Business

VN businesses to penetrate Nigerian market

Vietnam seeks to develop its relationship with Nigeria in economics, trade, industry and investment, a Vietnamese trade official said, considering the country as a large, potential market in Africa and an economic gateway to neighbouring countries in western and central Africa.
Vietnam seeks to develop its relationship with Nigeria in economics,trade, industry and investment, a Vietnamese trade official said,considering the country as a large, potential market in Africa and aneconomic gateway to neighbouring countries in western and centralAfrica.

Addressing the Vietnam-Nigeria BusinessForum in Hanoi on Nov. 28, Deputy Minister of Industry and Trade LeDuong Quang said the ministry has chosen Nigeria – a key Africanmarket of almost 160 million people – to create opportunities forVietnam ’s exports.

Two-way trade between Vietnamand Nigeria in 2010 exceeded 155 million USD, up 56 percent over2009. By the end of October this year, two-way trade exceeded 121million USD.

Vietnam exports mainly garmentproducts, computers and electronic spare parts, automobile components,seafood, chemicals, rice, machines and equipment to Nigeria .

According to the Vietnamese trade office in Nigeria , the Africancountry has a great demand for rice and seafood, and it imports 1.5-1.7million tonnes of rice each year.

Nigerian Minister ofState for Trade and Investment Samuel Ioraer Ortom said his country isthe biggest seafood consumer in Western Africa , using around 1.4million tonnes a year.

According to Tunde Ajisomo,Head of the Diplomatic Delegation of the Nigerian Embassy in Vietnam ,the two governments signed the Trade Agreement 2011 with the aim offacilitating business activities between the two countries.

Hundreds of Nigerian traders arrive in Vietnam each year to seek newpartners, while some of them have established representative offices inHo Chi Minh City . The Nigerian firms see Vietnam as a goodreplacement for Chinese partners.

A number ofVietnamese enterprises have sought investment opportunities in Nigeria. On July 5, 2011 FPT Joint Stock Company of Vietnam signed acooperative agreement with the 21 st Century Technologies of Nigeria,to promote cooperation in telecoms, education and computer equipmentproduction.

Deputy Minister Le Duong Quang suggestedthe two governments create favourable legal frameworks for enterprisesfrom both nations, adding that the two countries should strengthen theexchange of visits at all levels and organise workshops and businessforums in the near future.

Samuel Ioraer Ortomsaid the Nigerian government introduced economic reforms to gain highgrowth, maintain macroeconomic stability and strictly manage tax, inorder to create a favourable environment for foreign investors.

At the event, Nigerian businesses showed interest in Vietnam ’sexport products. They signed a number of business deals for bulbs,batteries, pharmaceutical and farm products, animal feed and plastics./.
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