Bayelsa State is seeking to deepen economic and investment relations with Vietnam as the state explores opportunities to attract foreign capital, technology and expertise into its non-oil economy.
The initiative gained momentum following a courtesy visit by the Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam to Nigeria, Ambassador Le Viet Hoang, to the Governor of Bayelsa State, Senator Douye Diri.
The meeting, which was attended by Professor Steve Azaiki, OON, focused on opportunities for Vietnamese investment in Bayelsa State and the prospects of building stronger economic ties between Vietnam, the state and Nigeria.
Ambassador Hoang was accompanied on the visit by the First Secretary of the Vietnamese Embassy, Mr Nguyen Tien Dung.
Governor Diri extended an invitation to the Ambassador and Vietnamese businessmen to visit Bayelsa and explore the state’s investment opportunities, highlighting the potential for mutually beneficial partnerships.
Azaiki, a distinguished son of Bayelsa State and Pro-Chancellor and Chairman of the Governing Council of Ritman University, Akwa Ibom State, said he was particularly encouraged by the prospect of stronger economic and investment relations between Vietnam and Bayelsa.
Vietnam’s economic transformation was identified as a potentially valuable model for Bayelsa and Nigeria, particularly in the areas of manufacturing, agro-processing, technology, export-oriented industries and foreign direct investment.
Vietnamese expertise and investment could potentially be deployed in several sectors of the Bayelsa economy, including agro-processing, fisheries and aquaculture, palm oil and cassava processing, food production, light manufacturing, textiles, renewable energy and construction materials.
For Bayelsa, increased investment in these areas could help transform the state’s abundant natural and agricultural resources into finished and exportable products, while creating employment opportunities and strengthening local value chains.
Such partnerships could also facilitate technology transfer, skills development, the emergence of new businesses and increased internally generated revenue, while supporting the state’s efforts to reduce its dependence on crude oil.
At the national level, stronger economic relations between Nigeria and Vietnam could contribute to industrialisation, export diversification, technology transfer, youth employment and Nigeria’s deeper integration into global manufacturing value chains.
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The proposed engagement therefore goes beyond conventional diplomatic relations, with the potential to develop into a practical economic partnership focused on investment, production, skills and technology.
Azaiki said Bayelsa should seize the opportunity by deliberately positioning itself as an attractive destination for Vietnamese capital, technology and manufacturing expertise.
He stressed that the state’s future economic development should increasingly be anchored on investment, industrialisation, innovation and job creation, rather than continued dependence on crude oil.
The engagement with Vietnam, he noted, provides an opportunity for Bayelsa to leverage international partnerships to unlock its agricultural, industrial and human-resource potential.
According to him, sustained partnerships of this nature could help translate Bayelsa’s considerable resources into productive economic activities capable of generating jobs, expanding the state’s economic base and improving the livelihoods of its people.
The Governor’s invitation to the Vietnamese diplomatic and business community is thus being viewed as an important step towards opening a new frontier of economic cooperation between Bayelsa State, Vietnam and Nigeria.