Morocco-Vietnam’s Economic relations

26/03/2021 2651

 

Vietnam, through its strategic location in South-East Asia and as a member of the emerging “ASEAN Economic Community”, offers large perspectives of promising economic cooperation with Morocco, which is considered a genuine and effective gateway to access Africa market for Vietnam, and benefit from African market trade, economic potentials and opportunities.

Bilateral relations have recently seen a significant evolution and a new dynamic that could develop trade between the two countries, through joint ventures, partnerships and cooperation agreements in the fields of agro-food, tourism, finance, renewable energies, pharmaceutical industry, and aquaculture…

Economic and Trade Relations:

  • Trade between Morocco and Vietnam increased by nearly 50% between 2015 and 2019 (from 145 million USD in 2015 to 218 million USD in 2019)
  • A significant evolution in terms of Moroccan exports increased, from 5 million USD in 2015 to 22,4 million in 2019

  • The trade balance between the two countries is in Vietnam's favor. Morocco’s trade deficit with Vietnam rose to 173 million USD in 2019;
  • Vietnam stands out today as Morocco's second trade partner in ASEAN region

Main Imported and Exported Products between Morocco and Vietnam:

  • Main imported products by Moroccan companies from Vietnam:

Phones and accessories, coffee, sea food, computers, electronic products and components, textiles, shoes, fishing nets, chemicals and pepper..;

  • Main exported products from Morocco to Vietnam:

DAP fertilizers, computers, vegetable oils, chemicals, plastic residues, marine products, pharmaceutical products and raw materials for textiles and shoes..

 Recent agreements signed between Morocco and Vietnam in the economic field (in March 2019):

  • A Trade Agreement was signed recently between the Ministry of Industry and Trade of Vietnam and the Ministry of Industry, Investment, Trade and Digital Economy of Morocco in order to promote cooperation in numerous fields of shared interest, mainly renewable energy, textile, clothing, electronic and mechanical industries, chemical industry and fertilizers production;

  • Another MOU between the two Ministries in charge of commerce was also signed recently, establishing a sub-committee on trade and industrial cooperation with the mission of promoting bilateral trade and supporting the SMEs through the implementation of measures identified to this end.