Vietnam – South Africa Business Forum

Photo caption — Prime Minister Pham Minh Chinh and South African President Matamela Cyril Ramaphosa attend the Vietnam-South Africa Business Forum. Photo: Duong Giang/VNA.

The forum was also attended by ministers, leaders of ministries, government agencies, and 200 business representatives from both countries.

After more than 30 years of establishing diplomatic relations, the "Partnership for Cooperation and Development" between Vietnam and South Africa continues to develop. Economic and trade cooperation is a crucial pillar. Total bilateral trade reached US$1.72 billion in 2024. Vietnam primarily exports electronics, telephones and components, textiles, footwear, and agricultural products to South Africa, while importing fruits, timber, minerals, and chemicals from South Africa.

As of July 2025, South Africa had 20 active investment projects in Vietnam, with a total investment capital of US$0.88 million, ranking 109th out of 151 countries and territories investing in Vietnam. Meanwhile, Vietnam had 4 investment projects in South Africa with a total capital of US$8.86 million, ranking 45th out of 84 countries and territories where Vietnam invests abroad.

At the forum, discussions on potential, strengths, and cooperation needs revealed that economic and trade cooperation between Vietnam and South Africa still has significant room for development. This includes potential for promoting cooperation in areas such as new energy, green energy, finance, climate; e-commerce, banking and finance; science and technology and innovation, and tourism.

Both sides proposed coordinating the effective implementation of the Intergovernmental Partnership Forum mechanism and the Vietnam-South Africa Joint Trade Committee; actively exchanging measures to promote bilateral economic cooperation through the exchange of potential export goods, jointly addressing market access issues, and promoting cooperation in areas of strength such as energy, mining, sustainable resource utilization, infrastructure development, climate change mitigation, supporting industries, oil and gas services, and fisheries.

Speaking at the forum, Prime Minister Pham Minh Chinh welcomed President Matamela Cyril Ramaphosa and the South African delegates and businesses visiting Vietnam. The Prime Minister stated that during his meeting with the South African President, both sides outlined directions, programs, and objectives for cooperation; and affirmed that the people and businesses are the key players in realizing these directions, programs, and objectives. Although Vietnam and South Africa officially established diplomatic relations in 1993, their relationship dates back to the 1960s, stemming from a shared ideology of protecting the independence and freedom of each nation, opposing racial segregation, and fighting for social justice and progress. This also forms an important foundation for both sides to promote economic and investment relations.

Regarding the situation in Vietnam after 80 years of national independence, 40 years after the war of resistance, and more than 40 years of implementing the Doi Moi (Renovation) policy, as well as Vietnam's foreign policy and national defense policy, Prime Minister Pham Minh Chinh stated that from a poor, backward, war-torn agricultural country, Vietnam has now risen to become one of the 32 largest economies in the world, with a GDP of approximately US$510 billion in 2025. Per capita income is around US$5,000, placing it in the upper-middle income group; and it is among the top 20 economies in terms of trade, with total import and export turnover expected to exceed US$900 billion in 2025. Vietnam has set the goal of ushering the country into an era of strong and prosperous development, successfully achieving two centenary goals: becoming a modern industrialized country with upper-middle income by 2030 and a developed country with high income by 2045.

To create momentum and strength to realize development goals, Vietnam aims for double-digit growth in the coming years; identifying internal resources as fundamental, strategic, long-term, and decisive, while external resources are important and breakthrough; focusing on implementing three strategic breakthroughs: institutions, infrastructure, and human resources.

With the perspective that "resources originate from thinking, vision from innovation, and strength from the people and businesses" and "value time and intellect," Vietnam is reforming its political system from management to creation and service to the people. Vietnam is developing the country based on science, technology, innovation, digital transformation, green economy, digital economy, circular economy, and sharing economy; integrating internationally to move from following and imitating to participating and leading.

Vietnam identifies the state-owned economy as the dominant sector, the private sector as the most important driving force, and foreign investment as an indispensable component. Vietnam promotes development to reach out to the open sea, penetrate deep into the earth, and soar into space.

With the perspective of "the State as a facilitator, businesses as pioneers, and public-private partnerships," Prime Minister Pham Minh Chinh stated that the governments of both countries must promote the improvement of institutions, accelerate the signing of free trade agreements, protect investments, have open visa and labor contract policies, and build a seamless infrastructure system. Meanwhile, businesses from both sides must take the lead in promoting economic cooperation and investment through concrete projects.

The Prime Minister emphasized that Vietnam is committed to ensuring the legitimate rights and interests of businesses; guaranteeing political stability and social order and security; having stable and open legal policies; so that everyone, friends, and businesses coming to Vietnam can experience a peaceful, creative, and loving environment, based on the spirit of "harmonious benefits, shared risks," and "working together, sharing the rewards, winning together, and developing together."

Building on the foundation of bilateral relations, Prime Minister Pham Minh Chinh proposed and hoped that businesses from both countries would fulfill their historical mission of connecting businesses, connecting the two economies, and connecting the two cultures to transform cooperation potential into concrete projects, contributing to prosperity, well-being, and happiness for each country, and for peace, cooperation, and development in the region and the world.

South African President Matamela Cyril Ramaphosa expressed her pleasure at visiting Vietnam to exchange views with Vietnamese leaders on promoting cooperation in all fields, including economics, trade, and investment; strengthening relations between the two countries, aiming to elevate bilateral relations to a new level; sharing views on global issues, demonstrating a commitment to supporting multilateralism, strengthening international solidarity, and working towards peace and sustainable development.

The President stated that Vietnam and South Africa are two partners whose relationship stems from very natural needs, proven over time, with many similarities in history, culture, and ideology; aiming for long-term friendship and cooperation.

Sharing his views on the global challenges affecting each country, including South Africa, President Matamela Cyril Ramaphosa stated that South Africa and Vietnam occupy strategic positions in the region. If South Africa is the gateway to Africa, then Vietnam is the gateway to Southeast Asia. Therefore, the two countries will serve as gateways for each other to access regional markets.

Vietnam has potential and strengths in areas such as electric vehicle manufacturing, battery production, renewable energy, digital transformation, electronics, textiles, rice, coffee, and seafood… South Africa has favorable natural conditions and strengths in fruit, wine, livestock, fisheries, mining, automobile manufacturing, and infrastructure…

Expressing admiration and congratulations on Vietnam's development achievements, the President stated that both sides still have enormous untapped potential. Therefore, both sides, specifically businesses from both countries, need to promote cooperation, technology transfer, and jointly build supply chains in areas where each side has strengths, expanding into new fields such as clean energy transition, education, training, science, technology, innovation, and digital transformation. In particular, both countries are beautiful nations with unique cultures, thus possessing great potential for promoting tourism and cultural exchange.

President Matamela Cyril Ramaphosa stated that South Africa is committed to reducing trade barriers and improving the legal framework to protect investments for businesses. The President urged Vietnamese businesses to seize opportunities, exploit potential, and establish cooperative relationships with South African businesses through specific contracts, projects, and programs.

Source: https://baotintuc.vn/thoi-su/dien-dan-doanh-nghiep-viet-nam-nam-phi-20251024172301662.htm