There is great potential for co-operation in many sectors includingagriculture produce processing and garment and textiles between Vietnamand Burkina Faso, delegates said at a business forum in Ho Chi Minh Cityon November 6.
Attending the forum were governmentofficials, representatives of many local firms and a delegation of 15Burkina Faso enterprises seeking business opportunities in Vietnam.
Do Huu Huy, deputy head of the Africa and Southwest Asia MarketDepartment under the Ministry of Industry and Trade, said that sinceestablishing diplomatic ties in 1973, the two countries had signedco-operation agreements in various sectors.
However, bilateral trade remains modest compared to the potential, andaccounts for a very small part of the total trade turnover of 2 billionUSD a year between Vietnam and African countries, he said.
He said bilateral trade turnover reached 18.3 million USD last yearand 13.5 million USD in the first half of the year, with Burkina Fasoenjoying a trade surplus. In the first haft of the year, Vietnam spent9.7 million USD on importing goods, mainly cotton and cashew, fromBurkina Faso.
Zourougi Gnessa Bernard, Deputy Ministerof Industry, Commerce and Artisans of Burkina Faso, also noted that theAfrican nation exports raw cashew nut and cotton to Vietnam and importsagricultural produce, plastic, pharmaceutical products, garment andtextiles, footwear and goods from the country.
Anotherministry official, Sibiri Sanou, said Burkina Faso has drawn out a planto industrialise its production sector to add more value to exportproducts. Other areas with investment potential for Vietnamese firmsinclude processing of sesame, cashew nuts and fruit and vegetables; aswell as gold and manganese mining, he said.
Thetwo countries have signed a memorandum of understanding on trade andindustry cooperation in an effort to boost bilateral trade ties.Vietnamese Deputy Minister of Industry and Trade Le Duong Quang andDeputy Minister of Industry, Commerce and Artisans of Burkina FasoZourougi Gnessa Bernard signed the MoU in Hanoi on November 4.
During their talks, both sides discussed strengthening trade relationsby finalising regulatory frameworks, signing cooperative economic,trade and industry agreements, creating the conditions necessary fortheir businesses to prosper, and expanding visit exchanges in theinterests of advancing mutual understanding.
Authorities of both countries should keep each other up to dateregarding business and investment opportunities, internationalexhibitions and fairs, and reputable import-export companies. The MekongRiver Sub-Region’s Francophone framework can be used to foster tradeexchanges with West and Central Africa and expand cooperation ininvestment and telecommunication services.-VNA
Attending the forum were governmentofficials, representatives of many local firms and a delegation of 15Burkina Faso enterprises seeking business opportunities in Vietnam.
Do Huu Huy, deputy head of the Africa and Southwest Asia MarketDepartment under the Ministry of Industry and Trade, said that sinceestablishing diplomatic ties in 1973, the two countries had signedco-operation agreements in various sectors.
However, bilateral trade remains modest compared to the potential, andaccounts for a very small part of the total trade turnover of 2 billionUSD a year between Vietnam and African countries, he said.
He said bilateral trade turnover reached 18.3 million USD last yearand 13.5 million USD in the first half of the year, with Burkina Fasoenjoying a trade surplus. In the first haft of the year, Vietnam spent9.7 million USD on importing goods, mainly cotton and cashew, fromBurkina Faso.
Zourougi Gnessa Bernard, Deputy Ministerof Industry, Commerce and Artisans of Burkina Faso, also noted that theAfrican nation exports raw cashew nut and cotton to Vietnam and importsagricultural produce, plastic, pharmaceutical products, garment andtextiles, footwear and goods from the country.
Anotherministry official, Sibiri Sanou, said Burkina Faso has drawn out a planto industrialise its production sector to add more value to exportproducts. Other areas with investment potential for Vietnamese firmsinclude processing of sesame, cashew nuts and fruit and vegetables; aswell as gold and manganese mining, he said.
Thetwo countries have signed a memorandum of understanding on trade andindustry cooperation in an effort to boost bilateral trade ties.Vietnamese Deputy Minister of Industry and Trade Le Duong Quang andDeputy Minister of Industry, Commerce and Artisans of Burkina FasoZourougi Gnessa Bernard signed the MoU in Hanoi on November 4.
During their talks, both sides discussed strengthening trade relationsby finalising regulatory frameworks, signing cooperative economic,trade and industry agreements, creating the conditions necessary fortheir businesses to prosper, and expanding visit exchanges in theinterests of advancing mutual understanding.
Authorities of both countries should keep each other up to dateregarding business and investment opportunities, internationalexhibitions and fairs, and reputable import-export companies. The MekongRiver Sub-Region’s Francophone framework can be used to foster tradeexchanges with West and Central Africa and expand cooperation ininvestment and telecommunication services.-VNA
