Ambassador Hung says Vietnam ready for expanded trade, investment with Nigeria
…highlights potential for enhanced trade for Nigerian investors
By Onome Amuge.
In an effort to strengthen economic ties and investment opportunities between Nigeria and Vietnam, Bui Quoc Hung, the Vietnamese Ambassador to Nigeria, has committed to enhancing trade relations and investment opportunities through innovative and practical measures to spur large-scale economic growth.
Hung, during a keynote address presented at the Nigeria-Vietnam Business Investment Forum held recently in Lagos, commended Nigeria’s economic diversification and reforms to the macroeconomic environment.
The ambassador underscored the potential for cooperation in areas such as agriculture, infrastructure development, and digital transformation, and called for increased trade and investment to foster mutual growth and development.
He also highlighted the potential for further cooperation in the areas of agribusiness, solid minerals, and tourism, and emphasised that this would create opportunities for more foreign investment, joint venture partnerships, and job creation across various sectors of Nigeria’s economy.
To encourage Nigerian businesses to invest in Vietnam, the ambassador reassured investors of the country’s safety and stability for FDI and highlighted the many business opportunities available in Vietnam.
Hung also noted that Vietnam’s investment climate is friendly, highlighting the recent addition of new and easier-to-use e-visas, which offer 30-day or 90-day validity depending on the purpose of travel, making it easier for Nigerians to visit Vietnam. This, the ambassador said, will boost trade relations between the two countries.
The ambassador also highlighted the potential for increased trade in rice and raw cashew nuts, areas in which Vietnam has a competitive advantage.
He stated further, “Vietnam is your partner in trade and investment.We are good in agriculture and we export a lot. So we want to help our brothers here in Nigeria.
“We want our farmers to come here and collaborate with Nigeria to grow the agric sector for food security. We grow things like rice, cashew nuts and others.
“Nigeria has vast land and people who are hard working so we can team up to improve the agric sector.”
The ambassador noted that Vietnam’s business environment has improved, with bilateral trade between Nigeria and Vietnam increasing steadily over the years, reaching half a billion US dollars in recent figures.
Hung was optimistic about expanding business cooperation with Nigeria, citing a Vietnamese automobile manufacturer’s interest in entering the Nigerian market for electric vehicles. He hoped for less bureaucracy and more efficiency in government transactions in Nigeria, as is the case in Vietnam.
Also speaking at the event, Oye Akinsemoyin, president of the Nigeria-Vietnam Chamber of Commerce and Industry (NVCCI), recalled that the former Nigerian Vice President, Yemi Osinbajo, paid an official visit to Hanoi, Vietnam, in December 2022, during which the two countries signed a Defence Cooperation Pact.
Akinsemoyin also mentioned that in June 2023, Nigeria and Vietnam completed the Reciprocal Bilateral Investment Promotion and Protection Agreement (IPPA) and the Avoidance of Double Taxation Agreement.
The NVCCI president noted that the completion of the IPPA paved the way for the investment visit by Richy Group JSC, a major confectionery company based in Hanoi, Vietnam, which made a stop at the LCCI as part of its tour in June. This visit, he explained, is an example of how the IPPA is facilitating increased cooperation and investment between Nigeria and Vietnam.
“The Richy Group JSC are at the present working with NVCC on the possibilities of signing MOU for establishing investment with Nigeria in trading, and distribution of their confectionery items in Nigeria,” he stated.
Regarding the challenges of contact and protocols with the Vietnamese trade office, Akinsemoyin suggested that, with the ambassador’s permission, a digital approach could be adopted for interactions, such as making trade enquiries and using Zoom as a real-time tool to connect with business partners in Vietnam. This approach, he noted, would address the challenges of long physical distance, travel costs, and travel time between the Vietnamese trade office and Nigerian businesses, as well as the long distance between Nigeria and Vietnam.
Akinsemoyin said the digital approach, which is already being used by the NVCCI office, is an effective way to interact with the public and generate business partnerships through regular Zoom business meetings. He added that this approach connects the two sides for conducting business and establishing collaborations, despite the physical distance between them.
Also speaking at the event,Chi Mai Nguyen, commercial counselor, Vietnam Trade Office,provided information and enlightened participants, including Nigerian businesses and enterprises, on how to do business with Vietnam.
It was also mentioned that preparations are underway for a Nigerian delegation to attend the Saigon VIETEXPO in early December 2023. This is an important event that will bring together businesses and organizations from both countries, providing opportunities for networking, knowledge sharing, and collaboration.
Standing L-R, Chi Mai Nguyen, commercial counselor, Vietnam Trade Office, Lagos; Michael Olawale-Cole, president, Lagos Chamber of Commerce and Industry (LCCI), Bui Quoc Hung, Ambassador extraordinary and plenipotentiary of SR of Vietnam to the Federal Republic of Nigeria concurrently accredited to Sierra Leone, Ghana, Togo, Cameroon, Chad and Liberia; Oye Akinsemoyin,president, Nigeria-Vietnam Chamber of Commerce and Industry (NVCCI)