In order to introduce the Vietnamese market and strengthen business connections, the Vietnamese Embassy in Morocco concurrently Ivory Coast recently coordinated with the Trade Promotion Agency under the Ministry of Industry and Trade, Vietnam Chamber of Commerce and Industry and Ivory Coast Chamber of Commerce and Industry organized a virtual webinar connecting Vietnam - Ivory Coast business, VOV reported.

Vietnamese Ambassador Dang Thi Thu Ha. Source: Vietnamese Embassy in Morocco

Attending the webinar were more than 100 delegates representing agencies and businesses of the two countries, including Koffi Georges Bolamo, Deputy Chairman of the Prime Minister's Office; Modibo Samake, Prime Minister's advisor, Faman Touré President of the Ivory Coast Chamber of Commerce and Industry.

On the Vietnamese side, there were Ambassador Dang Thi Thu Ha, Le Phuoc Minh, Director of the Institute for African and Middle Eastern Studies, President of the Vietnam-Africa Cooperation Union; Vu Ba Phu, head of the Trade Promotion Agency and representatives of relevant units of the Ministry of Industry and Trade, the Ministry of Foreign Affairs.

Speaking at the event, Dang Thi Thu Ha, Vietnamese Ambassador to Morocco and Ivory Coast, noted that Ivory Coast is one of the leading economies in West Africa and has great potential in economic and trade cooperation with Vietnam.

With a population of nearly 26.5 million people, this is a country with strong commodity consumption, but its requirements for product standards are not too strict.

Ivory Coast is also rich in natural resources, with an abundant source of raw materials for many manufacturing industries that Vietnam can access and exploit, including some products that Vietnam has been importing with high volumes such as raw cashew nuts, cotton, and raw materials for animal feed, Ha said.

In the coming time, the embassy will coordinate with relevant domestic authorities such as the Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, the Institute for African and Middle East Studies to hold both online and in-person activities to connect Vietnamese and Ivory Coast's partners, she added.

The delegates exchanged and discussed potential areas and strengths in trade cooperation between Vietnam and Ivory Coast such as cashew nuts, rice and some agricultural products, consumer goods, payment methods along with several issues to keep in mind when doing business in Vietnam.

Faman Touré, Chairman of the Ivory Coast Chamber of Commerce and Industry, said that the chamber will organise a business delegation to visit Vietnam in September to seek more business and investment opportunities.

Many Ivory Coast businesses registered to join the delegation to Vietnam to explore the market and business and investment opportunities, expected in September 2022.

Delegates representing agencies and businesses of the two countries take part in the webinar. Source: Vietnamese Embassy in Morocco

Vu Ba Phu, head of the Trade Promotion Agency, says Ivory Coast is one of the leading economies in West Africa. The market of approximately 26.5 million consumers has a strong demand for goods imports, while it has no strict requirements for product standards. Indeed, Vietnamese exports to Ivory Coast have been increasing in recent years, ranking first among French-speaking African markets.

The May 2019 enforcement of the African Continental Free Trade Area (AfCFTA) agreement with the participation of 54 countries is believed to create plenty of opportunities for Vietnamese commodities to make inroads into Ivory Coast and other African countries.

According to Nguyen Phuc Nam, deputy director of the Asia-Africa Market Department under the Ministry of Industry and Trade, Ivory Coast is Vietnam’s second-largest trading partner in Africa and the fourth-largest export market in this continent.

Statistics show their two-way trade turnover hit more than US$1 billion annually in the 2017 – 2021 period. Last year alone saw the trade figure rise 38.7% compared to the previous year to fetch nearly US$1.26 billion.

Rice is one of the major Vietnamese commodities shipped to Ivory Coast. Vietnam is currently one of the five largest rice export partners for the Ivory Coast, accounting for an average of 30%-40% of its total rice import value.

Rice exports have increased more than double over the past five years, from 207,000 tonnes in 2017 to more than 428,000 tonnes in 2021, with the value rising from US$92 million in 2017 to more than US$218 million in 2021.

Meanwhile, unprocessed cashew nuts are the raw materials that Vietnam has an annual import demand of up to 2 million tonnes, and Ivory Coast is the largest producer of cashew nuts in the world.

Vietnam and Ivory Coast set up diplomatic ties in 1975. Ivory Coast is Vietnam’s second-largest trading partner in Africa, after South Africa, and the fourth largest export market of Vietnam in this continent, after South Africa, Egypt and Ghana.

Vietnam-Laos Embassies in Cuba Celebrate Diplomatic Ties The Vietnamese Embassy in Cuba will make efforts to consolidate and cultivate the special Vietnam-Laos relationship in the spirit of respect and support for mutual ...

Vietnam's Ambassador Attends Flag Raising Marking 55th Anniversary of ASEAN in the Netherlands Vietnam's Ambassador to the Netherlands attended the Flag Raising Ceremony on the occasion of the 55th anniversary of the establishment of the ASEAN.

Vietnamese Cuisine Promoted in India Through fairs, canteens, culinary ambassadors, traditional dishes imbued with Vietnamese national identity are introduced to Indians particularly and international friends. When Vietnamese food is loved ...