Africa remains a potential market for Vietnam in the post-COVID-19 period : Orishas-finance

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Africa remains a potential market for Vietnam in the post-COVID-19 period

10/07/2020

Source : lecourrier

Categories: General Information

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Africa remains a potential market for Vietnam in the post-COVID-19 period

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Hoàng Duc Nhuân, Vietnam's trade advisor in Algeria, Senegal, Mali, Gambia and Niger, gave the reporter of the Vietnam News Agency an interview on the Trade exchange situation between Vietnam and countries in the Middle East and Africa, in the post-COVID-19 period.

According to the statistics of the Vietnam General Customs Office, in the first five months of the year, turnover at the Vietnam's export to Africa fell by 6.1% year-on-year, except for some basic necessities including rice. For example, for the Senegalese market, Vietnamese rice exports to the country increased by 26 times in volume and 18.3 times in value.

Voltaan enterprises can focus on exporting agricultural and food products such as rice, coffee, pepper, cashew, confectionery and grain products. In addition, African countries also need pharmaceuticals, machinery, auto parts, etc.

According to Hoang Duc Nhuân, as the prices of raw materials such as crude oil, aluminum, cocoa, copper, cotton in the world in general and in Africa in particular are declining, Vietnamese companies can examine the import capacity of these items.

In 2019, trade between Vietnam and Africa reached USD 7.4 billion, including 3.4 billion Vietnamese exports, an increase of 17% compared to 2018. Thus, companies must seek to seize investment opportunities in this market.

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