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Vietmam, South Africa look to beef up trade ties

The Vietnam – South African joint committee on trade cooperation convened its fifth meeting in Johannesburg on November 24 to seek ways to foster bilateral economic and trade partnerships.
Vietmam, South Africa look to beef up trade ties ảnh 1Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh (L) and South African Deputy Minister of Trade, Industry and Competition Nomalungelo Gina (Photo: VNA) 

Pretoria (VNA) - The Vietnam – South African joint committee on tradecooperation convened its fifth meeting in Johannesburg on November 24 to seekways to foster bilateral economic and trade partnerships.

South African Deputy Minister of Trade, Industry and Competition Nomalungelo Gina stated that her country always attaches importance to therelationship with Vietnam, addingthat the signing and implementation of the African Continental Free Trade Area(AfCFTA) will create investment opportunities in a larger and more opencontinental market for Vietnamese businesses.

For his part, Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh said the event will contribute to deepeningthe good political, diplomatic and economic relations between the two countrieson the basis of mutual benefits.

Two-way trade between Vietnam and South Africa hit a record of nearly 1.4billion USD in 2020. Despite being effected by the COVID-19 pandemic, thefigure reached nearly 1.3 billion USD in 2021 and 1.1 billion USD in the first10 months of 2022.

Khanh also pointed out difficulties in economic and traderelations between the two countries, adding that the bilateral turnover is notcommensurate with the inherent potential of the two nations.

He proposed the two sides to enhance the sharing of informationon trade and investment policies and import - export regulations, promotecoordination and mutual support in trade and investment promotion activities, and studycooperation opportunities in logistics and other potential industrial fieldssuch as mining, mechanical engineering, metallurgy, iron and steel, renewableenergy, and food processing.

Participants discussed issues of mutual concern and opportunitiesfor cooperation in the future, and mentioned relevant difficulties and advantages.

The two sides agreed to organise the 6th meeting ofthe committee in Vietnam in 2023./.

VNA
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