Bui Quoc Hung, ambassador of Vietnam to Nigeria, says trade between Nigeria and Vietnam reached $1 billion in 2024/2025.
Hung spoke on Friday during a courtesy visit to Nentawe Yilwatda, national chairman of the All Progressives Congress (APC), at the party’s national secretariat in Abuja.
He said the milestone represents the first time bilateral trade between the two countries has reached the $1 billion mark.
Hung said trade between Nigeria and Vietnam previously averaged about $600 million annually
He said Vietnam imports crude oil and other raw materials from Nigeria, adding that Vietnam exports textiles and other goods to the Nigerian market.
He commended the cordial and steadily growing relationship between the two countries.
Hung said cooperation between Nigeria and Vietnam has expanded in politics, trade, defence, and people-to-people exchanges.
The diplomat said economic collaboration is now a major focus for both countries.
Hung said Vietnam is interested in deepening cooperation with Nigeria in the agricultural sector.
He said Vietnam is one of the world’s leading rice exporters.
Hung proposed cultivating rice in Nigeria by combining the country’s fertile land with Vietnam’s agricultural expertise and technology.
Hung said Vietnam also seeks stronger party-to-party relations between the APC and the Communist Party of Vietnam.
He commended President Bola Tinubu and Yilwatda for their leadership.
Hung said recent economic reforms have stabilised the naira and improved macroeconomic indicators, noting that the developments are encouraging for investors.
Earlier, Yilwatda congratulated the government and people of Vietnam and the Communist Party of Vietnam on the occasion of its 80th anniversary.
He described the milestone as a demonstration of political stability and continuity.
Yilwatda said Nigeria has sustained democratic governance for 26 uninterrupted years since the return to civilian rule in 1999.
He said the country’s macroeconomic environment has stabilised under the current administration.
Yilwatda said Nigeria is recording an annual economic growth of about four percent.
He said recent policies have stabilised the naira and created a more conducive environment for business growth.
Yilwatda said the government is investing in roads, railways, and seaport infrastructure to support long-term national development.
Both leaders agreed on the need to strengthen diplomatic, economic, and political cooperation between Nigeria and Vietnam.
