Nigeria’s trade with Vietnam reaches all-time high

The Vietnamese Ambassador to Nigeria, Bui Quoc Hung, said trade between Vietnam and Nigeria reached an all-time high of $1 billion in 2024, making it the first time the trade volume between the two countries exceeded $600 million.

Mr Hung stated this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

He expressed enthusiasm at the historical increase in trade volume, saying, “It’s a very remarkable achievement because, in the past, our trade volume typically ranged between 500 and 600 million dollars and last year, for the first time, it reached one billion dollars.”

The envoy noted the positive relationship enjoyed between Vietnam and Nigeria, Africa’s largest economy, in various fields.

He highlighted areas of trade, indicating that Vietnam exports electronic products, garments, and textiles to Nigeria while importing raw materials, particularly cashew nuts.

Mr Hung acknowledged the enormous opportunities for agricultural cooperation between the two countries, saying that Nigeria’s ongoing challenges with food security and Vietnam’s strengths in agricultural development could work for the mutual benefit of both countries.

“The opportunity for agri-cooperation is huge between our two countries.

READ ALSO: Tinubu to sign four tax bills into law

“Vietnam has a strong economy, particularly in agriculture, which can significantly contributes to addressing Nigeria’s food security challenges,” he said.

The ambassador underscored the importance of fostering cultural exchange between the two countries.

“We need to have more exchanges of delegations and programmes between our specific artist groups or delegations from various countries and in different fields, particularly concerning art and culture,” he added.

He affirmed that the two countries will celebrate the 50th anniversary of diplomatic relations and emphasised the need to capitalise on such momentum to further strengthen cooperation.

(NAN)