The Ministry of Industry and Trade recently released an action plan on Vietnam’s economic and commercial ties with African countries for the period of 2008-10 in order to realize the Government’s policy which considers 2009 as the year of relations with Africa.
Vietnam will boost up exports of competitive advantage to African markets, especially agro-products, rice, food, domestic utensils; figure out measures to speed up two-way trade exchanges for lower transport costs; and diversify exports and imports. The country strives to raise its trade volume with Africa to US $2.5 billion at the end of this year.
The signed projects on oil exploration in Algeria, Egypt, Tunisia, Cameroon, the Republic of Congo, Madagascar, and Nigeria will be carried out.
Trade promotion activities will be taken through expos, fairs, market surveys, popularizing market information and policies, and assisting domestic enterprises.
It is necessary to make full use of various preferential conditions given by the US and the EU to African nations to expand trade exchanges.
In the context of the global financial crisis, according to a recent assessment of IMF, Africa is on the best period of economic growth. With the expected GDP growth rate of 4.5% this year, the continent has become a charming destination for outside investors.
Last year, export and import turnover of Vietnam to and from this market were over US $1.33 billion and US $ 756 million respectively.
South Africa, Egypt, Algeria, and Angola are Vietnam’s key trading partners.