Vietnam and Africa will hold a joint seminar entitled “Vietnam-Africa: Cooperation for Sustainable Development” from August 17-19 to review the state of bilateral cooperation and work out the most effective model for cooperation.
Ly Quoc Hung, General Director of the West Asian and African Department under the Ministry of Industry and Trade, said the state has adopted a national action plan to promote cooperation with Africa in the 2004-2010 period, under which many legal and financial tools to encourage investment in Africa will be enacted soon.
He listed 10 fields including agriculture, trade, energy, and labour, in which Vietnam and Africa can cooperate well.
Despite its wealth of natural resources, Africa has an undeveloped industrial sector which offers opportunities for Vietnam to strengthen cooperation and expand its business interests in the continent, said Hung, adding that Africa’s trust in and admiration for Vietnam are additional advantages for Vietnamese businesses.
Good opportunities for Vietnamese businesses
Africa is famous for its abundant resources with 9.5 percent of the world’s oil reserves, 8.2 percent of natural gas, 90 percent of cobalt, 90 percent of platinum, and 50 percent of the world’s gold reserves.
However, Hung said, Africa’s industry is considered the most backward in the world. Except for oil and gas, most industries can not meet domestic demands and compete with other countries. Industry makes up only 25 percent of Africa’s GDP.
In addition, the industrial growth rate in Africa has dropped in recent years because of financial constraints and out-of-date technologies.
According to Hung, Africa’s open-door policies of the 1990s coupled with the influx of foreign industrial products have paralysed domestic businesses and stunted its industrial development.
Considering industrialization and modernization to be the only way to bringing about peace, stability, and development, African countries have set a target to raise industr
Ly Quoc Hung, General Director of the West Asian and African Department under the Ministry of Industry and Trade, said the state has adopted a national action plan to promote cooperation with Africa in the 2004-2010 period, under which many legal and financial tools to encourage investment in Africa will be enacted soon.
He listed 10 fields including agriculture, trade, energy, and labour, in which Vietnam and Africa can cooperate well.
Despite its wealth of natural resources, Africa has an undeveloped industrial sector which offers opportunities for Vietnam to strengthen cooperation and expand its business interests in the continent, said Hung, adding that Africa’s trust in and admiration for Vietnam are additional advantages for Vietnamese businesses.
Good opportunities for Vietnamese businesses
Africa is famous for its abundant resources with 9.5 percent of the world’s oil reserves, 8.2 percent of natural gas, 90 percent of cobalt, 90 percent of platinum, and 50 percent of the world’s gold reserves.
However, Hung said, Africa’s industry is considered the most backward in the world. Except for oil and gas, most industries can not meet domestic demands and compete with other countries. Industry makes up only 25 percent of Africa’s GDP.
In addition, the industrial growth rate in Africa has dropped in recent years because of financial constraints and out-of-date technologies.
According to Hung, Africa’s open-door policies of the 1990s coupled with the influx of foreign industrial products have paralysed domestic businesses and stunted its industrial development.
Considering industrialization and modernization to be the only way to bringing about peace, stability, and development, African countries have set a target to raise industrial production to 50 percent of their GDP by 2030.
Africa’s weak industries offer good opportunities for Vietnam’s developed industries and products such as mining, textiles and garments, footwear, agriculture, electronics, bicycles, motorcycles, wood products, construction materials, and pharmaceuticals.