By Lehlohonolo Lehana.
@GalloImages.
Deputy President Paul Mashatile says they will continue to address trade barriers, facilitate market access, and enhance cooperation between South Africa and Vietnam.
Mashatile was speaking at the South Africa–Vietnam Business Forum in Sandton.
The forum was convened on the sidelines of the G20 Summit, with Mashatile framing it as an opportunity to accelerate South–South economic collaboration.
He noted that the meeting follows President Cyril Ramaphosa’s recent State Visit to Vietnam, which he said opened “a new chapter” in bilateral relations.
South Africa is Vietnam’s largest African trading partner, while Vietnam, with a population of more than 100 million, offers access to the 700-million-strong ASEAN market, the integrated economic area of the Association of Southeast Asian Nations, which aims to create a single market and production base for its 11 member countries.
He encouraged Vietnamese investors to explore opportunities in South Africa’s Special Economic Zones, which offer world-class infrastructure and tax incentives, while calling on South African companies to take advantage of Vietnam’s rapidly expanding industrial clusters and technology hubs.
“Our governments are committed to creating an enabling environment for trade and investment, Mashatile said, citing improvements in the ease of doing business, expanded trade finance through the Industrial Development Corporation (IDC) and Export Credit Insurance Corporation (ECIC), and ongoing efforts to remove market barriers through bilateral mechanisms.
He told delegates that South Africa and Vietnam share a commitment to multilateralism, equitable trade and inclusive growth, particularly as emerging economies push for reforms to global financial and commercial systems.
“This forum is not only about economics. It is about partnership, shared growth and solidarity,” he said. South–South cooperation offers a path to inclusive development, innovation and resilience.”
Mashatile urged business leaders to identify joint ventures and bankable projects that could drive industrialisation in both countries.
He also reaffirmed support for upcoming agreements aimed at enhancing bilateral cooperation.
Prime Minister Pham Minh Chinh highlighted the untapped potential of Vietnam–South Africa economic relations and called on South African businesses to increase investment in Vietnam.
He emphasised sustainable and comprehensive cooperation, particularly in agriculture, electronics, textiles, and footwear, building on strong political foundations and the vast potential of both countries.
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.