Deputy President Paul Mashatile has told his Vietnamese counterpart Vo Thi Anh Xuan that the South African government seeks to expand its trade relations with Vietnam.
Mashatile was hosting Xuan at the Union Buildings in Pretoria on his first official visit to South Africa and said South Africa has prioritised new investments as a source of economic growth stimulation with a view to create jobs, and reduce poverty and inequality.
Total bilateral trade between South Africa and Vietnam in 2022 was valued at R23, 8 billion, with imports from Vietnam valued at R18.5 billion and exports to Vietnam valued at R5, 2 billion.
Mashatile said South Africa needs to grow its economy by promoting investment, improving our competitiveness, and leveraging technology and innovation.
“Your presence here highlights the importance that both our countries attach to deepening and broadening our existing bilateral relations, especially in growing our trade and economic ties.
“Vietnam is South Africa’s 5th largest trading partner in the Association of Southeast Asian Nations (ASEAN) region. Trade between the two countries is sound, and there still exists much potential for enhanced cooperation across a myriad of areas, in particular agricultural and agro-processed products, and coal and minerals.
“There have been many significant interactions between our governments and people over this period and this official visit provides an opportunity for us to deepen the relations between our two countries.
“South Africa places great significance on our enduring and robust relationship with Vietnam, valuing it as a steadfast and unwavering friendship and alliance.
“Our relations are based on strong historical ties, solidarity and the integral role Vietnam played in the fight against colonialism and racial discrimination.”
He added that since the establishment of formal diplomatic relations between South Africa and Vietnam in December 1993, the bilateral relationship has evolved and strengthened, resulting in a diverse and multifaceted partnership characterised by enhanced collaboration in several domains.
“As we move forward, it is our sincere hope that these networks, which have already demonstrated their immense potential, will not only maintain their current level of strength and stature, but also experience a significant and continuous growth in the years to come. Various high-level visits between our countries have further cemented our relationship.”
Mashatile said Vietnam is an important partner for South Africa, and he hopes to further host engagements with the delegation on various issues affecting both countries.
“While some areas of our bilateral cooperation have so far been characterised by good progress, cooperation in a few other areas has been less fruitful. In this regard, there remains a large untapped potential for increased bilateral trade between our two countries, particularly in the area of South African exports.
“We encourage Vietnam to take advantage of, and the support provided through the Africa Continental Free Trade Area (AfCFTA) agreement which aims to provide broader and deeper economic integration across the continent as well as attract investment, boost trade, provide better jobs, reduce poverty and increase shared prosperity in Africa.”
