Vietnam-Nigeria trade hits a record $1 billion in 2024, marking a new era of partnership.
Vietnam eyes deeper ties in agriculture and culture as 50 years of diplomacy approaches.
Trade relations between Vietnam and Nigeria soared to unprecedented heights in 2024, with the total trade volume between the two nations hitting a record $1 billion. This development marks the first time that bilateral trade has crossed the $600 million threshold, a major leap that underscores the growing economic partnership between the Southeast Asian nation and Africa’s largest economy.
The Vietnamese Ambassador to Nigeria, Mr. Bui Quoc Hung, disclosed this during an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday. He described the milestone as a significant achievement in the history of Vietnam-Nigeria relations, noting that such a figure had never been recorded in previous years.
“It’s a very remarkable achievement because, in the past, our trade volume typically ranged between $500 million and $600 million,” Bui said. “But last year, for the first time, it reached one billion dollars. That’s a major step forward for both countries.”
Ambassador Bui expressed optimism about the future of Vietnam-Nigeria relations, pointing to the deepening collaboration across multiple sectors, including trade, agriculture, and cultural exchange. He emphasized that both countries continue to enjoy a cordial and mutually beneficial relationship that extends beyond economic matters.
Detailing the composition of the trade relationship, Bui explained that Vietnam primarily exports electronic devices, textiles, and garments to Nigeria. On the other hand, Vietnam imports significant quantities of raw materials from Nigeria, with cashew nuts being one of the most prominent products.
According to him, this trade structure presents even greater opportunities for both countries, especially in agriculture. He stressed that Vietnam’s well-developed agricultural sector could be leveraged to support Nigeria’s efforts in achieving food security.
“There’s a huge opportunity for agri-cooperation between our two countries,” Bui said. “Vietnam has a strong agricultural base. We have experience and expertise that could significantly contribute to helping Nigeria overcome its food production challenges.”
The ambassador noted that Vietnam’s success in transforming its agriculture into one of the country’s most productive sectors can offer practical solutions for Nigeria, which is currently grappling with food security concerns. He emphasized the potential for knowledge-sharing, joint projects, and strategic partnerships in agricultural technology, processing, and storage.
In addition to trade and agriculture, Bui highlighted the importance of promoting cultural exchange as a way to enhance diplomatic relations. He called for increased engagement through artistic collaborations, cultural festivals, and exchange programs between Vietnamese and Nigerian institutions and individuals.
“We need to have more exchanges of delegations and programs between our countries, especially in the areas of art and culture,” he stated. “Such efforts will foster mutual understanding and strengthen people-to-people ties.”
Looking ahead, Ambassador Bui noted that 2025 will mark the 50th anniversary of diplomatic relations between Nigeria and Vietnam. He urged both governments to seize the occasion as an opportunity to consolidate their partnership and explore new areas of collaboration.
“With 50 years of diplomatic ties to celebrate, it is a great time to reflect on how far we have come and to plan how we can further deepen cooperation in the years ahead,” he said.
