Vietnam eyes Morocco as market with great potential

Vietnam eyes Morocco as market with great potential

Telephones and components are among key products exported to Morocco

NDO/VNA – Morocco has become a lucrative market for Vietnam as bilateral trade between the two countries reached US$156.3 million last year, with the annual growth rate pegged at 54%.

In 2014, Vietnam’s exports to Morocco posted 48% year-on-year growth reaching US$148 million. Morocco is one of the 10 largest African importers to Vietnam.

The country mainly ships telephones and components, coffee, seafood, computers, electronics and components, garments, fibre, footwear, fishing nets, chemicals and pepper to Morocco.

Its imports remain modest, reaching just US$8.7 million, resulting in a trade surplus of US$139.3 million. Products imported from Morocco include computers, pharmaceuticals, DAP fertiliser, and raw material for the garment and footwear industry.

Deputy Minister of Trade and Industry, Tran Tuan Anh, said Morocco has an important geographical location as a gateway for Vietnamese businesses to penetrate the North African market.

In addition, Vietnam and Morocco have a similar open market. Morocco has cut tax tariffs under its commitments to the World Trade Organization, as well signed several bilateral and multilateral Free Trade Agreements with the European Union and the United States.

Anh said the ministry will update local businesses with market information, carry out more advertising campaigns in the country and formulate a development plan through to 2020.

The ministry will also assist businesses in setting up subsidiaries and rice storage warehouses in key markets, such as Cameroon, Angola, and Mozambique, he added.

Zahra Maafiri, General Director of the Moroccan Centre for Export Promotion, said the country has a modern banking system, infrastructure and transport which can facilitate Vietnamese enterprises’ import and export activities.

Vietnamese goods have drawn the attention of the Moroccan people, she said, adding that Morocco will give priority to three main sectors: food and foodstuffs, leather shoes, and information and technology.

However, businesses still have to overcome numerous hurdles, such as the considerable geographic distance, a lack of market information, and differences in business customs and language.

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