The Embassy of Vietnam and the Nigeria-Vietnam Economic, Trade, and Cultural Association (NVETCA) are poised to elevate bilateral trade relations through a high-level roundtable business meeting. Set to take place soon, this initiative aims to deepen economic ties between the two nations, focusing on vital sectors such as agriculture, manufacturing, and technology.
Co-hosted by Vietnamese Ambassador H.E. Bui Quoc Hung and NVETCA Chairman Sani Bako, the meeting seeks to explore new avenues for trade collaboration. A statement from NVETCA emphasized the urgent need for both countries to harness their respective strengths for mutual benefit. Wale Akintade, Group Director of Strategic Communications and Marketing at NVETCA, remarked, “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 potential for growth.”
This roundtable presents a significant opportunity for Nigeria and Vietnam to align their economic goals. With Nigeria’s rich resources in oil and gas, coupled with its agricultural and manufacturing capabilities, there is immense potential for collaboration. “Vietnam’s expertise in technology, textiles, and electronics can complement Nigeria’s strengths, helping both nations expand their global market reach,” Akintade added.
Key areas of focus will include agricultural trade, with Nigeria poised to export products like cashews and cocoa while importing machinery and technology from Vietnam. Additionally, both countries aim to facilitate the exchange of agricultural experts to enhance local production and processing.
Energy cooperation will also be a highlight, as Nigeria’s oil and gas reserves can benefit from Vietnam’s experience in renewable energy, addressing Nigeria’s ongoing energy crisis. In the realm of infrastructure development and the digital economy, particularly within Nigeria’s burgeoning fintech industry, NVETCA anticipates valuable insights from Vietnam’s tech expertise.
The event is expected to attract federal and state government officials, business chambers, and entrepreneurs, all eager to explore the potential of this collaboration. NVETCA’s mission is to promote and enhance economic and cultural relations between Nigeria and Vietnam, unlocking the innovative potential of both nations and fostering a robust partnership that can withstand global economic challenges.
