Nigeria and Vietnam seek to improve ties to encourage foreign direct investment

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Pham Anh Tuan, the Ambassador of the Socialist Republic of Vietnam, said that bilateral ties between Vietnam and Nigeria stood at $433.53 million at the end of 2017. He noted that between 2015 and 2017, trade between the two countries increased at an average annual rate of 36.49 percent to hit $433.53 million in 2017 from $233.18 million in 2015.

The ambassador, who spoke at the Nigeria-Vietnam Trade and Investment Promotion Forum held in Lagos, noted that a strong partnership between Nigeria and Vietnam would further drive more Foreign Direct Investments (FDIs), as Vietnam is always ready to do business with Nigeria.

According to Tuan, “a number of cooperation agreements have been signed to boost socio-economic relations between the governments and entrepreneurs of the two countries, while others are being negotiated”.

He added that “it should be mentioned that the Vietnamese trade balance with Nigeria is surplus in favour of Nigeria. However, Nigeria remains the largest market in Africa and therefore has great demand for a lot of commodities sourced indirectly from Vietnam”.

The ambassador revealed that the trade and investment drive will be designed to boost trade promotion, facilitate the delivery of appropriate technology and systems, and ensure access to affordable input and output market linkages.

Tuan said the partnership will encourage best practices in both development and commerce and stimulate private sector investment. He also noted that the it will enable the two nations address new developments such as change in supply, rising labour costs, as well as encourage the protection of trade and international investment for national interests.

Okechukwu Enelamah, the Minister of Industry, Trade and Investment, who was represented by the Deputy Director of Trade, Aliyu Abubakar said an improved collaboration between the two countries would benefit Nigeria. He said considering the Nigerian government’s diversification agenda to promote non-oil sectors, the partnership will boost the country’s agriculture sector.

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