South African businesses eye opportunities in Vietnam
At the seminar (Photo: VNA)
The event was co-organised by the Department of Trade Promotion under Vietnam’s Ministry of Industry and Trade, and South Africa’s Department of Industry and Trade.
Valentine Naidoo, a representative of South Africa’s Department of Industry and Trade , said that Vietnam has been regarded as a major and important trading partner for South African enterprises for many years.
South African businesses consider the country to be a potential market to boost trade and investment ties in areas where both sides enjoy complementary advantages, he noted.
Besides, Vietnam also represents an important gateway for South African goods to gain access to the Southeast Asian market.
Jacobus Rreinier Grove, a representative of Rukou Beverages Company, shared that both nations have strengths in terms of agricultural production, noting that with different product structures in place, they should step up co-broader cooperation and trade exchanges, thus helping consumers enjoy increased options.
With regard to processing, the African nation has the advantage of producing items made from safe, natural ingredients, which also fall in line with the latest consumer-focused trend of health.
Elsewhere, Deshan Naidoo, director of Factocode Microfinish which specialises in manufacturing automobile components claimed that Vietnam is home to a well-developed manufacturing industry, with the growing demand for using products in the supporting industry.
As a result, many South African businesses are hoping to establish partnerships with enterprises in the Vietnam’s supporting industry in order to organise their production and distribution activities. Especially, they can assist local businesses by way of a transfer of technology and human resource training to meet long-term development goals.
Bui Thi Thanh An, Deputy Director of Trade Promotion Agency under the Ministry of Industry and Trade, said South Africa is currently the country’s largest trading partner in Africa.
Bilateral trade between the two countries has enjoyed a consistent increase for several years, touching down more than US$1.1 billion in 2018. Of the figure, Vietnam exported more than US$724 million worth of goods to the African nation, including telephones, agricultural products, coffee, and spices. In contrast, South Africa mainly exports timber and steel to Vietnam with a value of approximately US$386 million.
According to Ms An, there is still plenty of room for both sides to boost trade turnover, investment, and business co-operation activities in the coming time.
Therefore, a host of direct exchange activities are being taken to create closer links between the two economies, expand
the export market of each nation, take advantage of their respective strengths, and pooling resources to complement both countries' development needs.
Related News
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Opportunity for exporting to Thailand market
14:48 | 27/04/2024 Import-Export
Notice for businesses exporting watermelons to China
09:40 | 25/04/2024 Customs
Nghi Son port border gate customs: Stimulating demand for import and export through the seaport
06:47 | 30/04/2024 Customs
Latest News
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
More News
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export
Solutions for maintaining Vietnam's position as a bright spot for foreign direct investment
15:36 | 02/05/2024 Import-Export
FDI disbursement in January-April period reaches five-year record
19:43 | 01/05/2024 Import-Export
Binh Duong aims to become logistics hub in southern region
19:41 | 01/05/2024 Import-Export
Digital transformation – optimal choice for Vietnamese garment & textile firms
19:39 | 01/05/2024 Import-Export
Infrastructure development creates momentum for exports to "neighboring" markets
19:36 | 01/05/2024 Import-Export
Seaports increase services to attract goods
19:35 | 01/05/2024 Import-Export
The supporting industrial enterprises transform for sustainable development
08:20 | 01/05/2024 Import-Export
Foreign investment disbursement hits record high in the first four months
13:36 | 30/04/2024 Import-Export
Your care
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export