Nigeria-Vietnam business group to hold trade meeting October 30

The Nigeria-Vietnam Economic, Trade and Cultural Association (NVETCA) says it is partnering with the embassy of the Socialist Republic of Vietnam to hold a high-level roundtable business meeting in Abuja on October 30.

The meeting aims to foster bilateral trade and economic relations between the two countries.

According to a statement by Wale Akintade, NVETCA director of strategic communications and marketing, the meeting — which will be co-hosted by Bui Quoc Hung, Vietnamese ambassador to Nigeria, and Sani Bako, the chairman of NVETCA — intends to focus on harnessing more trade areas.

The trade areas, Akintade said, include agriculture, food processing, import and export, manufacturing, infrastructure, and information technology.

“Both countries now more than ever before need to harness their potentials with the view to finding more meaningful and deeper ways of forging mutually beneficial means of trade and collaboration,” he said.

“Since Nigeria established diplomatic relations with Vietnam in 1976, trade has only centered around a few commodities and in a few sectors despite the huge potentials available for trade and economic growth between both countries.

“The business round table presents a fantastic opportunity for economic growth and cooperation. Nigeria’s strengths in oil and gas and huge potentials in agriculture and manufacturing can complement Vietnam’s expertise in technology, textiles, and electronics.”

Akintade said Vietnam’s experience in exporting goods to the United States and China can also help Nigeria widen its global market reach appreciably.

According to the NVETCA spokesperson, the meeting will strengthen key areas such as “agricultural trade, where Nigeria can export cashews, cocoa, and other products to Vietnam, while importing machinery, technology and the exchange of agricultural experts to boost local production and processing of these”.

He said the other areas include energy cooperation where Nigeria’s oil and gas reserves and Vietnam’s expertise in renewable energy can help reduce the present energy crisis in the country.

In addition, Akintade said Nigeria’s growing fintech industry can glean from Vietnam’s experience in its tech industry.

“By leveraging each other’s strengths, both countries can unlock new markets, create jobs, and drive sustainable economic growth,” he said.

Akintade added that some federal and state government officials, as well as business chambers and interest groups across the country, are expected at the event.