The Nigeria-Vietnam Chamber of Commerce and Industry has collaborated with the Vietnam Joint Stock Company, which specialises in the provision of sustainable renewable energy solutions as part of efforts to address the country’s energy challenge.

In a release on Tuesday, the President of NVCCI, Oye Akinsemoyin, said in the 21st century, it was expected that renewable energy would become increasingly attractive as a self-replenishing energy source because of its inexhaustible supply and its non-polluting character.

This, he said, was in stark contrast to the finite fossil fuels, coal, petroleum, and natural gas.

He stated, “Renewable energy is a natural, green source of energy, and it attracts the attention of a large proportion of the energy market demand. The NVCCI has expended millions of naira for the last 15 months or so in cultivating the Vietnam technology expertise for potentially the potential exploitation of the renewable energy economy in order to make it available to Nigeria as an energy source. It contributes to combating climate change and reaching net-zero carbon emissions.”

Akinsemoyin mentioned that this was why the NVCCI, in collaboration with its Vietnam counterpart, the Vietnam Chamber of Commerce and Industry, was in collaboration to convoke an investors forum dedicated principally to the sector, to engage decision makers, policy makers, and practitioners in finding the best possible investment fit to suit the Nigerian environment.

He added that a draft of the agenda for an investment forum was being planned.

According to him, in 2024, the total trade volume between Nigeria and Vietnam reached a record $1bn, quoting the Embassy of Vietnam.

This bilateral trade, it was learnt, involved Nigeria exporting raw cashew nuts, coconuts, and other oily seeds, while Vietnam exports goods like electric batteries, knit t-shirts, and rolled tobacco.