Minister Proposes Trade Steps with Morocco

Deputy Minister Phan Thi Thang proposed that Vietnam and Morocco continue leveraging the complementary nature of their economies and increasing exports of their key products.

December 03, 2024 | 13:41

	Vietnam Strengthens Traditional Relations with Morocco
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Great Potential for Collaboration

At the invitation of Morocco’s Minister of Industry and Trade, Ryad Mezzour, Vietnam's Deputy Minister of Industry and Trade, Phan Thi Thang, led a delegation from the Ministry of Industry and Trade to work in Morocco and participate in the 2nd Session of the Vietnam-Morocco Subcommittee on Trade and Industry Cooperation. The session took place on November 25, 2024, in Rabat, Morocco.

Deputy Minister Phan Thi Thang Proposes Steps to Enhance Vietnam-Morocco Trade

The 2nd meeting of the Vietnam - Morocco Subcommittee on Trade and Industry Cooperation was held on November 25, 2024 in Rabat, Morocco.

At the session, both sides actively reviewed the state of bilateral trade and industrial cooperation since the 1st Session of the Subcommittee held in June 2022. They assessed the achievements made, addressed mutual concerns, discussed emerging opportunities, and outlined activity plans for the upcoming period.

Between 2022 and 2023, total trade exchange between Vietnam and Morocco reached $235 million annually. In the first nine months of 2024, bilateral trade turnover reached nearly $240 million, marking a 120% increase compared to the same period in 2023. Of this, Vietnam's exports amounted to $218 million, up 25%, while imports stood at $21 million, up 40%. Despite this growth, bilateral trade has not fully realized its potential and has yet to meet the $500 million target set during the 1st Session of the Subcommittee.

In the fields of industry and energy, despite guidance and encouragement from both governments, businesses have not seized specific collaboration opportunities, and no cooperative projects have been initiated.

Speaking at the session on behalf of Minister Ryad Mezzour, Omar Hejira, Secretary of State at Morocco’s Ministry of Industry and Trade, welcomed Deputy Minister Phan Thi Thang and the Vietnamese delegation. He acknowledged the growth in trade exchange between the two countries in recent years, though noted that Morocco’s exports to Vietnam have not experienced significant improvement, leaving the trade balance tilted towards Vietnam.

Omar Hejira emphasized that Morocco values its cooperative relationship with Vietnam and proposed that both sides work closely to further develop trade relations and industrial investment cooperation based on mutual benefits.

He highlighted that under the guidance of King Mohammed VI and leveraging Morocco’s advantages in natural resources, advanced infrastructure, and deep regional and global integration, the country is enhancing its geopolitical position as a key economic and logistics gateway in Africa, particularly in North Africa.

The Moroccan government encourages foreign investors, including Vietnamese enterprises, to explore and invest in potential sectors in Morocco such as chemicals, fertilizers, textiles, leather, energy, automotive, aviation, and metallurgy.

Deputy Minister Phan Thi Thang highlighted the meeting as a chance to tackle challenges and foster cooperation in the evolving context.

On behalf of the Vietnamese delegation, Deputy Minister Phan Thi Thang expressed gratitude to Minister Ryad Mezzour, Secretary of State Omar Hejira, and Morocco's Ministry of Industry and Trade for their warm and thoughtful reception of the Vietnamese delegation attending the session.

The Deputy Minister emphasized that the second session serves as an opportunity for both sides to collaborate in overcoming challenges and seizing development opportunities in the new context. This includes striving to increase bilateral trade turnover to $500 million by 2026 and materializing industrial cooperation through potential projects of mutual interest and strength, such as in chemicals, fertilizers, agricultural products, food, textiles, and leather footwear.

The session also provides a platform to advance cooperation in production, development of supply chains, and Halal goods and services. Additionally, it offers a chance to leverage third-party support resources under multilateral frameworks where both Vietnam and Morocco are members, such as the International Organization of La Francophonie, the United Nations, the World Bank, and the International Monetary Fund.

Solutions to Boost Cooperation and Increase Trade Turnover

To enhance the effectiveness of trade and industrial cooperation between Vietnam and Morocco in the coming period, Deputy Minister Phan Thi Thang suggested that both countries continue to leverage the complementary nature of their economies and increase exports of each other’s key products. She also proposed modernizing the exchange of information on markets, industries, and import-export regulations through online platforms, making it easier to access and update information.

Additionally, the Deputy Minister recommended that both countries strengthen trade activities, promote investment, and research, while also integrating cultural and tourism promotion programs in each country. She welcomed Moroccan businesses to participate in annual events held in Vietnam, such as the Vietnam International Sourcing Exhibition, Vietnam Expo, and Vietnam Foodexpo.

Deputy Minister Phan Thi Thang urged Vietnam and Morocco to enhance trade by leveraging economic complementarities and boosting key exports.

Additionally, Deputy Minister Phan Thi Thang proposed that the two countries enhance cooperation in logistics and banking to support the expansion of import-export activities. She also suggested exchanging information and experiences in developing industrial support policies, encouraging and facilitating business investment and joint ventures, and promoting opportunities for production cooperation and exports to third-party markets where each side holds advantages under FTAs they are members of.

Under the guidance and discussions of the leadership of the two Ministries, technical teams actively collaborated to finalize and sign the Minutes of the 2nd Session of the Subcommittee on Economic and Trade Cooperation, which included several key points:

First, both sides expressed satisfaction with the progress in bilateral relations. Morocco is currently among Vietnam's top 10 largest export markets in Africa, while Vietnam is Morocco's second-largest trading partner within ASEAN.

Second, the two sides reaffirmed their desire to concretize cooperation in industrial sectors such as chemicals, fertilizers, mining, machinery, textiles, and leather footwear.

Third, both sides emphasized the necessity of encouraging collaboration in the Halal sector and increasing support for small and medium-sized enterprises (SMEs).

Fourth, the Deputy Minister proposed several measures to strengthen cooperation, including enhancing and innovating information exchange and sharing experiences; encouraging and facilitating mutual participation in trade promotion activities in each country; advancing cooperation in logistics, banking, and digital transformation; and exploring specific opportunities in food processing, aviation, metallurgy, and chemicals.

The 2nd Session of the Vietnam-Morocco Subcommittee on Trade and Industrial Cooperation concluded successfully, in a spirit of friendship, collaboration, and mutual understanding.