- He explained that trade between both nations stood at nearly $250 million in 2015 before rising above $300 million in 2016
- He said the growth represents more than a fourfold increase in bilateral trade over a 10-year period
- He added that both nations have continued discussions on collaboration in oil and gas
The Ambassador of Vietnam to Nigeria, Bui Hung, has revealed that trade between Nigeria and Vietnam rose from about $250 million in 2015 to more than $1 billion in 2025, describing the achievement as a significant boost to bilateral economic ties.
Eko Hot Blog reports that Hung disclosed this on Thursday in Abuja during a press briefing held to commemorate the 50th anniversary of diplomatic relations between the two countries.
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According to him, the steady increase in trade volume reflects stronger economic collaboration and expanding commercial opportunities between Nigeria and Vietnam over the last decade.
He explained that trade between both nations stood at nearly $250 million in 2015 before rising above $300 million in 2016. Between 2020 and 2023, annual trade turnover remained within the range of $500 million to $600 million.
The envoy noted that trade surpassed the $1 billion mark in both 2024 and 2025, describing the feat as a landmark moment in the economic partnership between the two countries.
He said the growth represents more than a fourfold increase in bilateral trade over a 10-year period.
Hung stated that Nigeria exports crude oil, liquefied natural gas, raw cashew nuts and other agricultural products to Vietnam, making the country an important source of raw materials for Vietnam’s industries.
He added that Vietnam supplies Nigeria with products including textiles, footwear, plastic materials, telephones, electrical equipment, agricultural machinery, vehicles, pharmaceuticals and handbags.
The ambassador also highlighted progress in investment and energy cooperation, noting that Vietnamese shipbuilding companies had delivered high-speed patrol boats to Nigeria while also supporting vessel construction and maintenance projects for Nigerian firms.
He added that both nations have continued discussions on collaboration in oil and gas, energy development and maritime transport.
Hung commended trade groups for strengthening economic ties, pointing out that the Nigeria–Vietnam Economic, Trade and Cultural Association had partnered with the Vietnam Chamber of Commerce and Industry through cooperation agreements aimed at expanding trade relations.
He also disclosed that the National Cashew Association of Nigeria and the Vietnam Cashew Association signed a Memorandum of Understanding in October 2025 to boost cooperation within the cashew industry.
Speaking on future prospects, the ambassador described Nigeria as a strategic partner for Vietnam in Africa and expressed optimism about expanding cooperation in agriculture, economy, education, security, defence, justice and cultural exchange.
He added that both countries would continue to promote high-level engagements and closer collaboration between their foreign ministries to strengthen political trust and deepen bilateral relations.
Nigeria and Vietnam established diplomatic ties five decades ago and have since expanded cooperation through trade partnerships, investment initiatives and sector-based collaborations across agriculture, energy and manufacturing.
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