(VOV) – Vietnam wants to strengthen economic relations with member states of the Francophone community and creates favourable conditions for Francophone businesses to operate efficiently.
Deputy Prime Minister Vu Van Ninh made the commitment at a June 25 forum in HCM City to boost banking cooperation between African and ASEAN nations of the Francophone community.
Ninh said the organisation of the forum shows the desires of bankers of both sides to establish partnerships, and facilitates trade exchanges between Vietnam and African nations, so as to step up South-South cooperation in the Francophone economic space.
He hailed progress in trade ties between ASEAN and Africa with the Francophone community, noting that two-way trade value between Vietnam and African nations alone hit US$4.29 billion in 2013, up 22% over the previous year.
However, he said the figure is not commensurate with both sides’ potential that requires greater efforts from community members.
Vietnam, an active, responsible and constructive Francophone member, supports an economic development strategy within the dynamic Francophone space, Ninh said, adding that it wants to develop stronger ties with Francophone member states, as well as with African nations and other ASEAN nations.
Vietnam, expecting to complete 14 free trade agreements (FTAs) from 2015 to 2020, will play an important role in fostering the large Asia-Pacific economic connectivity and connecting the ASEAN Economic Community to be formed in 2015, he said.
Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry, said Vietnamese exports to Africa grow by between 30-40% annually, but payment is the biggest obstacle to increasing trade ties.
He pointed out the fact that most African banks have yet apply modern payment methods like deposits or deferred payment, posing risks to Vietnamese businesses.
In addition, high transport costs, a lack of information, and limited trade promotions also affect trade development between the two sides.
Loc suggested completing a cooperation mechanism between Vietnam and African nations and stepping up operations of inter-governmental committees.
Sylvere Bankimbaga, Deputy General Director of the Burundi Commercial bank, echoed Loc’s view, saying a complete mechanism is needed to facilitate the movement of financial flows, by reducing transaction costs through intermediaries.
He also underlined the need to increase the exchange between bankers to promote mutual understanding, making it easier for payment among credit organisations.
Vietnam has developed trade ties with more than 220 countries and territories from across the globe, with total trade value reaching over US$155 billion, an annual increase of nearly 20% during the past 20 years. More than 12,000 FDI projects have operated in Vietnam totalling US$192 billion.
Đăng ký: VietNam News