Vietnam and South Africa have great potential to expand bilateral trade, Deputy Minister of Industry and Trade Phan Thi Thang said at a seminar on economic cooperation held in Pretoria on September 14.
The event, held on the sidelines of the commemoration of 30 years of bilateral diplomatic ties, attracted more than 150 participants from government agencies, localities and companies from both countries.
In his speech, Thang noted with satisfaction that relations between Vietnam and South Africa have been progressing, creating a driving force for their economic and trade ties.
He cited statistics showing that bilateral trade was increasing during 2018 – 2022, exceeding $1.2 billion in business volume each year.
In particular, the two countries have a lot of potential to expand bilateral trade, as their export structures are basically complementary to each other. This is a favorable condition for their companies to consolidate and diversify supply chains, the Vietnamese official said.
South African Deputy Minister of Trade, Industry and Competition Nomalungelo Gina was impressed by Vietnam’s strong economic and trade development, and shared Thang’s view that both markets are complementary.
He cited statistics showing that bilateral trade was increasing during 2018 – 2022, exceeding $1.2 billion in business volume each year.
He also perceived that there remains enormous potential for economic and trade partnerships, and called on both sides to redouble their efforts to seek opportunities for cooperation and connect their companies in industries such as automobiles, chemicals, fertilizers, textiles, clothing, agricultural products. and food processing, mining, wood processing, pulp and pharmaceuticals.
At the seminar, representatives of the two ministries, administrations of some South African localities such as Mpumalanga and KwaZulu-Natal, and companies from the countries studied the potential and opportunities for cooperation in trade, industry, energy and pharmaceutical production.
On September 13, the Vietnamese business delegation met with some South African partners to discuss partnerships.
Article republished from the Vietnamese state media VNA within the framework of an agreement between both parties to share content. Link to the original article: https://en.vietnamplus.vn/vietnam-south-africa-explore-chances-for-stronger-trade-ties/268000.vnp
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Source: https://reporteasia.com/economia/comercio/2023/09/16/vietnam-sudafrica-lazos-comerciales/
