Pretoria – South Africa and Vietnam are committed to strengthening their economic relations, with both governments working to create a more favourable environment for trade and investment. This message came from Deputy President Paul Mashatile during the South Africa-Vietnam Business Forum held at the Capital Empire Hotel in Sandton on Friday.
Mashatile spoke about the importance of simplifying business processes, improving industrial infrastructure, and boosting trade finance support. He urged Vietnamese companies to explore investment opportunities in South Africa’s Special Economic Zones (SEZs), which offer world-class infrastructure and incentives. He also welcomed South African businesses to invest in Vietnam’s growing industrial clusters and technology hubs.
The forum, which coincided with the Group of 20 (G20) Leaders’ Summit, aims to foster deeper cooperation between the two nations. The Deputy President noted that South Africa remains Vietnam’s largest trading partner in Africa, while Vietnam serves as a gateway to the Association of Southeast Asian Nations (ASEAN) market, comprising over 700 million people.
Mashatile highlighted the potential for both countries to benefit from enhanced bilateral relations, particularly in sectors such as agriculture, renewable energy, digital transformation, and science and technology. He also referenced President Cyril Ramaphosa’s recent state visit to Vietnam, which marked a new phase in their bilateral relationship.
The Deputy President reiterated the importance of South-South cooperation, calling for multilateral solutions to address global trade challenges. He stressed that the forum was not just about economics, but about partnership, shared growth, and solidarity in an era of global uncertainty.
Despite steady growth in trade between the two nations, South Africa faces a trade deficit with Vietnam. In 2024, South Africa’s exports to Vietnam amounted to US$610.89 million, while imports from Vietnam reached US$1.14 billion. Both countries aim to address this imbalance by focusing on value addition and industrial cooperation.
Mashatile is expected to meet with Vietnamese Prime Minister Pham Minh Chinh for further discussions on strengthening bilateral ties, with a particular focus on untapped opportunities in trade and industrial partnerships.
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