Vietnam, Burkina Faso Signed MoU on Cooperation in Trade and Industry

Vietnamese Deputy Minister of Industry and Trade Le Duong Quang and Burkina Faso’s Deputy Minister of Industry and Trade and Grand Duke, Bernard Gnessa Zougouri, have signed a memorandum of understanding (MoU) on cooperation in trade and industry, in Hanoi, a press release from the Vietnamese Ministry of Industry and Trade said.

The MoU was signed during the visit of a working delegation of 27 officials and business representatives led by Mr. Zougouri to Vietnam earlier this month.

Bilateral trade between Vietnam and Burkina Faso is quite low with the highest figure of US$ 21.2 million recorded in 2010, in which Vietnam’s export was US$ 6.3 million, mainly in garments, and import value was US$ 14.9 million, mainly in cotton of all kinds, Vietnam’s Ministry of Industry and Trade said in a statement.

In the first six months of 2013, import-export turnover between the two countries was US$ 13.5 million, in which Vietnam’s exports and imports were US$ 4 million and US$ 9.5 million, respectively. Main export items of Vietnam include garments and pharmaceuticals, while import items include cotton and cashew nuts.

Explanation for incommensurate trade exchange and industrial cooperation could be a geographical distance, rare exchange of visits, lack of information on market and partners. In addition, Vietnam and Burkina Faso have no economic cooperation agreement, especially in trade, industry, and investment, the press release said.

On occasion of visit of the delegation from Burkina Faso, a Vietnam – Burkina Faso Business Forum was held in HCM city, which saw participation of over 100 business representatives.

Speakers at the forum said, there is huge potential for cooperation in the textiles and garment sector between Vietnam and Burkina Faso.