Trade with Africa accounts for only 1% of total Vietnam exports and imports from African market just 0.1% of national imports said deputy prime minister Vu Khoan on October 28.
Despite two-way trade with Africa increasing ten times in the last decade, the current amount should increase five times to reach potential Khoan said.
The General Statistical Office reported recently that Vietnam exports to Africa was only US$200 million in 2003 while imports from Africa were less than US$100 million. One of the main reasons for such low two way trade is poor financial capacity of the two parties, according to Vu Thi Them, director of the trade ministry’s foreign trade policy department for South-West Asia and Africa. “Vietnamese businesses cannot afford to sell goods on deferred payment basis while African businesses cannot afford to pay cash,” added Them.