Business
Vietnam, South Africa strengthen trade and investment cooperation ties
The Vietnam - South Africa business meeting held on June 23 in HCM City with the participation of nearly 20 South African enterprises, offers opportunities for business of both nations to boost their partnership, according to Nguyen The Huong, Vice Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s branch in HCM City.
Representatives of nearly 20 South African companies accompanied by Ambassador to Vietnam Kgomotso Ruth Magau attended the Vietnam - South Africa business meeting held on June 23 in HCM City.
The South African enterprises, mostly in food processing, agricultural production, steel and fertilizer, hope to find business partners in agro-processing, mining, oil and gas, and water management.
Vice Director of the VCCI’s branch in HCM City Nguyen The Huong said two-way trade has witnessed remarkable growth, but not yet matching potential.
The event will offer opportunities for business of the two countries to boost their partnership in the future, he noted.
Hung added that the VCCI has signed a cooperation agreement with the South Africa Chamber of Commerce and Industry to jointly organise action plans and investment promotion conferences between the two sides, creating opportunities for enterprises to exchange experience and seek partnerships.
Speaking at the meeting, South African Ambassador to Vietnam Kgomotso Ruth Magau South African Ambassador to Vietnam Kgomotso Ruth Magau said that South Africa considers Vietnam a promising economic, trade and investment partner.
The diplomat said that South Africa's practical support policies in trade and investment offered to foreign investors will help Vietnamese business access the market effectively.
Ambassador Magau said South African businesses are most interested in investment opportunities in the manufacturing of wood products, textiles and garments as well as in minerals beneficiation.
South Africa is calling for investment in infrastructure building, the production industry as well as mining and heavy industry, she revealed.
In the first four months of this year, trade between Vietnam and South Africa reached 362 million USD, with Vietnam’s exports totalling 332 million USD.
Vietnam is the ninth largest export market of South African businesses with merchandise exports hitting a record high 383 million USD in 2015, said delegates at the meeting.
Vietnam mainly shipped mobile phones and accessories, footwear, apparel, coffee, rice, wood and wooden products, and seafood to South Africa, and imported steel, chemicals, material plastics and cotton fabric.
South African Ambassador to Vietnam Kgomotso Ruth Magau.
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Vice Director of the VCCI’s branch in HCM City Nguyen The Huong said two-way trade has witnessed remarkable growth, but not yet matching potential.
The event will offer opportunities for business of the two countries to boost their partnership in the future, he noted.
Hung added that the VCCI has signed a cooperation agreement with the South Africa Chamber of Commerce and Industry to jointly organise action plans and investment promotion conferences between the two sides, creating opportunities for enterprises to exchange experience and seek partnerships.
Speaking at the meeting, South African Ambassador to Vietnam Kgomotso Ruth Magau South African Ambassador to Vietnam Kgomotso Ruth Magau said that South Africa considers Vietnam a promising economic, trade and investment partner.
The diplomat said that South Africa's practical support policies in trade and investment offered to foreign investors will help Vietnamese business access the market effectively.
Vietnam mainly ships mobile phones and accessories to South Africa.
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South Africa is calling for investment in infrastructure building, the production industry as well as mining and heavy industry, she revealed.
In the first four months of this year, trade between Vietnam and South Africa reached 362 million USD, with Vietnam’s exports totalling 332 million USD.
Vietnam is the ninth largest export market of South African businesses with merchandise exports hitting a record high 383 million USD in 2015, said delegates at the meeting.
Vietnam mainly shipped mobile phones and accessories, footwear, apparel, coffee, rice, wood and wooden products, and seafood to South Africa, and imported steel, chemicals, material plastics and cotton fabric.
