According to the Ministry of
Industry and Trade’s Department of Asia-Africa (the Middle East - Africa Zone),
Africa is a market with high export demand and
less strict requirements, giving it potential.
Vietnam has so far established ties with 53
out of 55 African countries and two-way trade has surged considerably over the
past decade.
Vietnam’s exports to Africa
soared from 610 million USD in 2006 while Africa’s
imports neared 480 billion USD. Photo for illustration: baodauthau.vn
Vietnam’s exports to Africa
soared from 610 million USD in 2006 to 3.2 billion USD in 2015 and 2.8 billion
USD in 2016.
Last year, Africa’s
imports neared 480 billion USD which is forecast to increase to about 1.2
trillion USD by 2020. In the Middle East, the
figure was estimated at roughly 807 billion USD in 2016 and estimated at 1.5
trillion USD by 2020.
Lying in a strategic geographical
location, the Middle East borders Asia, Europe and Africa, with Dubai being the world’s
third largest transit market.
South African Ambassador to Vietnam
Kgomotso Ruth Magau said Africa imports
made-in-Vietnam goods such as rice, coffee, pepper, cashew nuts, footwear,
apparel, household electric appliances, plastics, electronics, handicrafts and
aquatic products.
The event affords both sides a
chance to facilitate information sharing and technological transfer, she said.
Ly Quoc Thinh from the Department of
Asia-Africa Market said the Middle East is
home to 15 countries, huge oil reserves and mineral resources. Due to poor
weather conditions, the Middle East’s
agriculture, fisheries and consumer goods production are underdeveloped so the
region must rely on imports.
However, Vietnamese exporters still
face obstacles regarding competition with regional rivals, financial risks,
public security and order, red tape and poor transport links.
Experts suggested reviewing business
strategies and thoroughly learning about regional socio-culture before doing
business in the region.
Source: VNA