Vietnam’s Deputy Minister of Industry and Trade Ho Thi Kim Thoa said that the two countries established diplomatic relations in 1973 but have yet to optimise bilateral trade.
In the first three quarters of 2013, Vietnam shipped goods worth US$8 million to Guinea-Bissau while its imports were estimated at US$34.2 million.
Vietnam’s major exports to Guinea-Bissau are rice and cement whilst its imports from the African country are mainly cashew nuts and scrap metals.
Guinea-Bissau’s Secretary of State for Trade, Industry and Development of National Products Ibraima Djalo said low trade figures were because of the large physical distance between the two countries and also a lack of trade delegation exchanges.
He said he considers the signing of this MOU as the starting point for Vietnam and Guinea-Bissau to enhance co-operation in trade, industry and investment.
Deputy Minister Thoa and Secretary Djalo discussed measures to enhance economic and trade co-operation between Vietnam and Guinea-Bissau, as well as to refine the legal framework to aid businesses of the two countries.
The two sides stressed the need to strengthen the communication of information and promote trade activities within the community of French-speaking countries.
