Vietnam, Senegal look to sign extra deals to boost trade, investment

Vietnam and Senegal will complete the necessary legal steps to ink a number of agreements to boost bilateral trade and investment.

The two sides reached the agreement at working sessions held during a visit of Vietnamese Ambassador to Algeria and Senegal Nguyen Thanh Vinh, accompanied by the defence attaché and trade counsellor of Vietnam to Algeria, to Senegal from March 8 – 14.

Ambassador Vinh presented his letter of credentials to Senegalese President Macky Sall on March 10, followed by a reception hosted by the president.

President Sall highlighted the Vietnam – Senegal relations, saying the two countries are friends with long-standing ties. He reiterated that Senegal wants to further boost cooperation with Vietnam in multiple sectors, particularly trade, investment, agriculture and industry.

The president emphasised the close partnership between the two nations in agriculture, with Vietnam sending many experts to share experience and helping the Senegalese people develop paddy rice farming, contributing to strengthening the African country’s food security.

The Vietnamese diplomat, for his part, said Vietnam always attaches importance to traditional relations and multi-faceted cooperation with Senegal in areas where both sides have advantages, such as agriculture, sea-based economy and trade.

He vowed to do his utmost in his new position to foster friendship and cooperation between the two countries.

Ambassador Vinh also had separate working sessions with Senegal’s Ministry of Foreign Affairs, Ministry of Commerce, and Chamber of Commerce and Industry, during which the two sides again affirmed they hold great potential to expand partnerships in agriculture, trade, marine economy and information technology.

The two sides agreed to continue completing a legal framework for the signing of a Memorandum of Understanding on industry and trade and agreements on investment protection and double taxation avoidance to encourage more of their businesses to invest and do trade with each other.

They will also increase exchanges of trade promotion delegations and take part in large international trade fairs and exhibitions on each side, for example, the Vietnam Expo and Foire Internationale de Dakar.

The Senegalese side asked Vietnam to share experience in international integration and signing free trade agreements with major partners around the world, and hoped to see more Vietnamese firms investing in cashew nut and fruit processing, rice production and telecommunication services.

Vietnam and Senegal set up diplomatic ties in December, 1969. In 2019, Vietnam’s exports to Senegal totalled 52.56 million USD, doubling the previous year’s figure. The exports included 32 million USD worth of rice.

Meanwhile, Vietnam’s imports from the African country plunged 50 percent to 15 million USD.

Source: Vietnam News Agency