The Ambassador of Vietnam to Nigeria, Bui Quoc Hung, has announced that economic relations between Nigeria and Vietnam have reached a historic milestone, with bilateral trade exceeding $1 billion annually in 2024 and 2025.
Speaking during a media briefing yesterday to mark 50 years of diplomatic relations between both countries, Hung stated that trade had grown more than fourfold over the past decade, rising from approximately $250 million in 2015 to over $1 billion in recent years.
He attributed this progress to strengthened political trust, expanding institutional cooperation, and deeper economic ties since the establishment of diplomatic relations in 1976. Hung noted that bilateral engagement has been sustained through high-level exchanges, including landmark visits such as Nigeria's first presidential visit to Vietnam in 2005 by President Olusegun Obasanjo, as well as continued meetings between leaders at international forums, including the G20 Outreach Summit in 2024 and the BRICS Outreach Summit in 2025.
Trade Structure and Key Exports
Regarding trade structure, the ambassador explained that Nigeria exports crude oil, liquefied gas, raw cashew nuts, and agricultural products to Vietnam, while Vietnam exports textiles, footwear, plastic raw materials, telecommunication equipment, machinery, vehicles, and pharmaceuticals to Nigeria.
He highlighted growing cooperation in the cashew value chain, describing it as a key area of mutual benefit, with Nigeria supplying raw cashew nuts while Vietnam remains a leading global processor.
Institutional and Private Sector Linkages
Hung also pointed to expanding institutional and private-sector linkages, including cooperation among the Nigeria–Vietnam Economic, Trade and Cultural Association, the Vietnam Chamber of Commerce and Industry (VCCI), and Nigerian business and regulatory bodies.
He said Vietnamese enterprises have continued to engage in shipbuilding exports, vessel repair, and discussions in energy and maritime cooperation, while both sides explore broader opportunities in agriculture, manufacturing, and industrial development.
Education and Cultural Exchange
The ambassador added that cooperation has also expanded into education, cultural exchange, and people-to-people relations, noting Nigerian students studying in Vietnamese universities and the spread of Vietnamese cultural and sports initiatives, such as Vovinam, across Nigeria.
Hung expressed optimism that both countries will deepen collaboration in the digital economy, green growth, agriculture, mining, and human capital development, within both bilateral and multilateral frameworks such as BRICS and the United Nations.
He concluded by stating that a series of activities has been lined up to mark the 50th anniversary of diplomatic relations between Nigeria and Vietnam.
