Vietnamese, South African businesses look to boost partnership

A representative of an Vietnamese enterprise introduced its products to South African partners at the event. (Source: VNA)

Vietnamese businesses are increasingly interested in the South African market and want to explore investment opportunities to take advantage of the free trade agreements that South Africa has signed with major markets, including the US and Europe as well as the African market, Vietnamese Ambassador to South Africa Hoang Van Loi has said.

He made the remarks at the Vietnam-Durban Business Forum 2022 which was held in the port city of Durban on November 4, aiming to enhance trade exchange and investment between the two countries.

The forum is the first of a series of trade promotion activities between Vietnam and South Africa organised by the Trade Promotion Agency under the Ministry of Industry and Trade, the Vietnamese Embassy and chambers of commerce and industry of localities in South Africa.

Besides Durban, Vietnamese businesses will also seek cooperation and investment opportunities in Pretoria, Johannesburg and Cape Town.

Ambassador Loi highlighted the great potential for goods exchange between the two countries. He suggested the joint venture model as a potential choice for Vietnamese investment in South Africa in a number of potential sectors such as clean energy, furniture, household appliances, garment-textiles and agricultural product processing.

The Vietnamese Embassy and the Vietnam Trade Office in South Africa will do their best to act as a bridge connecting the business communities of the two countries for their common interest and the benefit of enterprises, especially in the context that the two countries will celebrate the 30th anniversary of the establishment of diplomatic ties in 2023, Loi said.

Bilateral trade turnover between Vietnam and South Africa topped 1 billion USD in the first nine months and is expected to reach 1.3 billion USD this year./.