Nigeria–Vietnam trade grows from $250m to over $1bn in 10 years- Envoy

The Ambassador of Vietnam to Nigeria, Bui Hung, says bilateral trade between Nigeria and Vietnam has grown from about $250 million in 2015 to over $1 billion in 2025, describing the development as a major milestone in the economic relations between both countries.

Hung disclosed this on Thursday in Abuja during a press briefing marking the 50th anniversary of diplomatic relations between Nigeria and Vietnam.

He said the steady growth reflects deepening economic cooperation and expanding business opportunities between the two countries over the past decade.

“Bilateral trade turnover has increased significantly over the past decade. In 2015, two-way trade reached nearly USD 250 million; in 2016, it increased to over USD 300 million. From 2020 to 2023, two-way trade hovered around USD 500 – 600 million.

” Recently, for two consecutive years in 2024 and 2025, two-way trade exceeded USD 1 billion per year—marking a historic milestone for economic relations. Thus, over the past 10 years, the bilateral trade turnover between Vietnam and Nigeria has increased more than fourfold, from nearly USD 250 million in 2015 to over USD 1 billion in 2025,” he said.

The ambassador explained that Nigeria exports crude oil, liquefied gas, raw cashew nuts and other agricultural products to Vietnam, making the country an important supplier of raw materials for Vietnam’s processing industries.

He added that Vietnam exports textiles, footwear, plastic raw materials, handbags, telephones and electrical components, agricultural machinery, transport vehicles and pharmaceuticals to Nigeria.

Hung also highlighted growing cooperation in investment and energy, noting that Vietnamese shipbuilding firms had exported high-speed patrol boats to Nigeria and provided repair and construction services for large-tonnage vessels for Nigerian companies.

He said both countries had also discussed cooperation in energy, oil and gas, as well as maritime transport during bilateral engagements.

The envoy commended the role of trade associations in strengthening economic ties, noting that the Nigeria–Vietnam Economic, Trade and Cultural Association had signed cooperation agreements with the Vietnam Chamber of Commerce and Industry to boost trade relations.

He further disclosed that the National Cashew Association of Nigeria and the Vietnam Cashew Association signed a Memorandum of Understanding in October 2025 to deepen collaboration in the cashew sector.

Speaking on future relations, Hung said Vietnam regarded Nigeria as an important partner in Africa and expressed optimism about stronger cooperation across economy, agriculture, security, defence, justice, education and cultural exchange.

He added that both countries would continue to increase high-level exchanges and strengthen cooperation between their foreign ministries to consolidate political trust and expand bilateral relations.

“Vietnam considers Nigeria an important partner in the region and wishes to continue promoting and deepening the friendship and cooperation between the two countries across all fields. Building on a solid political and diplomatic foundation, the two sides possess the potential to expand cooperation, particularly in the economy, trade, agriculture, security, defence, justice, culture, education, and people-to-people exchange, “he added.

The former ambassador noted that trade between the two countries was relatively small at the time but has since grown significantly.

“When we went, trade volume was about $50 million in 2007, up from about $20 million in 2003. We realised we had a lot of work to do because diplomacy is economics, trade and investment, ” he said.

He explained that efforts were made to deepen economic ties through collaboration with the Vietnam Chamber of Commerce and Industry, which helped facilitate outreach across different provinces.

Nigeria and Vietnam established diplomatic relations 50 years ago and have since expanded cooperation in trade, investment and development. Over the years, both countries have strengthened economic ties through bilateral agreements, business forums and sectoral partnerships, particularly in agriculture, energy and manufacturing.