At the meeting, Hoai noted that in 2025, Vietnam’s economic structure continued to undergo a positive shift towards greater comprehensiveness and modernisation. Trade was a bright spot, reaching a record turnover of US$930 billion. Regarding international economic integration, the country has signed, implemented, and been negotiating 19 free trade agreements (FTAs), including 17 that have already entered into force.

Affirming that Vietnam represents a market of considerable potential for Burkina Faso, the Deputy Minister stressed that cooperation could be expanded across trade, industry, and energy.

He commended the achievements recorded by Burkina Faso in recent years under the leadership of President Ibrahim Traore, saying that during the 2020–2024 period, trade between Vietnam and Burkina Faso averaged nearly US$95 million per year.

However, he acknowledged that this figure has yet to meet the two economies' potential. Exports to each other’s markets currently account for less than 0.05% of their overseas shipments, while industrial cooperation remains limited and requires clearer orientation and enhanced support for stronger business connectivity.

To further promote trade and economic ties, the Vietnamese official proposed increasing exchanges of delegations at various levels in order to update information about each other's market conditions, as well as economic and trade policies.

He also encouraged the organisation of business networking activities in each other’s markets and the participation of Burkina Faso’s agencies and enterprises in Vietnam’s major annual international trade fairs and exhibitions.

It is also necessary to step up trade promotion in the fields matching Vietnam's strengths and Burkina Faso's demand such as rice, agricultural machinery, electrical equipment, construction materials, household goods, and textiles. In addition, the two sides should explore cooperation in mining, textiles, agro-processing, chemicals, fertilisers, as well as food security, Hoai went on.

For his part, Ambassador Daouda Bitie said he is honoured to be invited to attend the 14th National Congress of the Communist Party of Vietnam.

Congratulating Vietnam on its socio-economic achievements in 2025, he said Burkina Faso has recently undertaken comprehensive reforms and wishes to deepen economic and trade cooperation with Vietnam.

Burkina Faso is learning other countries' experiences to support its national development, with a focus on key sectors like agriculture, basic industrial production, investment attraction, and technology transfer. It now has large demand for rice and oil import, along with motorcycle and component manufacturing to serve the domestic market, the diplomat added.

As Vietnam and Burkina Faso have yet to open representative diplomatic bodies in each other's countries, to ensure efficient coordination, Hoai proposed the two sides appoint focal points, with the Vietnamese side being the Department of Overseas Market Development under the Ministry of Industry and Trade, to share information to promote exchanges of technical and business delegations.

He also suggested studying the possibility of negotiating a memorandum of understanding on rice trade. He encouraged Burkina Faso to send business delegations to Vietnam to participate in trade fairs and exhibitions, thereby enhancing practical and sustainable cooperation.

The Burkina Faso Ambassador pledged close coordination with the Vietnamese ministry and relevant agencies to promote the handling of the aforementioned issues.

Vietnam, Burkina Faso strengthen trade ties

(VOV) - Vietnam and Burkina Faso have signed a memorandum of understanding on trade and industry cooperation in an effort to boost bilateral trade ties.