Home » Business-networking event promotes Vietnam-Senegal trade ties
Africa Business Featured News

Business-networking event promotes Vietnam-Senegal trade ties

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

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 70.6 million USD. Vietnam’s main exports to Senegal include peppercorns, confectionery and cereal products, fruits and vegetables, garments, seafood, and rice, among others.

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, 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 organise 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 labour 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.

Source: Vietnam Plus