A memorandum of understanding (MoU) for co-operation in trade and industry was signed by Viet Nam and Guinea-Bissau at a ceremony in Ha Noi on Monday.— VNA/VNS Photo

HA NOI (Biz Hub)— A memorandum of understanding (MoU) for co-operation in trade and industry was signed by Viet Nam and Guinea-Bissau at a ceremony in Ha Noi on Monday.

At the signing ceremony, Deputy Minister of Industry and Trade Ho Thi Kim Thoa said the two countries had signed an agreement on culture, economics, science and technology and trade cooperation in 1994. However, bilateral trade ties have never managed to fulfill their potential.

Viet Nam, typically, has a trade deficit with Guinea-Bissau, importing primarily cashews and scrap steel, while mostly selling rice and cement.

In the first nine months of 2013, the two-way trade reported positive growth, with Viet Nam's exports climbing to US$8 million, double that of 2012.

Guinea-Bissau Secretary of State for Trade Ibraima Djalo underlined the significance of the signed MoU, saying that it would serve as an important legal base to promote cooperation in trade and industry, in particular, and bilateral relations between the two nations, in general.— VNS