Enhancing Cooperation Opportunities with Ghana Businesses

Speaking at the meeting, Dr Khuong affirmed that Ghana is an important market of Vietnam in Africa in general and in West Africa in particular.

 

Bilateral trade value between Vietnam and Ghana has kept rising in the past years, with a surplus for Vietnam. According to trade statistics, the two-way trade turnover reached US$250 million in 2014 and US$120 million in the first six months of 2015.

 

Vietnam’s key exports to Ghana include rice, toothpaste, iron and steel, computers, electronic devices and components, apparel, motorcycles and components, confectionery, and cereal products. Rice is the biggest export.

 

Currently, Vietnam is the largest rice exporter to Ghana, holding 46 percent of the market share. In 2014, Vietnam earned US$177.86 million from rice exports to Ghana, down slightly, 2.6 percent, from 2013. Thailand and the United States follow steps with 22 percent and 18 percent of market shares, respectively. Besides, Ghana imports rice from China, Pakistan, India and South Korea. Vietnam’s rice shipments to the African nation are expected to rise in the coming time as Ghanaians, particularly city dwellers, are very keen on fragrant rice from Thailand and Vietnam.

 

Meanwhile, Vietnam’s main imports from Ghana are cashew nuts, scrap metal, wood products, cotton and seafood.

 

Mr Michael Ntim Addo said 400 members of Ghana - Vietnam Commerce Chamber are currently doing business in Vietnam, mainly engaged in cashew nut, woodwork, rice and coffee export. Besides, many big Ghanaian firms in China have expressed the desire to shift their investments to Vietnam.

 

Remarking on business opportunities with Vietnam, he affirmed that Ghana is a big cashew grower in Africa. Cashew nut processing industry in Ghana is developing as the global demand for product is on the rise. Ghana is willing to cooperate with Vietnam in this field. Besides, Ghana hopes Vietnam will transfer agricultural experience (rice growing techniques and specialists, steady rice supply) and medical experiences (malaria prevention, grassroots healthcare network development and traditional medicine development).

 

Besides, with its favourable geographical position, Ghana will be a very potential market for Vietnamese businesses not only to sell its products here, but also bring to surrounding markets like Bukina Faso and Togo. However, for the time being, only a few Vietnamese companies directly export to Ghana, most rely on intermediaries. Thus, the two sides should promote delegation exchanges, market researches and surveys to understand each other and increase investment cooperation opportunities between the two countries.

VCCI Vice President Doan Duy Khuong added that, with its representative functions and roles for the Vietnamese business community, VCCI hosted the Vietnam - Africa - Middle East Business Forum. The forum achieved remarkable results, which were highly appreciated by the business community. Vietnam’s exports to this market have secured strong position in the hearts of African consumers, particularly rice. The forum helped speed up and strengthen Vietnam - Africa - Middle East economic and commercial ties in general and Vietnam - Ghana in particular. This is also an effective information channel for enterprises and investors of the two countries.