Vietnam-Africa Trade to Reach US$5B in Next Years
Trade between Vietnam and Africa is forecast to reach between US$4 billion and US$5 billion in the next years, up from US$2 billion in 2009.
Vietnamese Deputy Minister of Foreign Affairs Doan Xuan Hung said at the two-day second international forum on Vietnam-Africa cooperation concluded in Hanoi August 18.
“Towards Africa” is among important diplomatic policies of Vietnam in the next years as the Southeast Asian country’s exports to traditional markets become more and more difficult because of fierce competition and high requirements, Hung said.
With a population of over one billion, the third biggest continent has high demand for rice, agricultural products, consumer goods, machineries and medicines while it is able to provide Vietnam with oil and gas, timber and minerals, he noted.
During the two-day event, Vietnam signed framework agreements with Togo and Seychelles, and memoranda of understanding with the Chambers of Commerce and Industry of Burkina Faso and Benin.
The Vietnamese Ministry of Industry and Trade has been implementing the thee-year national action program on enhancing Vietnam-Africa economic and trade ties since 2008.
Vietnam targets to raise bilateral trade with Africa to around US$3 billion in 2010, including the country’s export value of US$1.8 billion.
The country has to date exported goods to all 53 African countries with its key markets of South Africa, Egypt, Algeria and Angola. (
www.chinhphu.vn, Youth), Youth)
Vietnamese
