Morocco has become a new potential market for Vietnam as bilateraltrade between the two countries reached 156.3 million USD last year,with the annual growth rate pegged at 54 percent.
During the yearof 2014, Vietnam's exports to Morocco posted a 48 percent year-on-yeargrowth to 148 million USD. Morocco is one of the 10 largest Africanimporters to Vietnam.
The country mainly ships telephones andcomponents, coffee, seafood, computers, electronics and components,garments, fibre, footwear, fishing nets, chemicals and pepper toMorocco.
Its imports remain modest, reaching just8.7 million USD, resulting in a trade surplus of 139.3 million USD. Theimported products from Morocco are computers, pharmaceuticals, DAPfertiliser, and raw material for the garment and footwear industry.
Deputy Minister of Trade and Industry, Tran Tuan Anh, said Morocco hasan important geographical location as a gateway for Vietnamesebusinesses to penetrate into the North African market.
In addition, Vietnam and Morocco have a similar open market. Moroccohas cut tax tariffs under its commitments to the World TradeOrganization, as well signed several bilateral and multilateral FreeTrade Agreement including with the European Union and the United States.
Anh said the ministry will update local businesseswith market information, carry out more advertising campaigns in thecountry and formulate a development plan through 2020.
The ministry will also assist businesses in setting up subsidiariesand rice storage warehouses in key markets, such as Cameroon, Angola,and Mozambique, he added.
Zahra Maafiri, GeneralDirector of the Moroccan Centre for Export Promotion, said the countryhas a modern infrastructure, transport and banking system, which wouldfacilitate Vietnamese enterprises' import and export activities.
Vietnamese goods have drawn the attention of the Moroccan people, shesaid, adding that Morocco will give priority to three main sectors offood and foodstuffs, leather shoes and information and technology.
However, businesses still have to overcome numerous hurdles,such as the considerable geographic distance, a lack of marketinformation, and differences in business customs, and languages.-VNA
