Vietnam seeks trade, investment opportunities in Africa via AFIC7

Vietnam seeks trade, investment opportunities in Africa via AFIC7 27/05/2021 17:04:00 708

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Vietnam seeks trade, investment opportunities in Africa via AFIC7

27/05/2021 17:04:00

(VNA) Vietnamese products, including various farm produce, were on display at the 7th African Investment and Trade Forum (AFIC7) held in the Algerian capital city of Algiers on May 24 - 25.

The event, via both video teleconference (VTC) and in-person form, was organized under the patronage of Algerian President Abdelmadjid Tebboune. The Vietnamese delegation to the forum was led by Ambassador Nguyen Thanh Vinh.

The forum featured an exhibition, seminars and business-to-business meetings in the fields of food industry, agriculture, technology, tourism, services, renewable energy, and others.

The Embassy and Trade Office of Vietnam in Algeria set up a booth, among a total of 70, at the event which showcased a number of Vietnamese flagship agricultural products, such as coffee, tea, rice, pepper, milk, “banh trang” (rice paper wrappers) and cassava powder, and materials promoting Vietnam’s culture and tourism.

Around 20 domestic enterprises also joined the event virtually from Vietnam.

Speaking at the forum, Vietnamese Trade Counsellor Hoang Duc Nhuan briefed audience on Vietnam’s economic development; the relations in trade, investment and agriculture between Vietnam and African countries; and the two sides’ potential cooperation in the coming time.

He also announced Vietnam plans to host an international conference on Vietnam-Africa partnership in agriculture at the end of this year via VTC and in-person meetings.

AFIC 7 was attended by numerous international and global organisations, embassies, trade offices, and more than 600 enterprises from 35 countries worldwide who are seeking export and investment opportunities in Africa.

Trade between Vietnam and Africa totalled USD 7.4 billion in 2019, with Vietnam’s shipments worth USD 3.4 billion, an increase of 17 percent from the previous year.

Vietnam’s main export items to Africa include mobile phones and parts, computers and parts, textile and garment, footwear, rice, coffee, pepper, cashew nut and fisheries products. Imports, meanwhile, comprise raw cashew nut, cotton, wood, copper, cattle feed and liquefied natural gas.

Some 20 African countries and territories have poured a total USD 2.35 billion worth of investment into Vietnam, mostly in processing, retailing and wholesaling, lodging services and consultation. Vietnam has invested close to USD 3 billion in 12 African countries in the areas of oil and gas exploration and production, telecommunications, hydropower, and manufacturing of cement and wood, among others.