Africa is emerging as a bright spot in trade between Vietnam and the world, especially as many of the former’s traditional markets are facing economic recession and rising inflation, Deputy Minister of Foreign Affairs Ha Kim Ngoc has said.

Addressing a hybrid seminar entitled “Enhanced efficiency in promoting Vietnam’s farm produce in the African market” on November 1, he said the country’s bilateral trade with the continent reached $4.35 billion in the first nine months of 2023, up 4.7 per cent year-on-year. Products posting strong growth in volume and value included rice, coffee, and cashew nuts.

Meanwhile, trade between Vietnam and the world has fallen nearly 11 per cent.

Deputy Minister Ngoc affirmed that Vietnam has many favorable conditions to promote the export of agricultural products to Africa, emphasized that high-ranking Party and State leaders are also interested in enhancing economic cooperation with the region.

“With a population of some 1 billion, Sub-Saharan Africa has much space and potential for Vietnamese exporters of agro products,” he said. “However, to increase competitiveness in price and quality, businesses must also take appropriate measures to effectively promote products in the market.”

Vietnam’s agricultural exports to Africa exceeded $950 million in 2022, accounting for 26.5 per cent of its total export revenue, driven by rice ($624 million), coffee ($161 million), and cashew nuts ($66.1 million).

During the first eight months of this year, strong growth was recorded in certain items of farm produce compared to the same period of 2022, including rice to Senegal (up 3,018 per cent in quantity and 2,214 per cent in value), and coffee to South Africa (up 115 per cent in quantity and 121.5 per cent in value).