Vietnam, South Africa plan trade increase

Specifically, participants of the fourth session of the Vietnam-South African joint trade subcommittee discussed plans for cooperation between the two ministries of industry and trade in order to help expand markets for each other’s export products, and enhance information and business delegation exchange, paving the way for businesses from the two countries to find investment opportunities.

Co-chairing the session, Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung suggested that both sides increase cooperation in the trade of agricultural products, calling on South Africa to open its market for Vietnam’s farm produce, such as processed chicken, honey, dairy products, dragon fruit, lychee, longan, rambutan and star apple. Hung also asked South Africa to facilitate the distribution of Vietnamese agricultural and aquatic products through its multinational supermarket chains like Makro, Metro and Woolworth, and its domestic supermarket systems like Spar, Checkers and Supespa.

The Vietnamese Ministry of Agriculture and Rural Development will work with the South African Department of Agriculture, Forestry and Fisheries on this issue. Deputy Minister Cao Quoc Hung proposed that the two countries promote cooperation in the fields of support industries, energy, small and medium enterprise development, and multilateral trade cooperation. South Africa is ready to supply coal for thermal power plants in Vietnam.

Vietnam wishes to increase cooperation with South Africa in the field of leather tanning and auto part and component manufacturing, and attend international industrial exhibitions in South Africa, including Source Africa, Automechanika Expo, and Futuroad Expo, among others. Vietnam also wants South Africa to share information and strengthen cooperation in the field of wind turbines, fan wings, wind energy turbine shell production.

The Vietnamese side expressed its desire to provide medical equipment to South Africa, which is the largest African importer of medical equipment.

Speaking highly of Vietnam’s economic and trade development potential, South African Deputy Minister of Trade and Industry Fikile Majola affirmed that his country considers Vietnam an important partner in Southeast Asia. He also expressed his hope that Vietnam will open its market to some South African agricultural products.

Bilateral trade reached more than US$1.1 billion in 2018 including over US$724 million worth of Vietnamese exports to South Africa. Vietnam’s main exports to the country include phones, agricultural products, coffee and spices. Meanwhile, South Africa mainly exports wood and steel products to Vietnam with an estimated value of roughly US$386 million.