Two-way trade turnover between Vietnam and the Middle East and Africa has increased more than 10 times, from 2 billion USD in 2005 to 20.8 billion USD in 2023.
Partnership commercial economy In recent times, the relationship between Vietnam and the Middle East and African countries has continued to develop positively, with the structure of import and export goods complementary to each other.
Two-way trade turnover between Vietnam and the Middle East and Africa has increased more than 10 times, from 2 billion USD in 2005 to 20.8 billion USD in 2023. Vietnam's total import-export turnover to countries in this region is increasing rapidly, ranking second compared to the American market.
Currently, exports from Vietnam to the Middle East and Africa focus on items such as rice, coffee, pepper, and seafood.
Vietnam's garment, footwear, electronics and household goods products have great potential in this market, especially in countries with young populations and growing middle classes.
In return, Vietnam can import oil, natural gas, and petrochemical products from the Middle East to serve its domestic economic development needs. African countries also provide large volumes of raw materials such as cotton, wood, and minerals, meeting the production needs of Vietnam's industries.
At the same time, Middle Eastern and North African countries have a high demand for imported Halal food due to limitations in agricultural production, with a Muslim population accounting for more than 40%, and consumption of Halal products, especially processed foods, cosmetics and pharmaceuticals, is increasing.
Meanwhile, Vietnam has strengths in agricultural, aquatic and processed food production and is making efforts to improve standards to meet Halal requirements. In addition, Vietnam has a policy of developing relations with Middle Eastern and African countries; including promoting cooperation in import and production, Halal certification. This is also a favorable condition for Vietnamese enterprises to export products to the Halal market.
In the field of logistics and maritime transport, with its strategic location, Vietnam can become a transit point for goods between Asia and the Middle East. Cooperation with leading logistics companies in the Middle East, such as DP World, will help improve the efficiency of the supply chain in the region, as well as between Vietnam and the Middle East and North Africa.
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