Vietnam and Ghana boost economic and trade cooperation

In his opening remarks, Dao Minh Chinh, deputy head of the ITPC, noted that the partnership between Vietnam and Ghana has made significant progress in recent times, particularly in trade. Ghana is currently Vietnam’s largest trading partner in West Africa, with two-way trade turnover reaching US$733 million last year. Both countries are committed to deepening their bilateral relations, especially in economy, in the lead up the 60th anniversary of diplomatic relations in 2025.

Statistics from the General Department of Vietnam Customs show, the total import-export value between Vietnam and Ghana in the first eight months of 2024 was estimated at US$560.7 million, including US$282.3 million worth of Vietnamese exports. Key export products from Vietnam include rice, confectionery, and textiles, while major import items from Ghana are cashews and timber.

Meanwhile, trade exchanges between Ho Chi Minh City and Ghana have also shown encouraging signs. The city’s exports to Ghana in the first half of 2024 were estimated at US$35.2 million, a 22% increase compared to the same period in 2023.

The ITPC aims to enhance business connections between Vietnam and other countries, particularly Ghana, and is committed to promoting trade and investment activities to facilitate market expansion for both Ghanaian and Vietnamese businesses, said Chinh.

In his speech, Kwaku Ampratwum-Sarpong, Deputy Minister for Foreign Affairs and Regional Integration of Ghana, emphasized that despite the geographical distance, both Ghana and Vietnam share a common vision to strengthen their mutually beneficial relationship.

He highlighted Vietnam’s strong development, driven by a young population, a dynamic workforce, and strategic directions toward innovation in science and technology and sustainable development.

Vietnam has established itself as a leading economy and a major exporter globally, while Ghana prides itself on being a gateway to the West African market, possessing abundant resources and commitments to sustainable long-term development, he said.

In this context, he said both countries have ample opportunities to collaborate and develop in trade, investment, and technology exchange, especially in high-tech agriculture and energy sectors.

According to Kwaku Ampratwum-Sarpong, Ghana has also developed strategies and objectives to diversify its economy, creating favourable and rapid business conditions for investors.

With its position as a gateway to the West African region, which has over 1 billion people, Ghana is actively seeking strong investments in agriculture, high-tech agriculture, trade, industry, infrastructure development, energy, and tourism - the areas where Vietnam excels, particularly in rice cultivation and aquaculture, said the official, adding Ghana is keen to learn from and cooperate with Vietnamese partners to enhance production and business activities.

The seminar focused on strategic industries such as banking, textiles, agricultural processing, and the automotive industry, aiming to provide new cooperation opportunities between the two countries. Vietnamese and Ghanaian businesses were also updated on the latest market information and had the chance to find potential partners at the event.