At the event (Source: Internet) Hanoi (VNA) – A seminar topromote trade and exports to the Middle East and Africa was held in Hanoi onNovember 22.
According to the Ministry of Industry andTrade’s Department of Asia-Africa (the Middle East – Africa Zone), Africa is amarket with high export demand and less strict requirements, giving itpotential.
Vietnam has so far established ties with 53out of 55 African countries and two-way trade has surged considerably over thepast decade.
Vietnam’s exports to Africa soared from 610million USD in 2006 to 3.2 billion USD in 2015 and 2.8 billion USD in 2016.
Last year, Africa’s imports neared 480billion USD which is forecast to increase to about 1.2 trillion USD by 2020. Inthe Middle East, the figure was estimated at roughly 807 billion USD in 2016and estimated at 1.5 trillion USD by 2020.
Lying in a strategic geographical location,the Middle East borders Asia, Europe and Africa, with Dubai being the world’sthird largest transit market.
South African Ambassador to Vietnam KgomotsoRuth Magau said Africa imports made-in-Vietnam goods such as rice, coffee,pepper, cashew nuts, footwear, apparel, household electric appliances, plastics,electronics, handicrafts and aquatic products.
The event affords both sides a chance to facilitateinformation sharing and technological transfer, she said.
Ly Quoc Thinh from the Department ofAsia-Africa Market said the Middle East is home to 15 countries, huge oilreserves and mineral resources. Due to poor weather conditions, the MiddleEast’s agriculture, fisheries and consumer goods production are underdevelopedso the region must rely on imports.
However, Vietnamese exporters still faceobstacles regarding competition with regional rivals, financial risks, publicsecurity and order, red tape and poor transport links.
Experts suggested reviewing business strategiesand thoroughly learning about regional socio-culture before doing business inthe region.-VNA
According to the Ministry of Industry andTrade’s Department of Asia-Africa (the Middle East – Africa Zone), Africa is amarket with high export demand and less strict requirements, giving itpotential.
Vietnam has so far established ties with 53out of 55 African countries and two-way trade has surged considerably over thepast decade.
Vietnam’s exports to Africa soared from 610million USD in 2006 to 3.2 billion USD in 2015 and 2.8 billion USD in 2016.
Last year, Africa’s imports neared 480billion USD which is forecast to increase to about 1.2 trillion USD by 2020. Inthe Middle East, the figure was estimated at roughly 807 billion USD in 2016and estimated at 1.5 trillion USD by 2020.
Lying in a strategic geographical location,the Middle East borders Asia, Europe and Africa, with Dubai being the world’sthird largest transit market.
South African Ambassador to Vietnam KgomotsoRuth Magau said Africa imports made-in-Vietnam goods such as rice, coffee,pepper, cashew nuts, footwear, apparel, household electric appliances, plastics,electronics, handicrafts and aquatic products.
The event affords both sides a chance to facilitateinformation sharing and technological transfer, she said.
Ly Quoc Thinh from the Department ofAsia-Africa Market said the Middle East is home to 15 countries, huge oilreserves and mineral resources. Due to poor weather conditions, the MiddleEast’s agriculture, fisheries and consumer goods production are underdevelopedso the region must rely on imports.
However, Vietnamese exporters still faceobstacles regarding competition with regional rivals, financial risks, publicsecurity and order, red tape and poor transport links.
Experts suggested reviewing business strategiesand thoroughly learning about regional socio-culture before doing business inthe region.-VNA
VNA
