Nigeria and Vietnam have agreed on the establishment of a joint trade commission and to strengthen bilateral ties between the two countries.

This was among the highlights of a high-level meeting between Vice-President Yemi Osinbajo and Deputy Prime Minister of the Socialist Republic of Vietnam, Mr. Vuong Dinh Hue, at the Presidential Villa in Abuja.

Both countries also agreed to increase cooperation in agriculture, tourism, defence and security.

They will also explore other areas to further strengthen existing platforms in order to boost economic ties between the two countries.

Osinbajo and Dinh Hue also witnessed the signing and exchange of a Memorandum of Understanding (MoU) on Agreement on Waiver of Visa Requirements for holders of valid diplomatic and official passports between Nigeria and Vietnam.

The Minister of State for Foreign Affairs, Ambassador Zubairu Dada, signed on behalf of Nigeria while the Vietnamese Vice Minister of Foreign Affairs, Mr. Nguyen Minh Vu, signed on behalf of his government.

Osinbajo, who received the Vietnamese delegation, led by its Deputy Prime Minister, in a statement by his Senior Special Assistant (SSA) on Media and Publicity, Laolu Akande, recalled that Nigeria and Vietnam established diplomatic relations in 1976.

The Vice-President welcomed the Vietnamese delegation on behalf of President Muhammadu Buhari and the Nigerian government.

He said the impressive development strides recorded by Vietnam over the years had been a source of encouragement to Nigeria.

“We’ve been very keen watchers of your development, especially in the areas of agriculture, trade, services, industry. I must say the impressive growth of Vietnam has always been a source of encouragement here for us in Nigeria. We have also been active in several areas, especially in agriculture, oil and gas, innovation and technology.”

“I think there is a lot of room for cooperation and collaboration, especially with respect to economy, commerce, but also in the areas of defence and security.

“Also, in areas of energy and mining, we believe there is a lot we can learn from each other and share. We have a very lucrative mining sector, and considerable solid minerals as well as other mineral sources that we think might be of interest to Vietnam,” Osinbajo said.

The Vice-President, who urged Vietnam to be more open to Nigerian exports and businesses, added that the country’s business climate had improved over the years.

“We’ve worked very hard on improving the business environment in Nigeria to make it more friendly for business and tourism. Only last week, the World Bank named Nigeria one of the top 10 most improved economies in the 2020 Doing Business Index.

“So, we are looking forward to seeing investments from Vietnam. I’m sure that with your cooperation, we would be able to open up the market in Vietnam and in the Association of South-Eastern Nations (ASEAN) for Nigerian exports and businesses.

“I’m sure that with the signing of the Africa Continental Free Trade Area agreement and some of what we are doing, especially in financial services, we are also looking at expanding our scope, especially in Africa. We will be looking at cooperation with the ASEAN countries as well.

“We are grateful for the offer from His Excellency (Deputy PM) about the possible links Vietnam could help us establish with the ASEAN countries. We are also ready to collaborate in whatever way we can to facilitate the relationships between Vietnam, ECOWAS and the African Union (AU).

“…I believe that this meeting is a very good opportunity for us to look at the broad areas where we think that work can be done. I would also like to suggest that we find forum where both countries can work together to look at some of these areas in greater details so that we can deepen the relationship which started so many years ago. It’s a great opportunity now to do even more and to work together more closely.”

Dinh Hue, who is visiting Nigeria for the first time, noted that the country is one of Vietnam’s largest trading partners.

“Vietnam appreciates the tremendous successes that the government and the people of Nigeria has recorded in recent times in the construction and development process of the country. This has put Nigeria in a leading position in the West African region and on the continent.

“I believe we should work faster and together to compensate for the long time passed that our two countries missed. A multifaceted cooperation shall be intensified with time,” he said.

A friendly football match between Nigeria and Vietnam to strengthen bilateral ties was also proposed by the Vietnamese Deputy PM

Osinbajo warmly welcomed the idea.