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Tuesday, July 16, 2024

Vietnam, South Africa explore trade opportunities

The Saigon Times

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HCMC – There is much potential for Vietnam and South Africa to enhance their trade ties, said Vietnam’s Deputy Minister of Industry and Trade Phan Thi Thang.

Instead of direct competition, their trade structures complement each other, creating ample opportunities for growth. She made these remarks during a seminar on economic cooperation held in Pretoria on September 14, on the sidelines of the 30th anniversary celebration of diplomatic relations between the two countries.

The seminar brought together over 150 delegates from both nations, including government officials, local authorities, and business representatives. Thang highlighted Vietnam’s dynamic economy with gross domestic product nearing US$410 billion.

In 2022, the country achieved a GDP growth rate of 8.02%, boasting stable macroeconomic indicators and controlled inflation.

Vietnam is also among the top 20 economies globally in terms of international trade, with a trade volume of nearly US$735 billion, and is a signatory to 16 free trade agreements. It has attracted more than 36,500 foreign investment projects with registered capital of US$452 billion from 143 countries and territories.

Nomalungelo Gina, South African Deputy Minister of Trade, Industry and Competition, shared Thang’s view on the complementary nature of their markets, identifying potential cooperation in sectors such as automotive, chemicals, textiles, mining, wood processing, and pharmaceuticals.

During the business networking session, enterprises from both countries explored opportunities and sought to establish new partnerships.

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