Enhancing Viet Nam – South Africa Economic Cooperation

The Roundtable on Viet Nam – South Africa Economic Cooperation is one of the important events taking place within the framework of “Viet Nam Days Abroad” held for the first time in South Africa.

“Viet Nam Days in South Africa 2023” is organized on the occasion of the official visit to South Africa of Vietnamese Vice President Vo Thi Anh Xuan from September 14 to September 17, 2023. On September 14, 2023, the Ministry of Foreign Affairs, the Ministry of Industry and Trade and the Vietnamese Embassy in South Africa jointly organized the “Roundtable on Viet Nam – South Africa Economic Cooperation”.

 

Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang, Vietnamese Deputy Minister of Trade, Industry and Competition of South Africa, South African Ambassador to Viet Nam and over 150 delegates from government agencies of the two countries, local governments and business communities in Viet Nam and South Africa attended this event. 

 

The Roundtable is considered a practical activity that creates opportunities for businesses of the two countries to exchange and interact with each other, contributing to strengthening mutual understanding and building trust to jointly exploit the potential and business opportunities in the future. This is especially important in the context of the increasingly integrated economic environment .

 

In her speech at the roundtable , Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang emphasized that Viet Nam and South Africa relations have witnessed great developments through the years, creating momentum for economic and trade cooperation. In the period 2018-2022,  two-way trade between Viet Nam and South Africa maintained a positive growth momentum, averaging over 1.2 billion USD per year.

 

South African Deputy Minister of Trade, Industry and Competition Nomalungelo Gina expressed her impression with the strong developments of Viet Nam’s economy and trade. 

 

At the Roundtable, representatives of the two Ministries some South African local authorities such as Mpumalanga, KwaZulu-Natal and businesses from in trade, industry, energy and pharmaceuticals presented discourses on the potential and opportunities for cooperation in the above fields between Viet Nam and South Africa. 

 

During the B2B session, business representatives from the two countries exchanged information and introduced their business activities as well as proposed opportunities to seek business partners. 

 

The Viet Nam – South Africa Economic Cooperation  Roundtable achieved fruitful results with the commitment of both countries to strengthen cooperation and build sustainable economic and trade relationships.

 

South Africa is Viet Nam’s largest trading partner and also largest export market in Africa. In 2022, import-export turnover between Viet Nam and South Africa reached nearly 1.27 billion USD, a slight increase compared to that of 2021, of which Viet Nam’s export turnover to South Africa reached 879 million USD and imports stood at 399 million USD. In the first 7 months of 2023, total trade exchange between the two countries reached 723.9 million USD, of which Viet Nam’s exports reached 461.6 million USD and imports reached 262.3 million USD.