Investment encouraging policies offered by the Vietnamese Government and localities were introduced at an economic forum held recently in Durban city, South Africa’s KwaZulu-Natal province by the Vietnamese Embassy in South Africa.

Addressing the Vietnam-South Africa Trade, Investment and Tourism Promotion Forum on October 31, Vietnamese Ambassador Le Huy Hoang affirmed that Vietnam attaches importance to developing its multi-faceted relations with South Africa, including KwaZulu-Natal province and Durban port city.

The Ambassador and Trade Counsellor Nguyen Hong Tien then answered local businesses’ queries, clarifying Vietnam’s policies to attract investment as well as its support measures on tariffs and infrastructure.

Besides announcing a list of projects calling for foreign investment from now until 2020, the Vietnamese side also introduced the country’s outstanding exports particularly tra fish and rice as well as major tourist attractions such as the World Heritage sites of Ha Long Bay, the ancient imperial city of Hue and the old port town of Hoi An.

The Vietnamese representatives asked for further assistance from the South African Government and KwaZulu-Natal province in granting visas for Vietnamese enterprises.

Andrew Layman, Chief Executive of the Durban Chamber of Commerce and Industry, said his office is willing to serve as a bridge connecting Durban and KwaZulu-Natal businesses with Vietnamese partners, expressing his hope that Vietnam will help South African businesses to expand their ties with other countries in Asia.

Both sides expressed hopes that the two countries will soon sign agreements on double taxation avoidance and banking-finance in order to protect the legitimate rights of their businesses.

In the first nine months of 2014, two-way trade between Vietnam and South Africa reached nearly 900 million USD. It is forecast to hit 1.3 billion USD this year.-VNA