Vietnam-Africa co-operation needs trust

Both Africa and Vietnam have their own strengths. Vietnamese and African goods are different, both sides find it easy to exchange with each other.

The second Vietnam-Africa International Conference will open in Hanoi on August 17-19, providing opportunities for both sides to boost co-operation and make breakthroughs in the Vietnam-Africa trade relations.

VOV correspondent in Egypt interviewed Dang Ngoc Quang, Vietnam’s trade counselor in Egypt and Sudan – the two biggest African markets.

VOV: Could you tell us about Africa’s role, position and potential for expanding economic co-operation between Vietnam and the continent?

Mr Quang: Africa is considered a “sleeping lion” which has abundant unexploited natural resources, minerals and land. Its population is crowded and is growing rapidly but its capacity for agricultural and industrial production is weak.

Vietnam’s policy is to integrate into the world to expand markets and raise export values so it should not neglect Africa. Vietnam is able to boost co-operation with Africa rapidly and sustainably through fully exploiting the strength of Vietnam and African countries.

Fields for co-operation include industry, agriculture, oil, gas, trade, investment, and labour. It is feasible to double or triple exports Vietnam’s current US$3 billion export turnover to Africa.

VOV: In recent years, Vietnam has adopted several guidelines, policies and action programmes, concerning Africa, but co-operative results are still far from expected. What are the main reasons for this?

Mr Quang: There is no denying that compared to China, India, the EU and other ASEAN countries, our investment in finance and human resources is very limited. We are drafting a co-operative strategy with Africa but whether it is appropriate and feasible remains an open question.

In fact, Vietnam has not yet made proper investment in exploiting the African market. As it has no specific policy put in place, most Vietnamese businesses are hesitant to penetrate the market for lack of experience. In addition, African countries have not signed any agreements to create a full open legal corridor for Vietnamese businesses to operate there.

VOV: The second seminar of the conference will provide opportunities for both sides to devise measures to make a breakthrough in co-operation. As a participant, what specific policies and actions should Vietnam and African countries come up with to fulfill the task?

Mr Quang: Both sides should grasp this opportunity to discuss and devise effective measures to iron out snags as seen, for instance, in the methods of payment. Business risks are common but if they are not dealt with properly, bilateral trade ties will no be strengthened.

The conference will help both sides realise the need to sign agreements and exchange information and transactions. Businesses will have the chance to meet and find partners, even to sign some contracts.

VOV: Thank you very much.

Tags: Vietnam Africa trade