Africa, potential market for Vietnamese goods

(VOVWORLD) - Africa remains a prospective market for Vietnamese products though exports to declined 6.1% in the first five months of this year compared to the same period last year due to the impact of the COVID-19 pandemic.
Africa, potential market for Vietnamese goods - ảnh 1Vietnamese Trade Counselor Hoang Duc Nhuan  works with an Algerian business on aquaculture and food (Photo: VNA) 

Hoang Duc Nhuan, Vietnamese Trade Counselor to Algeria and in charge of Senegal, Mali, Gambia, and Niger, said that trade exchanges between Vietnam and African countries have been hit hard by the COVID-19 pandemic, largely due to several nations imposing travel and trade restrictions and sealing their borders.

However, exports to some African countries had an increase in turnover as these markets were importing essential items such as rice, confectionery, cereal products, pepper, and cashew nuts during the COVID-19 epidemic. Vietnamese rice exports to Senegal increased sharply by 26 times in terms of volume and 18.3 times in value.

African countries are implementing the African Continental Free Trade Area (AFCFTA) which is expected to increase internal trade by 60% in 2022. Last year trade between African countries and Vietnam reached 7.4 billion USD, in which Vietnam export turnover reached 3.4 billion USD.