Prime Minister and South African President attend Vietnam-South Africa Business Forum

The Prime Minister suggested and hoped that businesses of the two countries would carry out the historic mission of connecting businesses, connecting two economies, connecting two cultures to turn cooperation potential into specific projects.

On the afternoon of October 24, Prime Minister Pham Minh Chinh and South African President Matamela Cyril Ramaphosa attended the Vietnam-South Africa Business Forum. Also attending the forum were ministers, leaders of ministries, branches, government agencies and 200 business representatives from the two countries.

After more than 30 years of establishing diplomatic relations, the Vietnam-South Africa “Partnership for Cooperation and Development” relationship is increasingly developing. In particular, economic and trade cooperation is an important pillar. Total bilateral trade turnover in 2024 reached 1.72 billion USD. Vietnam mainly exports to South Africa electronics, phones and components, textiles, footwear, agricultural products and imports from South Africa fruits, wood, minerals, and chemicals.

As of July 2025, South Africa has 20 valid investment projects in Vietnam, with an investment capital of 0.88 million USD, ranking 109th out of 151 countries and territories investing in Vietnam.

Meanwhile, Vietnam has four investment projects in South Africa with a total capital of 8.86 million USD, ranking 45th out of 84 countries and territories in which Vietnam invests abroad.

At the forum, discussing potential, strengths, and cooperation needs, businesses from both sides realized that Vietnam-South Africa economic and trade cooperation still has a lot of room for development. This includes the potential to promote cooperation in the fields of new energy, green energy, finance, climate; e-commerce, banking and finance; science, technology and innovation, tourism, etc.

The two sides proposed to coordinate in effectively implementing the mechanism of the Intergovernmental Partnership Forum and the Vietnam-South Africa Joint Trade Committee; actively exchanging measures to promote bilateral economic cooperation through the exchange of potential export products, jointly solving market access issues, promoting cooperation in areas of strength, such as: energy, mining, sustainable use of resources, infrastructure development, climate change response, supporting industries, oil and gas services, fisheries, etc.

Speaking at the forum, Prime Minister Pham Minh Chinh welcomed President Matamela Cyril Ramaphosa and delegates and South African businesses to visit Vietnam. The Prime Minister said that during the meeting with the South African President, the two sides proposed directions, programs and goals for cooperation; identifying people and businesses as the main subjects to realize the directions, programs and goals for cooperation between the two countries. Although Vietnam and South Africa officially established diplomatic relations in 1993, the relationship between the two countries has existed since the 1960s, originating from the ideology of protecting the independence and freedom of each nation; opposing racism; fighting for social justice and progress. This is also an important foundation for the two sides to promote economic and investment relations.

Prime Minister Pham Minh Chinh speaks at the Vietnam-South Africa Business Forum. (Photo: Duong Giang/VNA)

Providing information on Vietnam's situation after 80 years of national independence, 40 years after the war of resistance and more than 40 years of implementing the renovation process, Vietnam's foreign policy and defense policy, Prime Minister Pham Minh Chinh said that from a poor, backward, war-ravaged agricultural country, Vietnam has now risen to be among the 32 largest economies in the world with a GDP of about 510 billion USD in 2025.

Per capita income is about 5,000 USD, in the upper middle income group; in the top 20 economies in terms of trade, with total import-export turnover in 2025 expected to reach over 900 billion USD. Vietnam has set the goal of bringing the country into an era of strong and prosperous development, successfully achieving two 100-year goals: becoming a modern industrialized country with an upper middle income by 2030 and a developed, high-income country by 2045.

To create momentum, position, and force to realize development goals, Vietnam sets a double-digit growth target in the coming years; identifies internal resources as fundamental, strategic, long-term, and decisive, and external resources as important and breakthrough; focuses on implementing three strategic breakthroughs: institutions, infrastructure, and human resources.

With the viewpoint that “resources come from thinking, vision comes from innovation, strength comes from people and businesses” and “respecting time and respecting intelligence,” Vietnam is reforming the political system from management to creation and serving the people. Vietnam develops the country based on science, technology, innovation, digital transformation, green economy, digital economy, circular economy, sharing economy; international integration to change from following and following to participating and leading.

Vietnam identifies the state economy as the main one, the private economy as the most important driving force and the foreign investment economy as an indispensable part. Vietnam promotes development to reach out to the ocean, deep into the earth, and fly high into space.

With the viewpoint of "A creative state, pioneering enterprises, and public-private partnership," Prime Minister Pham Minh Chinh said that the two governments must promote institutional improvement, promote the signing of free trade agreements, investment protection, have open visa and labor contract policies, and build a seamless infrastructure system... Meanwhile, businesses on both sides must take the lead in promoting economic and investment cooperation through specific projects.

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

On the basis of the bilateral relationship, Prime Minister Pham Minh Chinh suggested and hoped that businesses of the two countries would carry out the historic mission of connecting businesses, connecting the two economies, connecting the two cultures to turn cooperation potential into concrete projects, contributing to bringing prosperity, well-being, and happiness to each country and for peace, cooperation, and development in the region and the world.

South African President Matamela Cyril Ramaphosa expressed his pleasure in visiting Vietnam to discuss with Vietnamese leaders to promote cooperation in all fields, including economics, trade and investment; strengthen the relationship between the two countries, aiming to lift the relationship to a new height; share global issues, demonstrate commitment to supporting multilateralism, strengthening international solidarity, for peace and sustainable development.

The President said 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 towards long-term friendship and cooperation.

Sharing about the global challenges affecting each country, as well as South Africa, President Matamela Cyril Ramaphosa stated that South Africa and Vietnam have strategic positions in the region. If South Africa is the gateway to Africa, Vietnam is the gateway to Southeast Asia. Therefore, the two countries will be the gateway for each other to access the regional market.

Vietnam has potential and strengths such as electric vehicle production, battery production, renewable energy, digital transformation, electronics, textiles, rice, coffee, seafood... South Africa has natural conditions and strengths in fruits, wine, livestock, aquaculture, mining, automobile production, infrastructure...

South African President Matamela Cyril Ramaphosa speaks at the Vietnam-South Africa Business Forum. (Photo: Duong Giang/VNA)

Expressing admiration and congratulating Vietnam's development achievements, the President said that both sides still have great potential that has not been exploited. Therefore, both sides, specifically businesses of the two countries, need to promote cooperation, technology transfer, and jointly build supply chains in areas where each side has strengths, expanding to new areas such as clean energy conversion, education, training, science, technology, innovation, digital transformation... In particular, both countries are beautiful countries with unique cultures, so they have the potential to promote tourism and cultural exchange...

President Matamela Cyril Ramaphosa said that South Africa is committed to reducing trade barriers and improving the legal framework to protect investment for businesses. The President called on Vietnamese businesses to take advantage of opportunities, exploit potentials, and establish cooperative relationships with South African businesses through specific contracts, projects, and programs.../.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/thu-tuong-cung-tong-thong-nam-phi-du-dien-dan-doanh-nghiep-viet-nam-nam-phi-post1072447.vnp