A memorandum of understanding (MoU) on trade and industry cooperationbetween Vietnam and Guinea-Bissau was signed in a ceremony inHanoi on January 6.
Speaking at the signingceremony, Deputy Minister of Industry and Trade Ho Thi Kim Thoa said thetwo countries signed a agreement on culture, economics,science-technology and trade cooperation in 1994. However, trade tiesbetween the two sides have not been on a par with their potential.
Vietnam usually suffers from a trade deficit in trade ties withGuinea-Bissau, importing cashew and scrap steel, while sellingmainly rice and cement to this market.
In thefirst nine months of 2013, two-way trade between both countries sawpositive growth with Vietnam’s exports reaching eight million USD,double that of 2012.
Guinea-Bissau Secretary ofState for Trade Ibraima Djalo said the geographical distance between thetwo countries and the shortage of information on either market orpossible partnerships is the reason behind the inadequate trade exchangeand industry cooperation between them.
Heunderlined the significance of the signed MoU, saying that it will serveas an important legal base to promote cooperation in trade and industryin particular and the two countries’ bilateral relations in general.
At their talks earlier, the two officials discussedmeasures to further step up economic and trade ties between theircountries.
The talks focused on how to better thelegal framework and create favourable conditions for both sides’enterprises to operate in the two countries.
Theyalso said Vietnam and Guinea-Bissau should both provide information onbusiness and investment opportunities and fairs and exhibitions as wellas the list of prestigious importers, while speeding up trade activitiesin the cooperation framework of Francophone countries in the Mekongbasin and countries in Central and West Africa.-VNA
Speaking at the signingceremony, Deputy Minister of Industry and Trade Ho Thi Kim Thoa said thetwo countries signed a agreement on culture, economics,science-technology and trade cooperation in 1994. However, trade tiesbetween the two sides have not been on a par with their potential.
Vietnam usually suffers from a trade deficit in trade ties withGuinea-Bissau, importing cashew and scrap steel, while sellingmainly rice and cement to this market.
In thefirst nine months of 2013, two-way trade between both countries sawpositive growth with Vietnam’s exports reaching eight million USD,double that of 2012.
Guinea-Bissau Secretary ofState for Trade Ibraima Djalo said the geographical distance between thetwo countries and the shortage of information on either market orpossible partnerships is the reason behind the inadequate trade exchangeand industry cooperation between them.
Heunderlined the significance of the signed MoU, saying that it will serveas an important legal base to promote cooperation in trade and industryin particular and the two countries’ bilateral relations in general.
At their talks earlier, the two officials discussedmeasures to further step up economic and trade ties between theircountries.
The talks focused on how to better thelegal framework and create favourable conditions for both sides’enterprises to operate in the two countries.
Theyalso said Vietnam and Guinea-Bissau should both provide information onbusiness and investment opportunities and fairs and exhibitions as wellas the list of prestigious importers, while speeding up trade activitiesin the cooperation framework of Francophone countries in the Mekongbasin and countries in Central and West Africa.-VNA
