National Assembly Vice Chairman Nguyen Hong Dien (second from left) holds talks with South African National Assembly Vice Chairwoman Annelie Lotriet. (Photo: Dang Huyen/VNA)
During his official visit to the Republic of South Africa, on the morning of October 2nd, Vice Chairman of the National Assembly Nguyen Hong Dien attended the Vietnam-South Africa Business Forum at the Naspers Centre in Cape Town.
The meeting was organized in coordination with the Western Cape Province Tourism, Trade and Investment Promotion Agency (Wesgro) to discuss prospects for bilateral economic , trade and investment cooperation.
According to the VNA correspondent in South Africa, speaking at the meeting, Vice Chairman of the National Assembly Nguyen Hong Dien highly appreciated the potential, conditions, and development achievements of South Africa - one of the largest and most developed economies in Africa, playing an important role in the regional economic structure, and serving as a strategic gateway to connect with the entire continent's market.
In addition, South Africa is known for its abundant natural resources and minerals, advanced financial market, well-developed transportation infrastructure, and strong industrial capacity.
Deputy Speaker of the National Assembly Nguyen Hong Dien praised the positive results achieved in the economic and trade sectors between the two countries in recent years. Two-way trade turnover is projected to reach US$1.3 billion in 2025; and over US$1.7 billion in the first seven months of 2026, a 45% increase compared to the same period last year, making South Africa Vietnam's second largest trading partner and largest export market in Africa. Conversely, Vietnam is also South Africa's fifth largest trading partner in the ASEAN region.
However, Deputy Speaker of the National Assembly Nguyen Hong Dien argued that while these results are very encouraging, they are still not commensurate with the potential and strengths of each side.
The two economies are highly complementary: South Africa has strengths in resources, industry, services, finance, and its gateway location to the African market; while Vietnam, as a gateway to ASEAN, possesses strengths in manufacturing, agriculture , technology, electronics, telecommunications, international trade, and experience in developing value chains.
These are crucial foundations for both sides to not only promote trade cooperation, but also boost investment in high value-added sectors such as processing and manufacturing industries, digital transformation , artificial intelligence, green economy, renewable energy, mining and mineral processing, high-tech agriculture, and supporting industries. These are also the directions already identified within the framework of the Strategic Partnership between the two countries.
Deputy Speaker of the National Assembly Nguyen Hong Dien affirmed that the Vietnamese National Assembly and Government are ready to cooperate closely with the National Assembly, Government, and relevant agencies of South Africa to create an effective bridge for the business communities of the two countries.
Vietnam is committed to continuously improving its institutions and enhancing its implementation capacity in a transparent and stable manner, in line with international commitments. At the same time, it will always share and create favorable conditions, in accordance with the law, to support South African businesses in investing, producing, and operating effectively in Vietnam, because "Your success is also our success."
At the same time, Vice Chairman of the National Assembly Nguyen Hong Dien also requested that South African authorities create similar favorable conditions for Vietnamese businesses when they come to research and explore investment opportunities.
Speaking at the forum, JP Van der Merwe, Deputy General Director for Investment at Wesgro, introduced the potential and strengths of the Western Cape province.
Mr. Van der Merwe stated that with a population of 7.6 million, the export-oriented economy of the Western Cape is primarily driven by the service sector (accounting for 70%).
The province is experiencing strong growth in attracting foreign direct investment (FDI), particularly in the software and information technology sectors. Western Cape is shifting its focus to attracting significant investment from Asia, rather than relying solely on traditional markets.
Highly appreciating the capabilities of Vietnamese businesses, Mr. JP Van der Merwe considers them a partner offering great opportunities. Currently, Western Cape is importing large volumes of electronic products, textiles, footwear, chemicals, and medical equipment from Vietnam.
Conversely, the province's main export items to Vietnam are corn, fruits, and flowers. Western Cape expects to continue increasing exports of these key products, along with industrial products such as ships and yachts.
Wesgro is committed to being a partner and acting as a "center of economic knowledge" to provide maximum support for Vietnamese businesses to successfully integrate into the South African market.
In an interview with a VNA reporter in South Africa, Mr. JP Van der Merwe stated that, in addition to traditional strengths in agriculture and food, Vietnam's industrial manufacturing sector is increasingly attracting attention.
Although the number of South African businesses investing in Vietnam is still modest, the trend of expanding into the ASEAN market promises to bring many new opportunities.
Mr. JP Van der Merwe also pointed out Vietnam's clear competitive advantages, including a market size of 100 million people and impressive economic growth (averaging above 6% over the past five years and reaching approximately 8% last year).
South African businesses view Vietnam as a key country and an ideal "springboard" for expanding exports and penetrating the vast ASEAN market.
At the forum, Vu Ba Phu, Director of the Trade Promotion Department (Ministry of Industry and Trade), introduced Vietnam's investment and business environment; and affirmed that the Ministry of Industry and Trade is ready to play a bridging role, supporting the business communities of both countries in finding partners.
Mr. Vu Ba Phu hopes that South African trade promotion agencies, associations, and businesses will participate more deeply in programs in Vietnam, moving towards B2B trade and building long-term cooperative relationships.
Meanwhile, Mr. Trinh Duc Duy, Deputy Director of the Department of Energy and Oil and Gas (Ministry of Industry and Trade), highly appreciated the role of international cooperation in the energy sector, especially the strategic partnership on coal trade with South Africa.
Mr. Trinh Duc Duy emphasized that South African coal has always been highly valued by Vietnamese businesses due to its superior quality, making it suitable for blending to optimize efficiency in thermal power plants. He also proposed several solutions to promote business connections and investment opportunities.
At the conclusion of the forum, businesses from both countries had the opportunity to directly exchange ideas, present suggestions, and receive answers from representatives of management agencies regarding administrative reforms, the investment environment, opportunities for opening direct flights between Vietnam and South Africa, as well as cooperation in the mining and metallurgy sectors.
Before leaving South Africa to attend the 153rd General Assembly of the Inter-Parliamentary Union (IPU-153), scheduled to take place on October 5th at the Arusha International Convention Centre (AICC) in Arusha, Republic of Tanzania, Vice Chairman of the National Assembly Nguyen Hong Dien met with and visited the Vietnamese community in Western Cape Province, South Africa.
Dang Huyen - Trung Kien
(VNA/Vietnam+)
Vietnamplus.vn
Source: https://www.vietnamplus.vn/khai-mo-du-dia-hop-tac-kinh-te-thuong-mai-viet-nam-nam-phi-post1139754.vnp
