HomeBusiness and TechNigeria, Vietnam Deepen Ties to Boost Trade, Investment

Nigeria, Vietnam Deepen Ties to Boost Trade, Investment

By Margaret Ebeshi, Abuja

Nigeria and Vietnam have reaffirmed their commitment to strengthening bilateral relations, with both countries agreeing to deepen cooperation in trade, investment, industrial development and economic diplomacy.

The commitment was made during a meeting between Nigeria’s Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, and Vietnam’s Deputy Minister of Foreign Affairs, Le Anh Tuan, in Abuja.

According to a statement issued by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, both officials pledged to translate the longstanding political goodwill between the two countries into tangible economic benefits that would improve trade, investment and commercial exchanges.

During the talks, the Vietnamese Deputy Foreign Minister stressed the need to strengthen the legal framework guiding bilateral relations through the early conclusion and implementation of key agreements, including Memoranda of Understanding (MoUs), investment protection agreements, double taxation avoidance treaties and other cooperation instruments.

READ ALSO: Nigeria deepens collaboration with Vietnam in agriculture, technology

He said the agreements would provide greater confidence for investors and create a more conducive environment for businesses in both countries.

Responding, Ambassador Enikanolaiye welcomed the growing Nigeria-Vietnam relationship and reaffirmed Nigeria’s commitment to expanding cooperation across political, economic, commercial and technical sectors.

He stressed the importance of sustained high-level engagements and reciprocal official visits to further strengthen bilateral ties.

Possible State Visit

The Minister disclosed that Nigeria is ready to undertake an official visit to Vietnam in the near future while discussions are also ongoing regarding a possible state visit by President Bola Tinubu to Vietnam.

According to him, Nigeria’s engagement with Vietnam aligns with the Federal Government’s foreign policy principle of Strategic Autonomy, which seeks mutually beneficial partnerships based on national interest, mutual respect and shared prosperity.

Ambassador Enikanolaiye identified the textile and garment industry as a major area of collaboration, noting Vietnam’s global success in textile manufacturing and exports.

He said Nigeria, which once had one of Africa’s largest textile industries, is keen to partner with Vietnam to revive the sector through investment, technology transfer, industrial cooperation and skills development.

The Minister also highlighted opportunities for collaboration through emerging multilateral platforms, including BRICS partner initiatives and South-South cooperation.

“While Government-to-Government engagement remains essential in establishing policy direction and creating an enabling environment, the long-term success of bilateral relations depends on stronger participation by the private sector,” Enikanolaiye said.

Closer Collaboration

He therefore called for closer collaboration between the Chambers of Commerce and business communities of both countries to stimulate investment, promote manufacturing partnerships and facilitate technology transfer.

The statement noted that earlier, Vietnam’s Deputy Foreign Minister led his delegation to a bilateral meeting with the Nigerian delegation, headed by the Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Dunoma Ahmed.

The Permanent Secretary commended the cordial relations that have existed between Nigeria and Vietnam for more than five decades, expressing confidence that both countries stand to benefit significantly from expanded cooperation in priority sectors.

During the meeting, both sides reviewed the current state of bilateral relations and agreed to intensify high-level exchanges and institutional consultations.

They also discussed plans for future official visits and proposed the conclusion of an Agreement on Political Consultations between their foreign ministries, with the inaugural consultation expected to take place in Vietnam in 2027.

Ambassador Ahmed reaffirmed Nigeria’s commitment to strengthening relations with the Association of Southeast Asian Nations (ASEAN), recalling Nigeria’s accession to the Treaty of Amity and Cooperation in Southeast Asia in September 2021.

He also reiterated Nigeria’s support for stronger engagement between Vietnam and Africa and welcomed enhanced collaboration among the African Union (AU), ECOWAS and ASEAN in promoting peace, economic integration, sustainable development and multilateral cooperation.

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