Doing Business In Africa By Ngoc Lan The Vietnam-Africa national action plan in 2004-2010, which identifies the Black Continent as a key export market, has been implemented and even extended to include the 2011-2015 period. Two-way trade between Vietnam and Africa has grown by an average of 45% per annum. However, export is not the only way in which Vietnamese enterprises can penetrate Africa’s market. Vietnam has established trade relations with 50 of 54 African nations, but reaped merely some US$670 million from exports to these markets in the first seven months of 2010, which was equal to approximately 1% of the total export earnings and stayed unchanged year-on-year. The country spent US$100 million on African goods and, as a result, is running a trade surplus with this continent. South Africa accounts for 30% of the export turnover over this period, but its decision to slash gold import in the first half by US$60 million year-on-year pulled down Vietnam’s export earnings. However, even when gold and precious stone export to this African country soared in May and June to reach nearly US$70 million per month, according to statistics from the Ministry of Industry and Trade, it is questionable to claim…
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