African country is one of the top 10 growing economies on the continent, exporting cashew nuts and cotton to Vietnam and importing rice and other goods from the country.
The total turnover from Vietnam’s exports to Asia and Africa was $166 billion in 2021, an increase of 14.6 per cent against 2020 and accounting for 50.2 per cent of the country’s total. Imports from Asia and Africa, meanwhile, reached more than $278 billion, up 27.5 per cent against 2020 and accounting for 84.3 per cent of the total.
Africa is considered a diverse new export market of potential for Vietnam’s key products. Local businesses need to carefully study the market and legal regulations to avoid risks, however, and also adapt to the tastes and cultures of African consumers, who are primarily Moslems. Other difficulties include high import taxes in some African countries and the common occurrence of fraud.
