Vietnam and South Africa seek 1.5 billion USD in two-way trade
Representatives from Vietnamese and South African enterprises attended a seminar themed “Doing Business with Vietnam 2018”, in Johannesburg city on June 26 as part of the ongoing 25th South African International Trade Exhibition (SAITEX).
Representatives from Vietnam's trade promotion delegation work with those from South Africa's foreign ministry (Source:VNA)Pretoria (VNA) - Representatives from Vietnamese and South African enterprises attended a seminar themed “Doing Business with Vietnam 2018”, in Johannesburg city on June 26 as part of the ongoing 25th South African International Trade Exhibition (SAITEX).
Organsed by the Vietnamese Embassy in South Africa, the Ministry of Industry and Trade (MoIT) of Vietnam and the Johannesburg Chamber of Commerce and Industry (JCCI), the event offered a chance for the two sides’ firms to study issues related to business and investment, such as tax and incentive policies, payment procedures and business risks.
Speaking at the event, Vietnamese Ambassador Vu Van Dung stressed this is part of diplomatic activities to promote economic and trade links between the two countries, towards lifting two-way trade to 1.5 billion USD by 2020.
Vice President of the JCCI Jacki Luthuli hoped that trade promotion activities would help turn potential into practical results, bringing economic benefits to the two nations’ business communities and contributing to tightening bilateral diplomatic ties.
At the seminar, participants introduced their countries’ products of strength such as coffee, rice, textiles and construction materials of Vietnam, and mining and agricultural products and meat of South Africa.
Previously, on June 25, the MoIT’s trade promotion delegation and the Vietnamese Embassy had working sessions with officials from the ministries of mining, industry and trade, foreign affairs and health of South Africa, during which the two sides updated each other on information related to sectors of common concern and discussed plans to strengthen trade bonds.
Vietnam sent eight enterprises to attend SAITEX 2018 - the largest trade fair in Africa, which features nearly 400 enterprises from 36 countries, and hopes to draw thousands of visitors.
According to the MoIT, South Africa is the leading trade partner of Vietnam in Africa. Over the last decade, two-way trade between Vietnam and South Africa increased more than five times to 920 million USD in 2013 from only 192 million USD in 2007. The figure hit about 1.2 billion USD in 2017.-VNA
You should also see
InfographicADB maintains 2024 economic growth forecast for Vietnam
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
See more
Business
Vietnam becomes biggest rice supplier for Singapore
Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
Business
Cooling equipment market heats up
Many electronics supermarkets in Hanoi have launched summer promotion programmes, reducing prices for cooling equipment such as air conditioners and fans, as the weather in the north of Vietnam has just begun to be hot and sunny.
Business
Vietnam an attractive destination for electronics, semiconductor investors: Official
Vietnam has strong infrastructure and research and development incentives as well as a skilled workforce, making it an attractive for “eagles” worldwide in the electronics and semiconductor industry, according to Deputy Minister of Planning and Investment Tran Duy Dong.
Business
Lam Dong strives to develop tea industry towards sustainable development
The Central Highlands province of Lam Dong aims to develop its tea industry to 2030 towards sustainable development by improving efficiency and fostering links between tea production, processing, and consumption. The province is also striving to replace aging tea plantations with high-quality tea varieties to enhance productivity.
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
