Both nations are poised to finalize necessary legal steps to move forward the signing of a number of agreements to enhance bilateral trade and investment in the time ahead.

This was agreed at working sessions held during the March 8-14 visit to the African nation by Vietnamese Ambassador to Algeria and Senegal Nguyen Thanh Vinh alongside the defence attaché and trade counsellor of Vietnam to Algeria.

On the occasion, Ambassador Vinh presented his letter of credence to Senegalese President Macky Sall at a reception given by the president on March 10.

President Sall applauded the long-standing ties between the two nations while expressing his nation’s desire to step up cooperation with Vietnam in a multitude of fields, with a particular focus on trade, investment, agriculture and industry.

Vietnam earned US$32 million from rice exports to Senegal last year

He hailed the close partnership in agriculture, with Vietnam dispatching experts to share experience and helping the Senegalese people develop paddy rice farming, as a contribution to ensuring Senegal’s food security, Shall told his guest.

The Vietnamese ambassador, in turn, affirmed Vietnam’s recognition of importance to time-honoured relations and all-around cooperation with Senegal in realms where both sides hold advantages, such as agriculture, sea-based economy and trade.

He pledged his best efforts in his new position to promote friendship and cooperation between the two nations.

Ambassador Vinh also had separate working sessions with Senegal’s Ministry of Foreign Affairs, Ministry of Commerce, and Chamber of Commerce and Industry, during which both sides held that they hold huge potential to expand partnerships in agriculture, trade, marine economy and information technology.

They consented to finalize a legal framework for the signing of a Memorandum of Understanding on industry and trade and agreements on investment protection and double taxation avoidance in a way of incentivizing investments from businesses.

They were of the same mind about intensifying the exchange of trade promotion delegations and the participation in major international trade fairs and exhibitions.

The Senegalese side suggested Vietnam share experience in international integration and how to accelerate the signing of free trade agreements with major partners.

The African nation showed its wish to see more Vietnamese firms invest in cashew nut and fruit processing, rice production and telecommunication services.

Vietnam’s exports to Senegal hit US$52.56 million last year, including US$32 million worth of rice, doubling the figure recorded a year earlier, while its imports from the African country suffered a 50% drop to US$15 million.