The Ghana-Vietnam Chamber of Commerce has been launched in Accra to promote trade, investment and bilateral relations between the two countries.

The move, among other initiatives, is geared towards expanding the frontiers of trade between Ghana and Vietnam.

Addressing journalists in Accra, the Director of Operations of the chamber, Mr Ernest Agbermor-Yeboah, said currently, Vietnam was ahead of Ghana in terms of balance of trade. For instance, as of the third quarter of 2015, exports to Vietnam from Ghana amounted to $69 million, while imports from Vietnam to Ghana stood at $115 million.

“This shows that Ghana is currently behind Vietnam in trade. We believe that by taking this initiative, trade between the two countries will be enhanced for the mutual benefit of both countries,” he said.

Key imports from Vietnam include rice, computer and electronic products, iron and steel products and toothpaste. The key imports to Vietnam are made up of wood products, seafood and cashew nuts.

Mr Agbemor-Yeboah noted that it was the vision of the chamber to improve socio-economic collaboration and ensure the establishment of full diplomatic ties between Ghana and Vietnam through the setting up of embassies in each other’s country to facilitate easier movements of citizens, goods and services.

“Vietnam is a developing success story. Political and economic reforms launched in 1986 have transformed the country from one of the poorest in the world, with per capita income around $100, to a lower-middle income status within a quarter of a century with per capita income of over $2,000 by the end of 2014.

“Vietnam has also made remarkable progress in reducing poverty,” he said.