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Osinbajo heads to Vietnam to strengthen trade, bilateral relations

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Vice President Yemi Osinbajo departing Nigeria for Vietnam on Saturday

Vice President Yemi Osinbajo departs Abuja on Saturday for the Socialist Republic of Vietnam for high-level bilateral engagements in the Southeast nation including meetings with the President of Vietnam, President Nguyễn Xuân Phúc; Vice President Vo Thi Aah Xuan, Prime Minister Pham Minh Chinh, other government officials and the business community.

The VP’s reciprocal visit to Vietnam will further strengthen trade and bilateral relations between both countries.

Recall that in view of the trade and bilateral relations between both countries, then Deputy Prime Minister of Vietnam, Vuong Hue, had visited Nigeria in October 2019, and met with Prof. Osinbajo, other senior Nigerian government officials and also interacted with the Nigerian-Vietnam Business Association.

As the then Deputy Prime Minister, who was accompanied to Nigeria by senior Vietnamese Government officials and businessmen, noted Nigeria is Vietnam’s largest trading partner in Africa. Indeed trade between both countries stood at US$280 million in 2014 and increased to over US$500 million in 2019.

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Although Nigeria and Vietnam have maintained long-standing diplomatic relations since 1976, Vice President Osinbajo will be the second Nigerian high ranking incumbent government official to visit the Southeast Asian country after President Olusegun Obasanjo who visited in 2005.

While in the Socialist Republic of Vietnam, the Vice President is expected to witness the signing of Memorandum of Understanding (MoU) and Agreements on investment between Nigeria and Vietnam. He will also hold high level diplomatic discussions with his Vietnamese counterpart, Vice President Vo Thi Aah Xuan and the Prime Minister on issues of trade, commerce, agriculture, technology and innovation among others.

Prof. Osinbajo will later participate in a Business Forum with the Vietnamese Chamber of Commerce with representatives from both countries.

With the opportunities existing in agriculture and technology in Nigeria and Vietnam, discussions would focus on mutual benefits from effective collaboration in particular economic sectors so as to deepen the friendly and trade relations of both countries.

The VP will conclude the visit to Vietnam on Wednesday.

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