The Federal Government has urged Vietnam to raise bilateral trade between both countries to $2bn as Nigeria seeks to deepen economic cooperation and strengthen its five-decade relationship with the Southeast Asian country.
The Permanent Secretary, Ministry of Foreign Affairs, Ambassador Dunoma Umar Ahmed, made the call in Abuja at a reception marking Vietnam’s 81st National Day and the 50th anniversary of diplomatic relations between Nigeria and Vietnam.
Ahmed said bilateral trade had already surpassed $1bn and urged Vietnam to help double the figure as Nigeria pursues its ambition of building a $1tn economy.
“Currently, we have over one billion trade relationships. I hope, Your Excellency Ambassador, you will increase this one billion into two billion as Nigeria is looking forward to a one trillion dollar economy,” he said.
The call comes as both countries seek to turn five decades of diplomatic relations into stronger commercial ties and greater investment opportunities.
Nigeria and Vietnam established diplomatic relations in 1976 and have since maintained cooperation in agriculture, trade and investment, defence and multilateral diplomacy.
Ahmed said the Federal Government wanted the partnership to expand beyond existing trade into agro-processing, renewable energy, pharmaceuticals, manufacturing, digital economy and skills development.
He also called for greater exchange of skills and stronger people-to-people relations, particularly through youth collaboration.
Vietnam has identified Nigeria as an important African market and a potential gateway to the wider continent. Both countries have also been exploring opportunities to strengthen institutional and business-to-business cooperation.
Trade between Nigeria and Vietnam has grown significantly over the past decade. Bilateral trade exceeded $1bn in 2024 and 2025, compared with about $250m in 2015.
The two countries exchange a range of commodities and manufactured products. Nigeria supplies commodities including cashew nuts, timber and liquefied natural gas, while Vietnamese products in the Nigerian market include rice, textiles, consumer goods and technology.
Vietnam has also indicated its readiness to share expertise in high-tech agriculture, rice value chains, aquaculture and agro-processing as Nigeria works to strengthen food production and reduce pressure on food imports.
Other sectors identified for deeper cooperation include telecommunications, infrastructure, innovation, e-commerce and financial technology.
The renewed push for economic cooperation follows high-level engagements between officials of both countries in 2026.
During a visit to Abuja in June, Vietnam’s Deputy Foreign Minister, Le Anh Tuan, held talks with Nigerian officials on strengthening bilateral relations and expanding Vietnam’s engagement with West Africa.
Both sides have also discussed the need for regular political consultations, sustained high-level visits and stronger institutional exchanges.
For Nigeria, expanding trade with Vietnam could provide opportunities for investment, technology transfer, domestic production and access to Asian markets. For Vietnam, deeper engagement with Nigeria offers a route into one of Africa’s largest consumer markets.
The $2bn target therefore puts greater emphasis on converting the longstanding diplomatic relationship into measurable gains in trade, investment, manufacturing and technology.
As both countries commemorate 50 years of diplomatic ties, officials on both sides are expected to continue pursuing new areas of cooperation while encouraging businesses to take advantage of emerging opportunities.
