A hybrid Vietnam-Senegal business-networking event was held in Dakar on December 14, gathering representatives of the Senegalese Ministry of Commerce and about 50 firms from both countries, VNA reported.

Mbaye Chimère Ndiaye, Secretary General of the Dakar Chamber of Commerce, Industry and Agriculture, described the event as an excellent opportunity for Vietnamese and Senegalese businesses to enhance economic and trade cooperation.

He said the two nations’ friendship and multi-faceted cooperation have traversed over five decades, yielding achievements in potential areas such as agriculture and trade. In 2022, bilateral trade hit US "70.6 million. Vietnam's main exports to Senegal include peppercorns, confectionery and cereal products, fruits and vegetables, garments, seafood, and rice, among others.

Senegal's export products to the Vietnamese market include raw cashew nuts, cotton, seafood, animal feed, plastic materials, to name a few.

Attending the hybrid event were representatives of the Department of Foreign Trade, Department of Export Promotion under the Ministry of Commerce of Senegal and about 50 businesses from the two countries operating in many different fields. Photo: Vietnam Trade Office in Algeria is concurrently in charge of Senegal

Senegal connects Africa to the rest of the world and is also an important bridge to major export markets in Europe, Asia and the Americas. Senegal's economic indicators have continuously improved for many years. The country has the ambition to become an emerging economy by 2035. Therefore, since 2014, the West African country has implemented the "Emerging Senegal Plan" expressed in three strategic directions including economic restructuring, promoting human resources and improving management capacity of the government.

On the other hand, from 2014 to 2016, Senegal made important discoveries of oil and gas. This resource exploitation activity will provide a source of foreign currency that can contribute to enhancing the dynamism of the Senegalese economy.

In addition, Senegal is also determined to modernize the agricultural sector, which currently accounts for 16.5% of Gross Domestic Product (GDP) and employs 50% of workers.

The West African country also wants to develop agricultural activities along the Senegal River to increase rice production to achieve food self-sufficiency, and promote the cultivation of vegetables for domestic consumption as well as export.

Ndiaye also praised Vietnam's farming sector and its capacity to provide high-quality human resources training in agriculture and industry. These similarities represent opportunities for private enterprises of both sides to establish mutually beneficial partnerships, he noted.

Hoang Duc Nhuan, Trade Counsellor of Vietnam in Algeria, Gambia, Mali, Niger, Senegal and Tunisia, and Mbaye Chimère Ndiaye, Secretary General of the Dakar Chamber of Commerce, Industry and Agriculture chair the event. Photo: Vietnam Trade Office in Algeria is concurrently in charge of Senegal

Hoang Duc Nhuan, Trade Counsellor of Vietnam in Algeria, Gambia, Mali, Niger, Senegal and Tunisia, acknowledged positive outcomes in bilateral trade exchanges. However, he held that the sides’ trade cooperation is still modest and not commensurate with their potential, partly due to a lack of sufficient interest from their businesses in exploring each other's markets.

He recommended both sides to actively organize trade promotion activities, increase business delegation exchanges, facilitate participation in international fairs and exhibitions, and provide advice to resolve emerging disputes.

Some Senegalese delegates suggested that, in addition to conventional trade, Vietnamese enterprises should consider investing in Senegal, particularly in processing agricultural products (cashew nuts, mangoes, watermelons) and textiles manufacturing to leverage local resources and labor and to export to other regional countries amid the implementation of the African Continental Free Trade Agreement (AfCFTA).

Senegal’s agencies for foreign trade and export promotion proposed the trade and industry federations of the two nations establish a Vietnam-Senegal business council to facilitate cooperation mechanisms, bring together representatives of the business communities, share useful information, discuss common challenges, and convey firms’ opinions to the governments and relevant authorities

During the event, Vietnamese businesses have found customers to import goods such as rice, pepper, coffee, tea, confectionery, juice, cooking oil, computers, components, auto parts and suppliers, as well as raw cashews and peanuts from Senegal.

On this occasion, Senegalese delegates attending the event directly enjoyed and appreciated products such as tea, coffee and cakes brought by Vietnamese businesses.

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