Until now there have been some challenges causing difficulties for Vietnamese enterprises to operate in Africa markets and Francophone countries of the Mekong region.
Africa is capable of providing raw inputs such as cashew nuts, wood, and cotton to Vietnam. It is also seen as potential export market for some Vietnamese agricultural products including rice, pepper, and coffee.
However, trade hasn’t been easy for Vietnamese firms
At the conference on trade promotion and dispute resolution many Vietnamese businesses raised a number of challenges in terms of investment in Central and West Africa.
Legally, 17 African countries currently apply the Harmonization of African Business Law. Vietnam enterprises often apply international laws. Therefore, the lack of legal advisory institutions has caused many difficulties for Vietnamese businesses in this market.
According to the Ministry of Industry and Trade, the ministry will study the possibility of free trade agreement between Vietnam and two economic blocks including West African Economic and Monetary Union and Central African Economic and Monetary Community in the future.
