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By Anastasia John
The Ambassador of Vietnam to Nigeria, Bui Quoc Hung, has disclosed that bilateral trade between Nigeria and Vietnam has exceeded $1 billion annually in 2024 and 2025, describing the development as a major milestone in the economic partnership between both countries.
Hung made this known during a press briefing held in Abuja on Thursday to commemorate the 50th anniversary of diplomatic relations between Nigeria and Vietnam.
According to the envoy, trade relations between both nations have witnessed remarkable growth over the past decade, increasing more than fourfold from about $250 million in 2015 to over $1 billion in 2025.
He explained that bilateral trade stood at nearly $250 million in 2015 before rising to over $300 million in 2016. Between 2020 and 2023, trade volume hovered between $500 million and $600 million before crossing the $1 billion mark in 2024 and maintaining the same level in 2025.
Hung attributed the growth to stronger political trust, expanding institutional cooperation and increasing private sector participation between both countries.
The ambassador said Nigeria has become an important supplier of crude oil, liquefied natural gas, raw cashew nuts and agricultural commodities to Vietnam, supporting Vietnam’s industrial and processing sectors.
He added that Vietnam exports a wide range of products to Nigeria, including textiles, footwear, telecommunication devices, electrical components, pharmaceuticals, machinery, transport vehicles and plastic raw materials.
According to him, the cashew sector has emerged as one of the strongest areas of cooperation between both countries, with Nigeria supplying raw cashew nuts while Vietnam remains one of the world’s largest processors and exporters of processed cashew products.
Hung further disclosed that the National Cashew Association of Nigeria and the Vietnam Cashew Association signed a Memorandum of Understanding in October 2025 aimed at deepening collaboration and improving trade opportunities within the cashew value chain.
The envoy also highlighted growing cooperation in energy and maritime sectors, revealing that Vietnamese companies had exported high-speed patrol boats to Nigeria and provided ship repair and construction services for Nigerian firms.
He said both countries are exploring additional areas of cooperation in agriculture, manufacturing, industrialisation, maritime transport and oil and gas development.
Hung commended the role played by business and trade organisations, particularly the Nigeria Vietnam Economic, Trade and Cultural Association and the Vietnam Chamber of Commerce and Industry, in strengthening economic ties through business forums, investment partnerships and trade engagements.
He expressed optimism that the relationship between both countries would continue to expand in the coming years, especially in sectors such as digital economy, green growth, mining, education and human capital development.
