Nigeria-Vietnam round table business meeting to bolster trade, economic relations

The Embassy of the Socialist Republic of Vietnam, in partnership with the Nigeria-Vietnam Economic, Trade, and Cultural Association (NVETCA), will host a high-level Round Table Business Meeting on October 30, 2024, in Abuja. This initiative aims to strengthen bilateral trade and deepen economic ties between Nigeria and Vietnam.

Co-hosted by the Vietnamese Ambassador, H.E. Bui Quoc Hung, and NVETCA Chairman, Ambassador Sani Bako (MFR, mni), the meeting will focus on expanding cooperation in key areas, including agriculture, food processing, import and export, manufacturing, infrastructure, and information technology.

According to Wale Akintade, NVETCA’s Director of Strategic Communications and Marketing, the gathering offers an important platform for economic growth and collaboration. “Both countries need to harness their potential to find mutually beneficial avenues for trade and cooperation,” Akintade said. “Since the establishment of diplomatic relations in 1976, trade has largely focused on a few sectors, despite vast untapped opportunities.”

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The round table will explore avenues for Nigeria’s agricultural exports, such as cashews and cocoa, to reach Vietnam, while Vietnam could provide machinery, technology, and expertise to boost local agricultural productivity in Nigeria. In the energy sector, Nigeria’s oil and gas resources could be complemented by Vietnam’s renewable energy capabilities to address the current energy challenges.

The event will also explore infrastructure development and the digital economy, with particular interest in leveraging Nigeria’s growing fintech industry through insights from Vietnam’s thriving tech sector. “By capitalizing on each other’s strengths, both countries have the potential to unlock new markets, create jobs, and foster sustainable economic growth,” Akintade added.

The meeting will be attended by federal and state government officials, business chambers, interest groups, and business leaders, reinforcing NVETCA’s mission to foster economic and cultural ties between Nigeria and Vietnam for the benefit of both nations.