Vietnam-Mali trade exchange forecast to fall this year
Trade exchange between Vietnam and Mali in 2020 will plummet due to obstacles in transporting goods to Mali and difficulties related the embargo imposed by the Economic Community of West African States (ECOWAS) against Mali, said Vietnamese Trade Counsellor in Algeria and Mali Hoang Duc Nhuan.
Pretoria (VNA) – Trade exchange between Vietnam and Mali in 2020will plummet due to obstacles in transporting goods to Mali and difficulties relatedthe embargo imposed by the Economic Community of WestAfrican States (ECOWAS) against Mali, said Vietnamese Trade Counsellor in Algeria and Mali Hoang Duc Nhuan.
According to Nhuan, the economic sanctions of ECOWAS has had significantimpacts on Mali in general and commercial relations between Vietnam and Maliin particular.
Vietnamese businesses need to keep a close watch on Mali'spolitical developments and economic policy changes, and be cautious in transactionsamid the COVID-19 outbreak and the transaction blockade by the Central Bank ofWest African States.
Currently, a number of problems have occurred such as the goods arriving at portslater than the schedule due to COVID-19, the goods could not be transported to Malidue to its neighboring countries closed borders with the Western Africancountry, or importers cannot make payments from any bank in Mali due to theblockade of international transactions, Nhuan said.
Vietnamese businesses should learn about partners clearly to avoid commercial risks,he added.
Statistics from the General Department of Vietnam Customs show that Vietnam’sexports to Mali in 2019 hit 38.9 million USD, up nearly 11 timescompared to the previous year, with major exports such as crude oil, cement, aquaticproducts, pepper, rice, and plastic products. Meanwhile, Vietnam spent 28.49 million USD onimporting goods from the Western African country, mainly cotton, cashew nut,copper, computer, and steel products.
ECOWAS comprises 15 Western Africannations, including Mali. The community imposed economic sanctions on Mali aftera coup in the country last month. ECOWAS announced the closure of land and airborders and cessation of all economic, commercial and financial transactionsbetween the 14 member states and Mali, and urged its partners to do the same.
The organisation said it hastemporarily removed Mali from ECOWAS policy-making bodies. After the decision,the Central Bank of West African States (BCEAO) sent a letter to its member banksand financial institutions, requesting them to suspend transactions with Mali./.
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Illustrative image (Photo: VNA) 
