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Trade office, embassy explore chances for Vietnamese firms in Africa

The Trade Office and Embassy of Vietnam in Algeria are attending the ninth African Investment and Commerce Forum (AFIC9) in Algiers on May 16-17 to popularise Vietnamese goods and seek investment and business opportunities for Vietnamese enterprises.
Trade office, embassy explore chances for Vietnamese firms in Africa ảnh 1A booth introducing Vietnamese goods at the ninth African Investment and Commerce Forum (Photo: VNA)
Algiers (VNA) – The TradeOffice and Embassy of Vietnam in Algeria are attending the ninth AfricanInvestment and Commerce Forum (AFIC9) in Algiers on May 16-17 to populariseVietnamese goods and seek investment and business opportunities for Vietnamese enterprises.

AFIC9, held by the Arab-AfricanCentre for Investment and Development (CAAID), aims to connect over 650economic agents, including investors, leaders of regional and internationalorganisations, experts, researchers, and representatives of trade offices of 37countries.

Aside fromjoining workshops on trade and investment in Algeria and Africa, the TradeOffice and Embassy of Vietnam have displayed and introduced a number of Vietnamesecommodities such as coffee, tea, rice, peppercorn, cashew nut, milk, cannedproducts, and handicrafts. Lists of reputable exporters and catalogues havealso been distributed to participants.

Besides, the Trade Office has metwith Algerian and African businesses to learn about their demand and exploreopportunities for business and investment partnerships with Vietnamese firms.

Trade office, embassy explore chances for Vietnamese firms in Africa ảnh 2A workshop of the ninth African Investment and Commerce Forum (Photo: VNA)
Hoang DucNhuan, Trade Counsellor of Vietnam in Algeria, said Vietnam and Africancountries hold much potential for trade and investment cooperation, noting thatbilateral trade and investment have been growing well over the past years.

Trade between Vietnam and Africareached 5.4 billion USD in 2022, including 2.8 billion USD in Vietnam’sexports. The main African trade partners of the Southeast Asian nationinclude Egypt, South Africa, Côte d’Ivoire, Ghana, and Algeria, according tothe General Department of Vietnam Customs.

Last year, Vietnam attracted about2.7 billion USD in investment from Africa with such major investors as Seychelles,Mauritius, and Angola. Meanwhile, it had invested 2.4 billion USD in 17 Africancountries as of February 2022, with the biggest recipients being Algeria,Mozambique, Tanzania, and Burundi.

Nhuan heldthat Algeria and Africa’s promotion of integration, especially via the African Continental Free Trade Area (AfCFTA), is creating numerous chances forVietnamese enterprises.

Companies of Vietnamcan directly invest in some countries with big populations, politicalstability, and abundant material supply so as to capitalise on the AfCFTA to export goods to other African countries, hesuggested.

Despite certaindifficulties related to geographical distance and trade rules, if Vietnameseenterprises thoroughly learn about African markets, they can successfully enterthese markets since most of the African firms have demand for imports to serve the growingpopulation and consumer goods demand in the continent, which can be consideredhighly potential for strong exports of Vietnam, he added./.
VNA
#Embassy of Vietnam in Algeria #African Investment and Commerce Forum #Algeria #Africa #African Continental Free Trade Area #African markets #export to Africa #updated Vietnam news #Vietnamplus #Vietnam News Agency Algeria
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