietnam, highlighted in a statement, the need to boost bilateral ties between the two countries by exploring new areas of business.
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Indeed, total volume of trade between Nigeria and Vietnam stood at $303.84 million out of which Nigeria exported to Vietnam $232.65 million, mainly raw materials (94.75%), such as cashew nuts, wood and raw materials, etc. and imported from Vietnam $71.18 million, including ship-types, mobile phones electronics, textiles, tobacco, plastic products, chemicals, machinery and spare parts.

Ambassador of Vietnam to Nigeria Pham Anh Tuan said Nigeria is Africa’s largest country, with a population of over 186 million and a GDP of $ 405 billion, therefore calling on Vietnamese businessmen to increase their business and invest in this market.

“Nigeria has a great demand for farm products such as machinery, fertilizers and pesticides. The Nigerian market is not too restrictive to imports for these kinds of production and consumption. These goods are strong on production in Vietnam”, he added.

On the Nigerian side, Ambassador of Nigeria to Vietnam, Francis Efeduma, said Nigeria is a country that exports commodities such as cashew nuts, wood and cotton among others, adding that these are raw materials, which are essential for Vietnam’s production, processing and re-export.

He expressed optimism that Vietnamese and Nigerian enterprises would understand each other and contribute to boosting the trade of the two countries after the trade visit.

The Nigerian Ambassador also urged Vietnamese enterprises to cooperate in the production and processing of agricultural products in Nigeria through value-addition.

Speaking at the forum, Dr. Doan Duy Khuong, Vice chairman of the VCCI, said that the Nigeria-Vietnam Trade and Investment Forum would contribute positively to boosting trade and investment, while affirming the VCCI’s commitment to supporting the two countries’ enterprises to develop long-term cooperation.