According to the Vietnam Trade Office in Nigeria, although the Nigerian market in particular and the West Africa region in general is considered to be very potential for Vietnamese exports, businesses need to be careful with the phenomenon of fraud hiding under the shadow. many forms.

Producing textiles for export

Notably, the phenomenon of fraud in business transactions in Nigeria in particular and in West Africa in general is often quite diverse such as fraud in bidding or importing and exporting goods.

Fraudsters often sign export contracts for Vietnamese enterprises; execute transactions from 1-2 contracts on time, good product quality to create trust. However, from the third contract, the subject asked the Vietnamese enterprise to transfer a deposit of 30-50% of the contract value, appropriate this amount and not deliver the goods.

In addition, businesses face difficulties in payment when most West African countries use a form of payment with certain risks such as T/T, D/A, D/P.

Therefore, it is necessary to carefully verify and verify partners to avoid risks when signing export - import contracts. Enterprises should also apply the form of payment of irrevocable letter of credit, payment at sight (L/C).

Faced with this fact, the Vietnam Trade Office in Nigeria recommends that for payment in the form of a deposit, businesses should ask partners to deposit 30-50% of the value for new and first-time orders. head. In particular, businesses should not transfer money in any form when requested by partners such as brokerage fees, attorney fees...

Particularly for import activities to Vietnam, enterprises need to conduct inspection of goods in the host country before putting the goods on board or hire reputable inspection companies to ensure quality. Moreover, in the first stage, business representatives should go directly to meet suppliers, supervise the purchasing and loading goods on ships.
As a country with a population of over 200 million people, the largest in Africa, Nigeria is a potential market for Vietnamese goods. Statistics of the General Department of Vietnam Customs show that in the first two months of 2022, Vietnam's exports to Nigeria reached a value of 16.32 million USD, up 3.4% over the same period in 2021.

Along with that, Vietnam mainly exports to this market industrial products such as textiles, machinery, equipment, tools and spare parts, mobile phones and components, bags, wallets, suitcases, hats , umbrellas, plastic raw materials.

These items all have high export growth rates, the highest are textiles and plastic materials because the Nigerian market is not too strict with imported products for production.

For agricultural products, Vietnam has exported rice, seafood and vegetables to the Nigerian market, but the turnover value is still modest and there is still plenty of room for Vietnamese goods to increase their turnover.

Moreover, as one of the leading rice producers and exporters in Africa, Nigeria still imports about 1.8-2 million tons of rice per year. Imported rice is often cheaper than domestically produced rice, so people prefer to use it. The total tax rate when importing this item ranges from 57.5-97.5%.

For vegetables and fruits, Vietnam's export value to Nigeria is still low, only reaching 200,000 USD in the period from 2019-2021. Meanwhile, Nigeria's import value of these items in 2021 reached 3.27 billion USD, up 65% compared to 2020.

Sharing more about this market, Ms. Tran Thi Thu Thuy - Deputy Director of the Export Support Center (Department of Trade Promotion) said that besides Nigeria's market of 200 million consumers, Vietnamese exports The South can also access the markets of the countries of the West African Economic Community of which Nigeria is a member when the regulations and standards for imports between the markets are quite similar.

However, to be safe in finding customers in Nigeria in particular and in Africa in general, Vietnamese businesses are recommended to contact the Vietnam Trade Office-Embassies in this regional market.

On the other hand, businesses need to actively participate in international exhibitions, business forums, market research and trade promotion delegations organized by the Ministry of Industry and Trade and associations or through partners who know the world. introduction./.

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