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  • News
  • News in Vietnam
  • 12 May 2022

Vietnam – Africa promote trade – investment

Ambassador Nguyen Thanh Vinh said that most African countries currently appreciate and believe in the quality of Vietnamese goods in general, so the potential for export development here is quite significant.

At the 8th Africa Trade and Investment Forum, the Vietnamese Ambassador to Algeria introduced to the African business community the achievements of Vietnam in recent years and the strengths and potentials of cooperation between Vietnam and African countries in the coming time.

They officially opened the eighth edition of the African Trade and Investment Forum (AFIC8), taking place in two days, 11-12th May, face-to-face and online at the Sheraton hotel in the capital. Algiers, Algeria.

With the theme “Africa is the future,” this economic event organized by the Center for Arab-Africa Investment and Development (CAAID) aims to connect more than 650 economic actors, including investors, leaders of regional and international organizations, experts, researchers, representatives of chambers of commerce from 35 countries.

In addition to delegates from Africa, this forum also has the participation of executives and representatives of investment institutions from European, Asian, and American countries with interest in the European market. Africa such as Switzerland, France, Spain, China, Russia, Pakistan, Mexico…

In particular, the event was attended by a Vietnamese delegation led by the Vietnamese Ambassador to Algeria, Nguyen Thanh Vinh.

On the Vietnamese side, within the framework of this event, in addition to participating in economic seminars, the Vietnamese Embassy and the Vietnam Trade Office in Algeria and other countries such as Senegal, Mali, Niger, and the Gambia organized a booth at the exhibition event taking place on the sidelines of the conference.

The Vietnam Pavilion displays and introduces many Vietnamese products such as coffee, tea, rice, pepper, milk, rice paper, tapioca flour, electric cables, handicrafts… as well as cultural – travel publications and people from Vietnam to friends from African countries.

The potential and need for cooperation between Vietnam and Africa are enormous.

According to Ambassador Nguyen Thanh Vinh, the attendance of the Vietnamese Embassy in Algeria at this event is an opportunity to meet and discuss with businesses and ambassadors the potential for cooperation and investment in African countries. As well as introduce Vietnamese products and goods through booths at the exhibition.

Also, according to Ambassador Nguyen Thanh Vinh, currently, most African countries have high appreciation and confidence in the quality of Vietnamese goods in general, so the potential for export development here is quite significant.

There are still some difficulties to be solved, such as the geographical distance, and the trade procedures and regulations of these countries are still not developed like other European, American, and Asian markets. 

However, if the business has invested in researching the market carefully and learning, it is also more likely to penetrate the market successfully.

Because most African businesses are units with high import demand, while the continent’s population proliferates, people’s incomes are also increasingly improving, and the need for consumer goods is increasing. Theirs are huge.

The Vietnamese Trade Counselor in Algeria, Hoang Duc Nhuan, said that Vietnam and African countries have much potential for cooperation in trade and investment. In recent years, the trade turnover and the attraction of foreign direct investment between the two sides have grown positively.

Between Vietnam and 55 African countries, trade turnover reached more than 7 billion USD in 2021.

Vietnam’s main export items to Africa include industrial and agricultural products (agricultural products, food, coffee, tea, pepper, seafood) and processed goods.

In contrast, Vietnam imports from Africa the primary raw materials (cotton, cashew, wood), liquefied petroleum gas, and copper, mainly serving the needs of processing, domestic consumption, and export.

So far, 20 African countries have invested in Vietnam with a total investment value of about 2.3 billion USD.

In the opposite direction, Vietnam also invested in many African countries such as Algeria, Cameroon, Angola, Tanzania, and Mozambique with a total capital of 3.5 billion USD, mainly focusing on fields such as oil and gas, telecommunications, processing industries (cashew, wood…).

According to Mr. Hoang Duc Nhuan, participating in this forum helps Vietnam learn and grasp investment and trade opportunities here, especially when African countries are implementing the Agreement. African Continental Free Trade (AfCFTA).

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