The President of Abuja Chamber of Commerce and Industry (ACCI), Mr. Adetokunbo Kayode, has said that the trade volume between Nigeria and Vietnam has risen to over $400 million as of December 2017.Kayode said during a meeting between ACCI and a delegation from Vietnam led by Pham Anh Tuan, the country’s Ambassador to Nigeria on Thursday in Abuja that bilateral trade between both countries had increased from $50 million in 2001 to over $400 million in 2017.
He explained that Nigeria had been exporting cashew, cocoa and raw materials worth $335 million to Vietnam, while Vietnam exported finished goods such as electronics and cell phones and their accessories worth over $75 million to Nigeria in 2017.
He noted that the Chamber is not satisfied with the export of raw materials to Vietnam and that efforts are in top gear to add value to these raw materials so that they can be converted to finished goods.
“The truth is that Nigeria exports cashew, cocoa and raw materials generally to Vietnam. This is not acceptable to us.
“We want to add value to our raw materials and build our industrial base so that we can export finished goods to Vietnam,” the report by Nigeria’s Independent newspaper quoted Kayode as saying.
On the areas of partnership with Vietnam, Kayode, the former Minister of Justice and Attorney General of the Federation, said that Nigeria would partner with Vietnam in the areas of agro-processing, food packaging, transportation, industrialisation and technological advancement.
In his remarks, Tuan said that Nigeria and Viet Nam enjoyed strong bilateral relations and that Vietnam established diplomatic relations with Nigeria in 1976.
He said that Vietnam with a population of 92 million would deepen the mutually beneficial relationship with Nigeria, particularly in the area of agriculture.
Tuan noted that with the deployment of technology, Nigeria would witness rapid economic growth and development in view of its large population and landmass.