Text of address by Prince Adetokunbo Kayode, CON., SAN, President of Abuja Chamber of Commerce and Industry (ACCI) at the Nigeria-Vietnam Trade and Investment Summit held at Transcorp Hilton Hotel Abuja on Wednesday, 30th October, 2019.
I am delighted to welcome you to the Nigeria-Vietnam Trade and Investment Summit. This event is another efforts aimed at expanding the already existing trade relations and friendship with the good people of Vietnam.
Nigeria established diplomatic ties with Vietnam in 1976 and in 2005, we signed the Agreement on Economic, Commercial, Cultural, Scientific and Technological Co-operation with Vietnam.
In December 2006, the Vietnamese Deputy Minister of Trade Do Nhu Dinh visited Nigeria in the framework of a trade promotion program.
From December 10-12, 2006, Deputy Foreign Minister Vu Dzung visited Nigeria to boost the bilateral relations, especially in the fields of oil and gas, agriculture and aqua-culture.
We can safely say that trade and economic activities is picking up between he two countries.
As at 2017, the trade volume between the countries was about $303.83 million. Nigeria export to Vietnam was about $232.65 million. The export is mainly raw materials especially cashew nuts. On the other hand we imported from Vietnam goods worth $71.18million. This was mainly mobile phones, electronics, textiles, plastic, chemicals, machinery parts.
So today, Nigeria and Vietnam must devise more areas of economic cooperation in important sectors like oil and gas, maritime, mining, construction, power, agriculture, cement, transportation, engineering, telecommunications and education. This is in order to add maximal value to our economies on a win-win basis and to ensure mutual prosperity.
In my previous meetings with Ambassador, Pharm Ahn Tuan and business delegation in 2017 and 2018 respectively, I have suggested joint projects, establishment of economic zones for Nigeria/Vietnamese companies in Nigeria.
We want Nigeria Vietnamese industrial Parks all over Nigeria.
ACCI with the OPS, is ready and prepared to partner with the investors in all the identified sectors.
We have identified Critical sectors like: wood processing, footwear; Cashew farming/processing; Cotton farming/processing; Cocoa farming/processing; Textile mills; Garment industries; Motor/tricycle manufacturing and assembly; Trucks assembly ; tourism, culture, manufacturing, equipment, agriculture, solar energy, handcrafts.
We want to import equipment from Vietnam. We also want Vietnamese products to come in CKDs. Nigeria Vietnamese joint ventures can be set up to assemble these products. This will create a win-win situation for all.
You are already familiar with our laws and regulations relating to foreign investments. Nigeria has very favourable investment rules and tax regimes better than any in Africa.
On that note, I wish to heartily welcome and wish you all fruitful discussions and engagement.
Thank you and best wishes.
Prince Adetokunbo Kayode, CON., SAN