Vietnam and Middle East, Africa seek to unlock economic cooperation potential
The cooperation between Vietnam and the Middle East and Africa should go beyond the trade to promote experience sharing and bolster the development of the two sides.
Vietnam and the Middle East and Africa may harness the potential of economic cooperation in a range of various areas, especially in trade, telecommunication and agriculture, Vietnamese Deputy Minister of Foreign Affair Nguyen Quoc Cuong stressed at the first-ever “Meet Ambassadors from the Middle East and Africa 2019” in Hanoi on September 9. 
Deputy Minister of Foreign Affairs Nguyen Quoc Cuong speaks at the opening of the conference.
|
Nguyen Quoc Cuong elaborated that Vietnam has established diplomatic relation with 69 out of 70 Middle Eastern and African countries. So far, over 200 documents have been signed to create frameworks for multi-faceted cooperation between Vietnam and that part of the world.
Two-way trade between Vietnam and the Middle East-Africa has increased 3.5-fold from US$5 billion in 2010 to US$17.5 billion in 2018 and the trade volume now has rise up 300% compared to 2008. Total investment from both sides reached US$5.5 billion.
The collaboration between Vietnam and those countries covers various aspects, especially in agriculture,
energy, transportation, labor and exchanges of experts, contributing to the socio-economical development of Vietnam and many countries in the regions.
Notably, Vietnam’s telecommunication projects in some African countries have provided the locals with greater access to wireless services and expanded opportunities for global digital connectivity.
However, trade with the Middle East and Africa, a vast area of 70 countries, just accounts for a modest 3.5% of Vietnam’s total trade turnover of US$480 billion.
He said that the cooperation between Vietnam and the Middle East and Africa should go beyond the trade to promote experience sharing and bolster the development of the two sides.
Egyptian Ambassador to Vietnam Mahmoud Hassan Nayel said that the conference reflects the desire of Vietnam and the Middle East and Africa to discuss issues regarding cooperation and development basing on the strengths and priorities of each side.
The two-way trade between Vietnam and African partners of over US$17 billion in 2018 reflects the huge cooperative potential, mostly in agricultural infrastructure and telecommunications.
It is expected that the rising position of Vietnam in the world stage and its ASEAN chairmanship in 2020 will help expand the links between Vietnam and that part of the world.
On the sidelines of the conference, Adib Kouteili, co-founder and director of PEB Steel from Lebanon, said that Vietnam has boosted its export thanks to significant changes in regulations, infrastructure, logistics as well as shipping lines between the country and the Middle-East and Africa.
“All businesses and nations have obstacles, but Vietnam has understood the system and created favorable conditions for investors. We rate obstacles in Vietnam less serious than those in other countries and really believe that Vietnam is a good environment to invest in,” said Adib.
10:42, 2025/01/22
Vietnam, Switzerland upgrade bilateral ties to comprehensive partnership
The two countries will deepen cooperation in areas such as innovation, green finance, intellectual property, and the exchange of expertise on developing international financial centers in Vietnam.
16:05, 2025/01/21
Sustainable fuel incurs new costs for Vietnamese airlines
Vietnamese airlines have been active in adopting Sustainable Aviation Fuel (SAF), making Vietnam's aviation sector greener.
12:19, 2025/01/21
The Czech Republic sees Vietnam as most important economic partner in SEA
Prime Minister Pham Minh Chinh expects bilateral trade turnover to reach US$5 billion in the coming years.
22:39, 2025/01/19
Hanoi urged to develop urban agriculture and tourism models in 2025
The city's agricultural sector is urged to develop industrial zones to support traditional craft villages and to implement policies that stimulate production and business operations.
18:11, 2025/01/18
5-star OCOP products on sale in US supermarkets
OCOP products are finding their way into international markets as many manufacturers have been adapting their products to international standards.
22:45, 2025/01/15
Industrial property benefits from surge in high-tech investment
Vietnam is emerging as a strategic destination for major technology firms given its favorable geographic location within the global supply chain.