Vietnam, South Africa look to expand trade and investment ties

The trip formed part of activities to promote economic diplomacy towards expanding the bilateral economic and trade relations after a long time affected by the COVID-19 pandemic.

Within the framework of the trip, the delegation had working sessions with representatives of local policy advisory and business matching agencies and companies which are interested in or those with experience in doing business in Vietnam.

During a meeting with Nomkhita Mona, CEO of the Nelson Mandela Bay Business Chamber (NMBBC) in Eastern Cape, the Vietnamese diplomat highlighted the potential of the Vietnamese market with a population of more than 95 million people, saying that the country is one of the most dynamic economies in Southeast Asia.

Mona said Eastern Cape has strengths in the fields of seaports, exports of consumer goods and automobiles, agriculture and tourism.

The two sides were committed to promoting cooperation and mutually supporting in sharing information about trade and export and connecting partners.

Mona affirmed that NMBBC is willing to post information about the Vietnamese market and businesses on its website, creating favourable conditions for the business community of Nelson Mandela Bay in particular and South Africa in general in seeking partners.

The two sides agreed to coordinate in promoting the signing of memoranda of understanding (MoU) between the South African Chamber of Commerce and the Embassy of Vietnam and the Vietnam Chamber of Commerce and Industry (VCCI).

Meanwhile, President of the Cape Chamber of Commerce and Industry (CCCI) Jenine Myburg spoke highly of efforts and initiatives of the Vietnamese Embassy to promote connections between Vietnamese firms and South African partners, affirming that the two sides will consider to concretize areas with great potential for cooperation in the coming time, focusing on goods and fields that both sides have demands and strengths.

The Vietnamese delegation also had working sessions with representatives of Karoo Livestock Exports (KLE) which is specializing in exporting animal breeds, Rhodes Food Group (RFG) Group which has experience in exporting canned foods and vegetables to Vietnam, and Reutech Radar Systems – a multi-sectoral business company.

Dao Manh Duc, Commercial Counsellor at the Vietnamese Embassy in South Africa, said the Vietnamese Trade Office will work to promote exchanges between the two countries’ business community.

South Africa is the first and only country in Africa that Vietnam has established the partnership for cooperation and development. It is also the largest trading partner of Vietnam in the continent.