Viet Nam, Ghana boost bilateral trade and investment ties

An overview of the the Viet Nam-Ghana business conference in Ha Noi on Thursday. — VNA/VNS Photo Tran Viet

Viet Nam and Ghana had established a good relationship, especially in the fields of trade and investment, said Do Quoc Hung, deputy director of the Asia-Africa Market Department under the Ministry of Industry and Trade.

Hung delivered this remark during the Viet Nam-Ghana business conference organised in the capital on Thursday. The seminar was held to welcome a delegation from the Ghana Ministry of Industry and Trade from Wednesday to Saturday in order to enhance bilateral relations and facilitate business co-operation.

The event attracted more than 100 representatives from the two countries’ firms specialising in farm trade, textiles and garments, chemicals and agricultural equipment.

According to Hung, after more than three decades of doi moi (renewal), Viet Nam had achieved impressive results in the process of industrialisation and modernisation, affirming its position in regional and international arenas. This was evidenced by the fact that Viet Nam’s GDP reached US$240 billion in 2018. Last year, trade turnover between Viet Nam and its partners topped $482 billion, with $243 billion from Vietnamese exports.

This had helped Viet Nam affirm its important role in international trade and made it an attractive destination for foreign investors, he said.

Ghana was one of Viet Nam’s leading trading partners in West Africa, Hung said. He described the forum as a good opportunity for policy makers and the two business communities to discuss their economic development and seek potential areas for two-way co-operation. That would contribute to accelerating bilateral ties between the two nations.

Hung called for close commitment from authorities in Viet Nam and Ghana to strengthen bilateral trade and investment co-operation to meet their potential.

Viet Nam was an important trade partner for Ghana in Asia, and bilateral trade in recent years had seen positive growth, said Ghana’s Deputy Minister of Industry and Trade Robert Ahomka-Lindsay.

He said that Ghana was in the process of industrialisation, focusing on developing a healthy business environment and calling for foreign investors.

In the near future, with the advantages and potential of each country, Ghana and Viet Nam had great prospects to promote co-operation in many fields such as trade, industry, agriculture and investment, he added.

At the event, the two sides exchanged information on markets, policies, regulations and payment methods for import and export activities. In addition, businesses from the two countries also expressed their interest in co-operating in a number of fields such as agriculture and raw material processing.

According to the Vietnamese Ministry of Industry and Trade, Ghana was a well-developed economy in the Western African region, with income per capita of more than $2,300 per year. The Ghanaian economy was backed by abundant natural resources including gold, oil and gas, diamonds and titanium, among others. The country also had a healthy business climate, with a stable poverty reduction process.

Total trade turnover between the two nations in 2018 reached $573 million, up 3 per cent from the previous year. Of the total, Viet Nam’s exports were valued at $278.3 million, up 4.5 per cent year-on-year.

Viet Nam sold rice, household appliances and steel to Ghana market, while purchasing raw cashews and wood.

From January-October, two-way trade was estimated at $551 million. Viet Nam earned $224 million from shipments to Ghana, and splashed out $287 million on goods. — VNS