Guinea – promising market for Vietnamese exporters

In an interview granted to a local reporter, Guinea Minister of Trade Mohamed Dorval Doumbouya said that located in western Africa Guinea has a population of 11 million and needs to import 350,000-400,000 tonnes of rice each year.

He suggested Vietnam, as the world’s second largest rice exporter, should further explore the Guinean market.

In 2011, Vietnam’s export earnings from Guinea were estimated at US$95 million, including US$78 million worth of rice, he noted.

The recent signing of a new rice export contract, he added, will help strengthen bilateral trade and economic ties. The two countries should also boost cooperation in the food processing industry that is their untapped potential.

The Guinea official pledged to promote the regular exchange of senior officials and businesses, and create the best possible conditions for them to do market research.

He proposed that Vietnam boost the export of garment and textile, footwear, steel, tobacco, fertilizers, and motorbike components to Guinea in exchange for cashew nuts, timber, and minerals.

Minister Doumbouya insisted that the Guinea Ministry of Trade and the Vietnam Ministry of Industry and Trade (MoIT) regularly provide updated information on incentive policies, business opportunities, international trade fairs, and lists of reputable exporters and importers from both countries.

Vietnam and Guinea have enjoyed fruitful cooperation since they established their diplomatic ties in October 1958.