Nearly 20 businesses from South Africa are exploring cooperation opportunities in Ho Chi Minh City, Vietnam’s southern economic hub.

The enterprises are active in a variety of fields, ranging from footwear, garments and textiles, wood and timber products to computers, mobile phones and spare parts, seafood and agriculture.

Speaking at a workshop held in the city on May 25, the Director of Investment Promotion under the South African Department of Industry and Trade, Brian Soldaat, acknowledged Vietnam and HCM City in particular as one of attractive destinations for South African firms.

He said South Africa offered a number of incentives for foreign investors, including its investment refund policy, depending on the scale of investments.

The country applies preferential regulations in certain fields, such as the manufacturing of household utensils and electronic equipment, garments and textiles, and wood and timber products. Furthermore, the country is applying a number of policies to boost domestic and foreign investment in automobile spare parts, green industry and green energy, tourism, medical equipment and pharmaceutical products.

The Deputy Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s branch in HCM City, Nguyen The Hung, highlighted the signing of a cooperation agreement between the VCCI and the Chambers of Commerce and Industry of South Africa (CHAMSA) and the establishment of the Vietnam-South Africa Business Council in 2010 as a strong foundation for promoting the two countries’ enterprises.

He noted that bilateral trade reached over 962 million USD last year, with Vietnamese exports accounting for 815 million USD.-VNA