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In the bid to deepen bilateral relationship and investment, the Lagos Chamber of Commerce and Industry (LCCI) has urged Vietnam to explore more opportunities in Nigeria as this is the best time to invest.
President of the chamber, Dr Michael Olawale-Cole made the remark at the Nigeria-Vietnam Business forum themed: Vietnamese Market and Business Opportunities for Nigerian Enterprises” organised by the chamber, where he noted that the Federal Government’s reforms were paving way for economic growth.
The forum was put in place to engage Vietnamese and Nigerian businesses to find ways to deepen the existing relationship and provide effective ways for businesses to interact, form partnerships and meet new investors.
At the engagement, Olawale-Cole noted that the importance of he private sector cannot be overstated to develop trade, embrace innovation and open trade flows.
Urging Vietnam to bring in more of its companies into Nigeria to establish factories, the LCCI boss noted that Nigeria’s economy is an important juncture, adding that the federal government has embarked on several reforms including fuel subsidy removal, exchange rate harmonization and tax reforms.
“Though the reforms are tough, they are necessary to overcome the country’s economic challenges and restore macroeconomic stability. ”
Noting that Nigeria and Vietnam share a unique profoundly important bilateral relationship, Olawale-Cole said business and trade between the two countries have seen significant growth in the last decade, with bilateral trade volume rising from US Dollars 280 million in 2014 to about USD 700 million in 2022.. “In fact Nigeria’s trade with Vietnam accounts for almost 10percent of its total trade with Africa, a clear reflection of Nigeria’s position as one of the biggest trading partner with Vietnam and one of the largest economy in the continent.”
He further stated that in 2022, the two countries agreed to strengthen bilateral relationship, particularly in the areas of digital economy, telecommunication, agriculture (especially in cashew nut processing )and trade among others. Today, the countries have a lot of space to strengthen economic,trade and investment cooperation. In fact Nigeria may serve as Vietnam’s entry point to Africa’s large market , leveraging the Africa Continental Free Trade Agreement (AfCFTA). Nigeria will be pleased to deepen these connections and create new opportunities for the two nations.”
On his part, the Ambassador of Vietnam to Nigeria, Mr Bui Quoc Hung, appreciated the chamber for the recognition, noting that the forum was good for better understanding and sharing business ideas.
Hung, who congratulated Nigeria on its position in ECOWAS and Africa also appreciated the diversification of the economy and reformation of the macroeconomic environment.
Wooing Nigerians businesses, he said Vietnam is safe for foreign direct investment FDI and assured that Nigeria has more business opportunities with Vietnam
“Vietnam is you partner in trade and investment.
“We are good in agriculture and we export a lot. So we want to help our brothers here in Nigeria.
“We want our farmers to come here and collaborate with Nigeria to grow the agric sector for food security. We grow things like rice, cashew nuts and others.
“Nigeria has vast land and people who are hard working so we can team up to improve the agric sector.”
On the business environment, he noted that the business environment is better than what it used and was optimistic that things will get better with the new reforms by the present administration “The security situation and the forex issue are some of the challenges in the environment.
“But I believe the new administration is determined through its policy reforms to make things worK out better
