View of Nigeria-Vietnam trade promotion forum Lagos City, November 5, 2018

Attending the forum at Nigerian side, there are Mr. Mukhtaar Tijani, Representative of Vice President Office of the Federal Republic of Nigeria, Mr. A.M. Babubakar - Deputy Director, Trade Department, Federal Ministry of Industry and Trade of Nigeria (FMITI); Mr. Arc T.C. Awagu - Vice President of Nigeria Association of Chambers of Commerce - Industry, Mines and Agriculture (NACCIMA); Mr. Oye Akinsemoyin - President of the Nigeria-Vietnam Chamber of Commerce and Industry; Representative of the Nigerian Export Promotion Council (NEPC), and nearly 90 businessmen of Nigeria and Vietnam.

Ambassador of Vietnam, Pham Anh TUAN, opening remarks "Vietnam-Nigeria Trade Promotion Forum" Lagos, November 5, 2018.

Speaking at the forum, Ambassador Pham Anh TUAN welcomes the representatives of the Federal Ministry of Industry – Trade and Investment (FMITI), Leaders of Chambers of Commerce and Industry, Associations and the Businessmen of Nigeria and Vietnam attending the forum. Ambassador of Vietnam informs that Vietnam now is one of the countries with the high economic growth rate in the region, GDP growth in 2017 is 6.81%. Before 1986, Vietnam was an underdeveloped, poor and hungry country had to import one million tons of rice per year. As a result of the government's renovation policy, Vietnam is now the world's third largest rice country, export at 5.8 million tons of rice a year (2017).
Regarding the economic relations between Vietnam and Nigeria, Ambassador of Vietnam emphasizes the two sides not only trade promotion, but also create favorable conditions for private sector investment.

Ambassador TUAN hopes that the two countries would exchange useful information and link enterprises and businessmen to boost the trade and investment growth.

Mr. Arc T. C. Awagu – Vice President, NACCIMA with trademark speech Lagos City, 5 November 2018

In response, Mr. Arc T. C. Awagu - Vice President of NACCIMA, appreciates the Embassy of Vietnam in Nigeria for hosting this forum. NACCIMA Vice President also would thank the Vietnam Trade Office in Nigerian proposed NACCIMA to co-organize this forum for promoting trade and investment between the two countries. This is a good opportunity for both sides to gain more information on the trade and economic situation of each country, and exchange direct import-export requirement between businessmen of Vietnam and Nigeria.

On behalf of the Federal Ministry of Industry, Trade and Invest, Federal Republic of Nigeria (FMITI), Mr. A.M. Babubakar, Deputy Director, Trade Department informs that Nigeria is very interested in the Vietnamese market. According to FMITI representative, the GDP average growth rate of Nigeria during 2007 to 2015, was 7% a year, but the current growth rate of DGP is now decreasing. The Nigerian government has made many economic reforms, bringing Nigeria from 169 to 145 economic ranking in the world in 2017. He is expecting that by 2050, Nigeria will be the third most populous country in the world, so it will be big market for Vietnamese businessmen.

Mr. A.M. Babubakar - Deputy Director, Department of Trade Federal Ministry of Industry, Trade and Investment Nigeria (FMITI), welcome speech Lagos, November 5, 2018

Promoting "Doing Business and Investments with Vietnam", Mr. Hoang Tuan VIET, Commercial Counselor, Chief Executive Officer of Vietnam Trade Office in Nigeria introduces the strong sectors of Vietnam, such as agricultural, consumption and industrial products, etc. Vietnam exported 52 main products to Nigeria, such as frozen shrimps, fish (Pangasius), textiles, footwear, batteries, cigarettes, paper, razors, etc. In 2017 Nigeria imported with the value of US$ 63.8 million of merchandise from Vietnam and exported US$ 369.7 million to Vietnam, of which US$ 324 million of raw cashew nut and wood timber, accounting for 87.7% of total export value of Nigeria to Vietnam.

Mr. Hoang Tuan VIET, Commercial Counsellor, Embassy of Vietnam in Nigeria to promote “Doing business and investment with Vietnam” Lagos City, November 5, 2018.

Mentioning about the foreign investment policy in Vietnam, Commercial Counselor Hoang Tuan VIET informs that Vietnam has cheap human resources, with high skills, preferential tax policies to foreign investors. By the end of 2017, there were 125 countries and territories have invested in Vietnam, with 24,748 projects, total registered capital of US$ 318.72 billion. Nigeria has 27 investment projects in Vietnam, with a total registered capital of USD 2.99 million, ranking 86th out of 128 countries and territories investing in Vietnam (Source: Vietnam Foreign Investment Agency, Dec., 12th 2017).

 Nigerian and Vietnamese businessmen with the Embassy of Vietnam & NACCIM at the forum Lagos, Nov., 5th 2018.

During the forum, businessmen of Vietnam and Nigeria have exchanged the demand for import and export of goods. Through this forum, Nigerian businessmen have gained a better understanding of Vietnam's economy and investment, the same situation at Vietnam side, contributing to the economic and trade ties and investment of the two sides.