The Vietnamese Ministry of Industry and Trade has recently passed an action plan to accelerate economic and trade ties with African states during the 2008-2010 period, the state-run Vietnam News Agency said.
The government has also chosen Africa as the key market for boosting economic and trade relations this year.
Under the newly-approved plan, Vietnam will boost exports that possess the potential for further development, such as farm produce, rice and foodstuffs, as well as boosting two-way trade to reduce shipping costs and raise their competitiveness.
The action plan also focuses on fostering the implementation of the inked oil and gas projects in African countries and diversifying the influx of oil and gas in line with the country’s energy security strategy.
Moreover, it aims to increase trade promotion activities, particularly an increased presence at trade exhibitions and fairs, hosting fact-finding tours and publicizing measures to assist local enterprises.
Vietnam targets to raise bilateral trade with Africa to US$2.5 billion in 2009 and US$3 billion in 2010, including the country’s export value of US$1.6 billion and US$1.8 billion, respectively.
In 2008, Vietnam exported US$1.33 billion worth of goods to Africa and imported US$756 million, up 95 per cent on-year.
The country now exports products to all 53 African countries with its key markets of South Africa, Egypt, Algeria and Angola.
Rice, electronics, plastics, woodwork products, motorbike and components, vegetables and fruits are among Vietnam’s key exports to Africa. Meanwhile, it imports steel, iron, raw cashew nut, cotton, wood, fertilizer, tobacco materials, petroleum products, chemicals and animal feed from Africa.
Vietnam has so far established diplomatic relations with 48 out of 53 African countries, opened seven diplomatic representative offices in Egypt, Libya, Angola, South Africa, Tanzania, Morocco and Nigeria, and five trade offices in Egypt, Algeria, South Africa, Morocco and Nigeria. (Vietnam & World Economy, MoIT)
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