South Africa - a potential market for Vietnam
The Hanoitimes - South Africa is a potential trade and investment market for Vietnamese businesses, said Doan Duy Khuong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI).
Addressing a Vietnam-South Africa trade and investment promotion conference in Hanoi on March 24, Khuong noted the establishment of diplomatic ties between the two countries in 1993 has laid a firm legal foundation for stronger cooperation.
Both countries have signed a number of agreements, including a bilateral trade agreement, an agreement on granting the Most Favoured Nation (MFN) status in bilateral trade, and an agreement on setting up the Inter-Governmental Partnership Forum for Economic Cooperation.
Vietnam mainly exports footwear, garments, coffee, rice, gemstones, precious metals, wood and timber products to South Africa. It imports steel and iron, metals, chemicals, plastic materials, cotton, fibre and fertilisers.
Two-way trade turnover has increased significantly over the years, from US$722.6 million in 2012 to US$920 million in 2013.
However, both Khuong and South African Ambassador to Vietnam Kgomotso Ruth Magau shared the view that the results remain modest compared with the two countries’ potential.
They expressed their hope that Vietnamese and South African businesses will play a key role in promoting bilateral economic and trade ties.
South Africa is currently Vietnam’s largest trade partner in Africa, Magau said, adding South Africa considers Vietnam an important and long-term ally.
- 82% of Vietnam enterprises to suffer revenue losses on Covid-19: VCCI
- Moody's places five Vietnamese financial institutions on review for downgrade
- 98% enterprises in Vietnam to benefit from fiscal stimulus package
- Covid-19 challenges Vietnam's fundamental weaknesses
- Vietnam's Q2 GDP growth forecast to slow to 2% or even fall into recession
- Vietnam transport ministry proposes support for coronavirus-hit airlines
- Vietnamese tech retailers manage to survive Covid-19 pandemic
- Vietnam Fin Min expands fiscal stimulus package to US$7.64 billion
- Samsung Vietnam trims export target by US$5.8 billion on Covid-19
- Vietnam inflation rate likely to drop below 4% in H2/2020
Hanoi Party chief lauds apparel maker's adaptability in mitigating Covid-19
Hanoi guides strict rules on quarantine of foreigners
Covid-19 hurts 90% of European businesses in Vietnam: Survey
Hanoi mayor urges implementation of measures to support businesses, citizens
98% enterprises in Vietnam to benefit from fiscal stimulus package
A bird's eye view of Hanoi streets in social distancing period
Vietnam transport ministry proposes support for coronavirus-hit airlines
Vietnam crude oil and natural gas production face downside risks on Covid-19
Hanoi ensures abundant supply of consumer goods in 15-day social distancing