Prime Minister calls for deeper Vietnam-South Africa business partnership

THE HANOI TIMES — Prime Minister Pham Minh Chinh called on the business communities of Vietnam and South Africa to “meet, connect, act and deliver results.”

“Enterprises on both sides should increase investment, strengthen cooperation and support one another so they can grow together,” Chinh said at the Vietnam South Africa Business Forum on November 21, during his participation in the 2025 G20 Summit and bilateral program in South Africa.

He called on both countries to expand cooperation in energy and minerals, infrastructure, construction, logistics, high tech agriculture, food processing, digital economy, telecommunications and services, education, training and technology transfer.

The prime minister encouraged Vietnamese companies to invest in agricultural production in South Africa, especially rice and other goods that South Africa still imports for domestic consumption and re-export.

He said Petrovietnam and EVN can explore opportunities in energy, oil and gas and renewable power.

Chinh also encouraged South African enterprises to increase exports to Vietnam to move toward balanced trade and to invest in areas such as innovation, green economy, digital economy and processed goods.

On cooperation mechanisms, the Vietnamese government leader proposed upgrading the Intergovernmental Committee coordinated by the two foreign ministers and pushing for new agreements to support trade and investment.

He said businesses should also set up joint working groups. South Africa is the largest economy in Africa and one of the top destinations for foreign direct investment in the region.

Its main economic sectors include mining, transport, tourism and agriculture. The country produces about 4 million tons of chromium each year, accounting for 60% of global transactions. It leads the world in gold exports, ranks second in platinum output and fourth in wine production.

South Africa is Vietnam’s largest trading partner and export market in Africa. Bilateral trade reached US$1.72 billion in 2024. Vietnam exported about $773 million worth of goods, including phones and components, footwear, electronics and machinery. Vietnam imported about $946 million from South Africa, mostly coal, fruits and vegetables, precious stones and metals and mineral ores.

Despite strong potential, investment cooperation remains modest. As of October 2024, South Africa had 20 valid investment projects in Vietnam with a total capital of $0.88 million.

Vietnam had four projects in South Africa worth $8.86 million, ranking forty-third among the eighty-one countries and territories where Vietnam has outward investments. Vietnamese companies have mainly invested in tourism services, accommodation and agricultural and forestry trade.

At the forum, South African Deputy President Paul Shipokosa Mashatile said this is a pivotal moment for the business communities of both countries to expand cooperation and investment.

He said the two Governments have confirmed their commitment to strengthening cooperation in trade, industry, agriculture, science and technology, renewable energy and digital transformation.

“This visit by Prime Minister Pham Minh Chinh helps shape new directions for bilateral cooperation in the coming years,” he said.

The deputy president noted that South Africa has long been a key partner for Vietnam in the region but many opportunities remain untapped. He encouraged Vietnamese businesses to explore investment opportunities in South Africa’s special economic zones.

He also welcomed South African companies investing in Vietnam’s industrial clusters and technology parks and called for stronger ties between the two Chambers of Commerce and Industry.