With the motto of considering Vietnam as one of the countries with a developing economy, from December 4 - 10, 2017, the Nigerian business delegation, had a […]
With the motto of considering Vietnam as one of the countries with a developing economy, from December 4 - 10, 2017, a delegation of Nigerian businessmen had a survey of the Vietnamese market to find business and investment opportunities in Vietnam.
Under the support of the Vietnam Trade Office in Nigeria, the Nigeria - Vietnam Chamber of Commerce and Industry (abbreviated as NVCCI) and the Vietnam Chamber of Commerce - Industry (VCCI), the Nigerian business delegation came to Vietnam this time, including businesses that want to import goods from Vietnam: waste treatment equipment, environmentally friendly waste treatment machinery; Nigeria's commodity exports: Timber, raw cashew nuts, minerals, petroleum and technology; Looking for investment partners for solutions on farms, agriculture, and agricultural processing technology. Connection service between Vietnamese and Nigerian businesses.
On the first day of arriving in Vietnam, Nigerian businesses attended the "Nigeria - Vietnam Trade and Investment Forum and interacted with Vietnamese businesses". Attending the forum, on the Nigerian side, there were Mr. Oye Akinsemoyin, Chairman of NVCCI, Nigerian Ambassador to Vietnam Francis Efeduma, and 12 businessmen. On the Vietnamese side, there were Mr. Doan Duy Khuong, Vice President of VCCI, Vietnamese Ambassador to Nigeria Pham Anh Tuan; Deputy Director General. Department of Asia - Africa Market (Ministry of Industry and Trade) Ngo Khai Hoan, along with 100 Vietnamese enterprises.
The Presidium of the Vietnam - Nigeria Trade and Investment Forum in Hanoi, December 4, 2017
Speaking at the forum, Mr. Doan Duy Khuong, Vice President of VCCI, said that this Vietnam - Nigeria Trade and Investment Forum will contribute positively to promoting trade, import-export, and investment relations that the Governments of the two countries are very interested in. VCCI affirms that it will always be a bridge to actively support businesses of the two countries to develop long-term cooperation.
Mr. Oye Akinsemoyin, Chairman of NVCCI, called for cooperation between VCCI and NVCCI, as a basis for supporting private sector enterprises. The NVCCI Chairman said that Nigeria needs to shift from exporting raw products to processed and semi-finished products. However, Vietnam continues to need to import raw materials to serve domestic production. Mr. Oye Akinsemoyin said that for growth in trade, industry and investment, the two governments need to reform issues such as immigration and visas, solve evils caused by fraudulent activities, and difficulties in transactions and payments through banks.
Speaking at the forum, Vietnamese Ambassador to Nigeria Pham Anh Tuan said Nigeria is the largest country in Africa, in terms of population size of over 186 million people, and GDP reaching 393 billion USD. The Ambassador called on Vietnamese businesses to increase business and investment in this market. Nigeria currently has a huge demand for products to serve agricultural production such as machinery, agricultural supplies, fertilizers, and pesticides. The Nigerian market is not too strict on imported products to serve production and consumer needs. These are the types of goods that Vietnamese businesses have strengths in.
Nigerian Ambassador to Vietnam Francis Efeduma further emphasized that Nigeria is an exporter of products such as raw cashew nuts, wood and cotton, etc. These are raw materials that are essential for Vietnam to produce, process and re-export. He hopes that after this Forum, Vietnamese and Nigerian businesses will understand each other and contribute to promoting trade growth between the two countries. The Nigerian Ambassador also proposed that Vietnamese businesses cooperate in producing and processing agricultural products in Nigeria, contributing to increasing the value of Nigerian products and benefiting both sides.
Representative of the Asia-Africa Market Department (Ministry of Industry and Trade), gave a presentation introducing Nigerian businesses about "Business, investment and tourism opportunities with Vietnam". The Asia-Africa Department, Ministry of Industry and Trade of Vietnam has provided statistics on Nigeria-Vietnam trade, two-way trade turnover in 2016 reached over 300 million USD. Vietnam's main export products to Nigeria include agricultural products, fashion, garments, pharmaceuticals, computer accessories, etc. Nigeria exports to Vietnam mainly raw materials including: raw cashew nuts, wood, cotton fiber, etc.
Vietnam - Nigeria business contact
At the business meeting between the two sides that took place on the same day, Vietnamese businesses had the opportunity to meet and discuss directly with Nigerian partners. Many Vietnamese businesses confirmed import and export items and areas of cooperation for the Nigerian side. The two sides have many other cooperation potentials in the fields of agriculture, agricultural product processing, garment processing, footwear, mining, construction materials production, etc.
During his time in Vietnam, the President of NVCCI and Nigerian businesses worked with the Ministry of Industry and Trade. Receiving the delegation at the Ministry of Industry and Trade, Mr. Ngo Khai Hoan, Deputy Director of the Asia Africa Department, provided more information and resolved some obstacles in trade and investment relations for Nigerian businesses. The President of NVCCI and representatives of the Asia-Africa Department, Ministry of Industry and Trade, agreed that in the coming time, the two sides need to exchange more delegations at different levels to each country. At the meeting with the Ministry of Agriculture and Rural Development of Vietnam, Mr. Pham Van Dien, Deputy Director, Department of International Cooperation, said that Vietnam will consider responding to Nigeria's request on cooperation in the field of agriculture. The Nigerian business delegation had a visit to DOA headquartersGlobal South Enterprise - Bac Ninh (a business doing business in Nigeria), surveyed wooden furniture manufacturing villages, and visited product display booths in Bac Ninh.
Signing of MOU between Nigeria-Vietnam Chamber of Commerce and Industry and Investment Trade Promotion Center (ITPC), Ho Chi Minh City
During the survey trip in Ho Chi Minh City, the Nigerian business delegation attended the opening of the Fair and visited the exhibition booths, VIETNAM EXPO, organized by VINEXAD Company (Ministry of Industry and Trade). Visit and work with Vietnam Trade and Investment Promotion Center (ITPC). Nigerian businesses have met and interacted with Vietnamese businesses, exchanging information on import and export of agricultural products and packaging in Vietnam; Working with the Vietnam Cashew Association and visiting Hiep Phuoc Industrial Park.
List of Nigerian business groups, items that need to be imported and exported and investment cooperation with Vietnam, please download here
Procedures
