Vietnamese products are introduced during SAITEX 2016 fair in South Africa (Photo: VNA)
HCM City (VNA) – South Africa considers Vietnam a promising economic, trade and investment partner, said South African Ambassador to Vietnam Kgomotso Ruth Magau during a Vietnam-South Africa business meeting on June 23 in Ho Chi Minh City.
The diplomat said that practical support policies in trade and investment that South Africa has offered to foreign investors will help Vietnamese business access the market effectively.
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 mainly shipped mobile phones and accessories, footwear, apparel, coffee, rice, wood and wooden products, and seafood to South Africa; while importing steel, chemicals, material plastics and cotton fabric.
According to Nguyen The Huong, Vice Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s branch in Ho Chi Minh City, two-way trade has seen remarkable growth, but not yet matching potential.
He said he believes that the event, with the presence of nearly 20 South African enterprises, mostly in food processing, agricultural production, steel and fertilizer, will offer oppertunities for business of both sides to boost their partnership in the future.
As part of efforts to back their connectivity, 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, Hung added.-VNA
