Vietnam, Guinea Bissau Sign Trade Agreement
A Memorandum of Understanding (MoU) on trade and industry cooperation between Vietnam and Guinea Bissau was signed on December 6 in Hanoi.
It was inked by Vietnamese Deputy Minister of Industry and Trade Ho Thi Kim Thoa and Guinea Bissau’s Secretary of State Ibraima Djaló.
After establishing diplomatic relations on September 30, 1973, the two nations signed an Agreement on culture, economics, science-technology and trade cooperation in 1994.
Vietnam mainly exports rice and cement and imports cashew, iron and steel from Guinea Bissau.
In the first nine months of 2013, Vietnam earned US$8 million from export to Guinea Bissau, doubling the 2012 figure.
The nation’s import from Guinea Bissau was worth US$34.2 million.
The MoU is expected to increase cooperation in trade and industry, in particular, and bilateral ties, in general.
At the talks held between the two leaders, the two sides discussed measures to complete a legal framework to create favorable conditions for their businesses and accelerate trade activities.
Vietnamese
