(VOVworld) – Vietnam is one of the potential trade partners of South Africa, which is boosting economic, trade, and investment relations with other nations, according to South Africa’s Ambassador to Vietnam, Kgomotso Ruth Magau. She said at the Vietnam-South Africa business meeting in Ho Chi Minh City on Thursday that South Africa has trade and investment incentives for foreign businesses which provide Vietnamese companies with easier access to the South African market.
South Africa, which is seeing improved domestic demand, is currently luring investment for infrastructure development and manufacturing. The two countries have great potential for cooperation in mining and heavy industries.
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| The mining industry braces potential for Vietnam-South Africa cooperation. (Photo: canthotv.vn) |
At the meeting, Nguyen The Hung of the Vietnam Chamber of Commerce and Industry (VCCI) in Ho Chi Minh city said that the VCCI and its South African counterpart are committed to holding action plans and investment promotion conferences to help businesses in the two countries update information on the markets and seek new partnerships.
In the first 4 months of 2016, bilateral trade reached 362 million USD. Vietnam mainly exports to South Africa mobile phones, spare parts, footwear, clothing, coffee, rice, timber products, and seafood. It imports from South Africa steel, chemicals, and cotton.