Vietnam looks for cooperation opportunities in Africa

Organised by the Arab-African Center for Investment and Development (CAAID), the event connects 650 investors, leaders of regional and international organisations, experts, and representatives of commerce chambers from 35 countries. The Vietnamese delegation to the forum is led by Ambassador to Algeria Nguyen Thanh Vinh.

According to Vinh, the embassy’s presence in the event is to meet and discuss with participating businesses and ambassadors about the potential for cooperation and investment in African countries as well as to introduce Vietnamese products.

Trade Counselor in Algeria Hoang Duc Nhuan, meanwhile, said that Vietnam and African countries have a lot of potential for collaboration in trade and investment, in the context of the latter implementing the African Continental Free Trade Area (AfCFTA).

Trade between Vietnam and 55 African countries exceeded 7 billion USD in 2021, with key Vietnamese exports to the region including industrial products, farm produce, and processed goods. Vietnam imported mainly production materials, liquefied petroleum gas, and copper from Africa.

To date, more than 20 African countries have invested about 2.3 billion USD in Vietnam, while Vietnam has poured 3.5 billion USD in Algeria, Cameroon, Angola, Tanzania, and Mozambique, among others.

In addition to attending the forum, the Vietnamese delegation also runs a stall offering Vietnamese products at a fair on the sidelines.