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Vietnam boosts trade ties with Africa, Middle East

Update: 13-06-2013 | 00:00:00

Le Thai Hoa, Deputy Head of the MoIT’s African, West and South Asian Markets Department, said that annual GDP growth of 5 percent, large reserves of oil and gas and strong demand for importing Vietnamese food, seafood and consumer goods across Africa and the Middle East make these areas a high potential market for Vietnamese businesses.

In 2010, two-way export and import turnover between Vietnam and Africa reached nearly USD2.6 billion, while the figure in 2011 was USD3.5 billion. In the first eight months of 2012, Vietnam’s export turnover to Africa posted USD1.8 billion.

Vietnam’s major commodities exported to the region were rice, rubber, coffee, processed goods and consumer goods, while the country mainly imported plastic material, oil, fertilizer, chemicals, and iron and steel from the African and Middle Eastern markets.

MoIT said that the figures did not reflect the existing potential of the two sides, due to geographic distance as well as cultural and traditional differences. In addition, African and Middle Eastern businesses did not have major projects in Vietnam and contracts of the two sides through the third partner resulted in risks and inflated costs.

In the circumstance, the launching of the Vietnam – Africa – Middle East Business Forum will offer opportunities for businesses to study and enhance cooperation and trade exchange.

During the process of trading with African and Middle Eastern businesses, MoIT noted that besides paying attention to cultural and aesthetic differences, Vietnamese businesses wishing to access the markets should study models, the quality of products and suitable payment methods to avoid unexpected risks./.

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