Prime Minister Pham Minh Chinh and South African President call on businesses of the two countries to promote connectivity and investment.

(Chinhphu.vn) - On the afternoon of October 24, in Hanoi, Prime Minister Pham Minh Chinh and President of the Republic of South Africa Cyril Ramaphosa attended the Vietnam-South Africa Business Forum held on the occasion of the President's State visit to Vietnam from October 23-24.

Prime Minister Pham Minh Chinh and President of the Republic of South Africa Cyril Ramaphosa attended the Vietnam-South Africa Business Forum - Photo: VGP/Nhat Bac

Also attending were ministers, leaders of ministries, branches and representatives of about 50 South African enterprises and 120 Vietnamese enterprises in various fields.

The Forum is an important event of practical significance for businesses of the two countries, for both sides to share and exchange new ideas and solutions in cooperation, investment and business, demonstrating the common interest and desire of the business communities of the two countries, South Africa, to contribute to and promote the development of bilateral relations, for the benefit and prosperity of each business and each country.

Opinions at the Forum assessed the good traditional friendship between Vietnam and South Africa, which was built on the foundation of mutual support in the past struggle for national independence and in the cause of national construction and development today. Vietnam always attaches importance to the traditional friendship with South Africa, identifying South Africa as Vietnam's leading important partner in Africa.

The Prime Minister believes that President Cyril Ramaphosa's historic visit will mark an important milestone in bilateral relations - Photo: VGP/Nhat Bac

In 2024, South Africa will be Vietnam's second largest trading partner in Africa, after Egypt, with bilateral trade reaching nearly 1.8 billion USD in 2024. Vietnam's export turnover to the South African market in the first 8 months of 2025 will reach 566.9 million USD, up 5.0% over the same period, with main export items including phones and components (202.3 million USD), footwear (79.4 million USD) and computers, electronic products, components (62.9 million USD).

Delegates also assessed that over the past time, Vietnam's investment and business environment has continued to improve, receiving positive evaluations from the international community and investors; many foreign investors have chosen Vietnam as a strategic production center, connecting with global supply chains.

In the 2021-2025 period, Vietnam attracted a total FDI capital of about 185 billion USD (in the first 9 months of 2025 alone, it attracted nearly 30 billion USD), ranking among the 15 developing countries attracting the largest FDI in the world .

Many major international organizations have highly appreciated Vietnam's leadership, management, credit rating upgrade, and growth prospects. In early October 2025, FTSE Russell upgraded Vietnam's stock market from frontier to secondary emerging. IMF rated Vietnam as one of the top 10 fastest growing countries in the world; Standard Chartered forecasted Vietnam to be among the top 5 fastest growing countries in Asia.

The Prime Minister said that the two countries need to create mechanisms and policies through agreements on trade, investment, visa, and labor cooperation - Photo: VGP/Nhat Bac

Delegates proposed continuing to effectively implement existing cooperation mechanisms, including the Vietnam-South Africa Intergovernmental Committee; supporting Vietnam to soon start negotiations on a Free Trade Agreement (FTA) between Vietnam and the Southern African Customs Union (SACU); increasing market opening for goods with both sides' strengths and potential, especially agricultural products, seafood, household goods, garments, minerals, etc.; encouraging and promoting investment by businesses of the two countries in traditional fields (such as agriculture, marine economy, fishing, aquaculture, shipbuilding, etc.); expanding cooperation to new, potential fields (such as green transformation, digital transformation, renewable energy, halal, media, publishing, climate change, etc.); actively organizing trade and investment promotion activities, exchanging information on the environment, investment and trade policies; needs, opportunities for cooperation and trade through organizing promotion delegations, investment forums/seminars...).

"The State creates, businesses must take the lead, and the public and private sectors must work together"

Speaking at the Forum, Prime Minister Pham Minh Chinh emphasized the important role of businesses in realizing the directions, programs, and goals of cooperation and economic, trade, and investment connectivity between the two countries as identified by the leaders.

According to the Prime Minister, Vietnam and South Africa have affection and admiration for each other and the cooperative relationship started from similarities in the process of fighting for national liberation, human liberation, for progress and social justice of the two countries. The two countries are promoting the elevation of bilateral relations to a Strategic Partnership in 2025 and along with that, bringing cooperation, trade and investment relations to match the good political and diplomatic relations between the two countries.

The South African President proposed that both sides promote and combine the advantages of each side as they both have strategic positions in the two regions - Photo: VGP/Nhat Bac

The Head of Government spent a lot of time sharing about the 80-year journey of "Independence - Freedom - Happiness", 40 years of Renovation; the main pillars and consistent viewpoints in the process of protecting, building and developing the country; the key tasks and solutions in socio-economic development, Party and political system building, cultural development, ensuring social security, foreign affairs and national defense of Vietnam.

The Prime Minister said that after 40 years of Doi Moi, from a poor, backward, hungry, war-ravaged agricultural country, Vietnam has risen to be among the 32 largest economies in the world (GDP scale in 2025 is about 510 billion USD; average income per capita is about 5,000 USD, in the upper middle income group); among the top 20 economies in terms of trade (total import-export turnover in 2025 is expected to reach over 900 billion USD); has signed 17 free trade agreements with over 60 economies.

In 2025, despite many difficulties and challenges, Vietnam has achieved many important results, with GDP growth in 2025 estimated at over 8%; becoming a bright spot in growth in the region and the world; at the same time, stabilizing the macro-economy, controlling inflation, and ensuring major balances of the economy.

Vietnam has set the goal of bringing the country into an era of strong, civilized, and prosperous development, successfully achieving two 100-year goals: Becoming a modern, industrialized, upper-middle-income country by 2030 and a developed, high-income country by 2045 to celebrate the 100th anniversary of the Party's founding and the 100th anniversary of the country's founding.

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, external resources as important and breakthrough; focuses on implementing 3 strategic breakthroughs: institutions, infrastructure and human resources; values ​​time, intelligence and innovation.

Currently, Vietnam is focusing on implementing major policies and guidelines on organizing and rearranging the administrative apparatus towards a two-level local government, streamlining focal points, improving capacity, effectiveness and efficiency, shifting the state from mainly managing to creating development and serving the people; making breakthroughs in science and technology development, innovation and digital transformation; developing the private economy as the most important driving force, the state economy as the main one and the economy with foreign investment capital as an important component; exploiting new development spaces in the direction of going far out to sea, going deep into the ground and flying high into space; promoting international integration in the new situation in the direction of shifting from passive to proactive participation and leadership...

Prime Minister Pham Minh Chinh and President of the Republic of South Africa Cyril Ramaphosa at the Vietnam-South Africa Business Forum - Photo: VGP/Nhat Bac

Emphasizing that the two economies have advantages that can complement each other, with the viewpoint of "The State creates, businesses must pioneer, and the public and private sectors must accompany each other" to promote bilateral relations, the Prime Minister said that the two countries need to create mechanisms and policies through agreements on trade cooperation, investment, visas, labor, etc.; develop infrastructure and logistics systems; and implement green transformation and digital transformation according to the general trend.

The Vietnamese Government commits to ensuring that the foreign-invested economic sector is an important component of the Vietnamese economy; ensuring the legitimate and legal rights and interests of investors; ensuring political stability, social order and safety, a peaceful and developed environment, and institutions, mechanisms and policies to attract investment.

The Prime Minister suggested that on the basis of the long history and good relations, the two sides promote the spirit of listening and understanding between enterprises, the State and the people, harmonizing benefits, sharing risks; sharing visions and actions to cooperate, support each other to develop quickly and sustainably, work together, win together, enjoy together, develop together, share joy, happiness and pride.

The Prime Minister hopes that businesses will promote cooperation and connections between businesses, bringing about specific, measurable results and products, bringing happiness and prosperity to the people of the two countries. The Prime Minister gave an example that Vietnam really needs raw materials from South Africa and has exported computers, mobile phones, leather shoes, garments, etc. to South Africa.

Expressing his admiration for South Africa in national development, with many lessons that Vietnam can learn from, the Prime Minister believed that President Cyril Ramaphosa's historic visit would mark an important milestone in bilateral relations, business cooperation and economic and cultural connections between the two countries, contributing to creating momentum, mutual support, and promoting the long-standing traditional friendship and cooperation between Vietnam and South Africa.

South Africa and Vietnam are very natural partners.

For my part, South African President Cyril Ramaphosa expressed his good impression of the country and people of Vietnam and sincerely thanked the Vietnamese side for the welcome given to the South African delegation.

Delegates attending the Forum - Photo: VGP/Nhat Bac

The President said that during this visit, he had discussions with Vietnamese leaders to promote cooperation in all fields, including economics, trade, investment, to strengthen the relationship between the two countries, aiming to elevate the relationship to a new level. He also spent time visiting and working with leading large enterprises of Vietnam.

"South Africa and Vietnam are, in many ways, very natural partners. Both countries have demonstrated resilience and national dignity; both have had to fight hard for independence and freedom, and have demonstrated extraordinary will to overcome adversity," said the South African President.

The two sides have many similarities in history and culture, and today, both countries promote multilateralism, international solidarity and South-South cooperation for peace, cooperation and development. He emphasized that the relationship between the two countries is not only an economic transaction but also a bridge of solidarity, trust, long-term friendship and shared common values.

Assessing the great potential for cooperation between the two countries, the South African President suggested that both sides promote and combine the advantages of each side when having strategic positions in the two regions. If South Africa is the most industrialized country in Africa and the gateway to the African market, then Vietnam is the gateway to Southeast Asia and has achieved an "admirable" growth rate, expected to be over 8% in 2025 in an extremely difficult context.

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

The President suggested that businesses of the two countries need to promote cooperation, technology transfer, jointly build supply chains, increase cross-regional trade and investment flows; not only in areas where each side has strengths such as processing, agricultural exports, mining, etc., but also need to expand to new areas such as clean energy conversion, education, training, science, technology, innovation, digital transformation, etc. In particular, both countries are beautiful countries with unique cultures, so they have the potential to promote tourism and cultural exchange, etc.

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

Ha Van

Source: https://baochinhphu.vn/thu-tuong-pham-minh-chinh-va-tong-thong-nam-phi-keu-goi-doanh-nghiep-2-nuoc-day-manh-ket-noi-dau-tu-102251024180433616.htm