Senegal is a promising market for Vietnamese goods, according to the Viet Nam Trade Office in Morocco, which works as a bridge to help the country’s goods enter both markets.
With its population of 11.9 million, Senegal has huge demand for agricultural and consumer products.
Though it is mainly an agricultural country, it is unable to grow enough to meet its needs due to persistent drought, while its industry has yet to develop.
France, the UK, China, and Belgium are the main exporters of agricultural produce to the country. Viet Nam established diplomatic ties with Senegal in 1969 but trade between the two countries only began in 1994.
Bilateral trade has risen strongly in recent times, jumping from US$15.98 million in 2007 to $112.9 million the next year. Viet Nam’s export earnings rose from $9.87 million to $104 million in that period.
Viet Nam also exports black pepper, footwear, and garments but rice accounts for 90 per cent.
It imports scrap steel and cotton from Senegal.
Due to its location, Senegal is also a possible gateway to other African countries for Vietnamese products. In the wake of falling demand in traditional markets due to the recession, Senegal — and Africa in general — is emerging as a highly promising market for Vietnamese products.
Vietnamese firms should continue to strengthen marketing to boost exports to the country.
Other products that can be exported are cereal, seafood, foods, electronics, and household appliances.
But there are some hurdles like collecting export payments because of the lack of a proper banking system.