(seafood.vasep.com) Economic experts believe that Africa is a promising market with growing purchasing power, high profit margins and fewer stringent technical barriers compared to the European Union (EU). This presents a significant opportunity for Vietnamese goods, particularly amid increasing volatility in traditional markets.
Facing unpredictable fluctuations in major export markets such as China, Europe and the United States, Vietnam is making efforts to shift its focus toward finding and expanding markets in Africa - a region seen as rich in potential with fewer technical barriers and growing demand for various Vietnamese goods.
Africa: A market full of potential
Recently, Vietnam has engaged in numerous high-level diplomatic activities with African countries. Notably, National Assembly Chairman Tran Thanh Man paid official visits to Senegal and Morocco, as well as Deputy Chairman Vu Hong Thanh recently visited Côte d’Ivoire and South Africa. These diplomatic efforts, coupled with trade promotion, are opening a new phase in economic and commercial cooperation between Vietnam and Africa.
Africa, with a population exceeding 1.4 billion and projected to exceed 2.5 billion by 2050, is one of the world’s fastest-growing regions, with a rapidly expanding middle class.
According to statistics, in 2024, Vietnam’s exports to Africa reached approximately $4 billion, while imports from the region totaled around $5.5 billion. However, trade with many African countries in the region remains modest. For instance, Senegal, an important partner in West Africa, accounts for only under 1% of Vietnam’s total bilateral trade with Africa, indicating significant untapped cooperation potential.
Meanwhile, African countries have a strong demand for agricultural products, food, essential consumer goods, agricultural machinery, and construction materials - all sectors where Vietnam holds strong advantages.
Vietnam is among the world’s leading exporters of rice, coffee, pepper, cashew nuts and seafood. In 2024, Vietnam’s agricultural trade surplus reached nearly $18 billion, with its rice exported to over 150 countries and territories. Additionally, Vietnam’s processing, textile, electronics and household goods industries are also well-developed, capable of supplying a wide variety of products with increasingly high quality.
Economic experts believe that Africa is a market with growing purchasing power, high profit margins and fewer stringent technical barriers compared to the European Union (EU). This presents significant opportunities for Vietnamese goods, particularly amid volatility in traditional markets.
Dr. Phan Chi Hieu, President of the Vietnam Academy of Social Sciences, emphasized that the full implementation of the African Continental Free Trade Area (AfCFTA) will offer Vietnam substantial opportunities to boost exports to the region, as the goods from both sides are highly complementary and not directly competitive.
Rice, coffee and seafood highly valued
According to Mr.Hoang Đuc Nhuan, Vietnam’s Trade Counselor in Algeria, North African countries such as Algeria and Tunisia have significant demand for Vietnam’s key agricultural and seafood products, including raw coffee, pepper, cashew kernels, desiccated coconut, pangasius, basa fish and frozen shrimp. Meanwhile, some West African countries like Senegal have a strong need for rice, pepper, confectionery and cereal-based products.
Motably, during the official visit of National Assembly Chairman Tran Thanh Man to Senegal from July 22-24, 2025, Vietnam’s Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan, signed a Memorandum of Understanding (MOU) on rice trade with Senegal’s Minister of Industry and Trade, Serigne Gueye Diop. Under this agreement, Vietnam will supply the West African nation with 100,000 tons of rice annually.
The signing of the MOU on rice trade with Senegal holds significant importance, helping to ensure food security, stabilize the rice market, and mitigate the negative impacts of climate change and natural disasters for Senegal. Additionally, this agreement strengthens economic and trade relations between the two nations, diversifies Vietnam’s rice export markets and creates new opportunities for the rice industry and Vietnamese farmers.
However, experts note that penetrating the African market is not an easy task. Long geographical distances, high transportation costs, limited market information and incomplete legal frameworks remain major barriers for Vietnamese businesses.
Moreover, unstable international payment systems, underdeveloped logistics infrastructure and political risks in certain African countries are also factors that businesses need to carefully consider.
To support enterprises, the Vietnamese government is actively negotiating and signing trade, investment, double taxation avoidance and investment protection agreements to provide a solid legal foundation for bilateral cooperation. The Ministry of Industry and Trade has also introduced initiatives such as the “Strengthening Trade Relations with the African Union 2022–2025", “Promotion of Trade in Key Export-Import Products between Vietnam and Target African Markets 2024–2026” and the “Development of Vietnam-Middle East-Africa Relations” which are being implemented with concrete actions.
Vietnam also welcomes African business delegations, particularly from Senegal, Morocco and Nigeria, to participate in major trade fairs such as Vietnam Expo, Vietnam Foodexpo and Vietnam International Sourcing. These events aim to foster business exchanges and create practical cooperation opportunities.