The government of Kinshasa, capital of the DRC, and Việt Nam’s private conglomerate Vingroup have signed a memorandum of understanding (MoU) on cooperation in large-scale urban development and green mobility initiatives in the African country.
Prime Minister Phạm Minh Chính called on Vietnamese businesses to invest in agricultural production such as rice and the produce that South Africa has to import to meet local demand and serve export.
Prime Minister Phạm Minh Chính on Friday visited the Johannesburg Stock Exchange, Africa’s largest bourse, seeking stronger financial-market cooperation as Việt Nam accelerates capital-market development.
With traditional markets tightening through tariffs, technical barriers, and declining demand, Africa offers a strategic avenue for Việt Nam to diversify its markets and supply chains.
As global trade faces growing uncertainties and tariff risks, particularly from the US, Vietnamese businesses are increasingly turning to the Middle East as a stable, untapped export market.
Vietnamese''s exports to Africa can enjoy new opportunities brought about by the African Continental Free Trade Area (AfCFTA) agreement, the MoIT said.
The Middle East and Africa have high demand for fruits and vegetables, offering Vietnamese firms a great opportunity to boost exports, according to the Ministry of Industry and Trade.
These challenges included a world economic recession, competition among major big economies, trade protectionism, inflation and rising interest rates, MoIT''s Director of the Asia-Africa Market Department said.
There remains room for Vietnamese exports to the African market, experts said at a virtual workshop on Viet Nam-Africa trade promotion held by the Vietnam Trade Promotion Agency (Vietrade) on Wednesday.
The Asia-Africa Market Department (Ministry of Industry and Trade) announced that the General Administration of Customs of China would continue issuing transaction codes allowing one Vietnamese company and one factory to export dairy products to the Chinese market.
Vietnamese firms need to improve product quality and research market trends and consumer tastes in Southeast Asian countries and take part in trade promotion programmes there to promote exports.