Government has committed to creating a favourable environment for trade and investment as South Africa and Vietnam work diligently to strengthen their economic ties, Deputy President Paul Mashatile said.
During his speech at the South Africa-Vietnam Business Forum held at the Capital Empire Hotel in Sandton on Friday, the Deputy President highlighted the importance of simplifying business operations, improving industrial infrastructure, and increasing trade finance support.
He emphasised the roles of organisations such as the Industrial Development Corporation (IDC) and the Export Credit Insurance Corporation (ECIC) in these efforts.
He encouraged Vietnamese companies to explore investment opportunities in the Special Economic Zones (SEZs), which offer world-class infrastructure and incentives.
“Likewise, we welcome South African businesses to invest in Vietnam’s dynamic industrial clusters and technology hubs.”
WATCH | SA-Vietnam Business Forum
Through Joint Trade Committee and bilateral cooperation frameworks, the Deputy President said they will continue to address trade barriers, facilitate market access, and enhance cooperation between both chambers of commerce and industry bodies.
The forum takes place alongside the Group of 20 (G20) Leaders’ Summit, which begins tomorrow at the Nasrec Expo Centre.
Bilateral relations
It also builds on President Cyril Ramaphosa’s recent State Visit to Vietnam, which marked a new phase in bilateral relations and expanded cooperation in areas such as agriculture, renewable energy, digital transformation, and science and technology.
READ | President Ramaphosa hails 'successful' three-nation visit to Southeast Asia
According to the country’s second-in-command, South Africa remains Vietnam’s largest trading partner on the African continent, while Vietnam offers a gateway to the 700-million-strong Association of Southeast Asian Nations (ASEAN) market.
Meanwhile, South Africa provides access to the African Continental Free Trade Area, connecting 1.4 billion consumers.
“This forum is not only about economics – it is about partnership, shared growth, and solidarity. It is about recognising that South–South cooperation offers a path to inclusive development, innovation, and resilience.
“In this era of global uncertainty, both South Africa and Vietnam stand as advocates for multilateralism, sustainable trade, and equitable growth.”
As hosts of the G20 Leaders’ Summit, he emphasised the importance of collaboration among emerging economies to reform global trade systems and ensure that development benefits all.
“To our distinguished business leaders, you are the engine of this partnership. The opportunities before us will only be realised through your innovation, your entrepreneurship, and your commitment to building bridges across borders.
“Let us use this platform to identify bankable projects, establish joint ventures, and promote technology and skills exchange that can advance industrialisation and inclusive growth in both our countries.
“Our government, together with our Vietnamese counterparts, stands ready to support you every step of the way.”
He called on the delegates to build on the momentum of President Ramaphosa’s State Visit and the spirit of this G20 Leaders’ Summit to propel South Africa–Vietnam relations to new heights.
“This commitment was similarly reaffirmed during the reciprocal visit when Vietnam’s Vice President visited South Africa in September 2023, and during my visit to Vietnam in December 2023, which included opportunities to engage with business leaders aimed at strengthening bilateral relations in sectors such as trade and investment.”
He said the forthcoming agreement to enhance bilateral relations signifies that both parties want to establish camaraderie while also ensuring mutual benefits for their populations.
South Africa has called for stronger economic collaboration with Vietnam, highlighting untapped opportunities in trade and industrial partnerships.
Despite steady trade growth, South Africa recorded exports of US$610.89 million to Vietnam in 2024 against imports of US$1.14 billion, leaving a sizable trade deficit.
The two countries currently trade largely in raw commodities and manufactured goods, respectively – an imbalance South Africa hopes to address through value addition and industrial cooperation.
“Together, we can create a model of partnership that demonstrates how developing nations, through mutual respect and shared ambition, can achieve prosperity that is both inclusive and sustainable.”
The Deputy President is also expected to hold a bilateral meeting with the Prime Minister of Vietnam, Pham Minh Chinh. – SAnews.gov.za
