Vietnamese PM, South African President attend joint business forum
Vietnamese PM, South African President attend joint business forum
Việt Nam is committed to ensuring the legitimate rights and interests of businesses, political stability, social order and safety, and a transparent legal framework, creating a peaceful, creative, and friendly environment for investors under the spirit of “harmonised benefits, shared risks,” and “together work, enjoy, win, and develop.”
Prime Minister Phạm Minh Chính and South African President Matamela Cyril Ramaphosa at the Việt Nam – South Africa Business Forum in Hà Nội on October 24. VNA/VNS Photo |
Prime Minister Phạm Minh Chính and South African President Matamela Cyril Ramaphosa attended the Vietnam – South Africa Business Forum in Hà Nội on Friday afternoon.
The event also saw the participation of ministers, leaders of Government agencies, and 200 business delegates from both countries.
After more than 30 years of establishing diplomatic relations, the Việt Nam – South Africa “Partnership for Co-operation and Development” has been steadily developing. Economic and trade cooperation is a key pillar of this relationship. Bilateral trade in 2024 reached US$1.72 billion. VietnamViệt Nam mainly exports electronics, phones and components, textiles, footwear, and agricultural products to South Africa, while importing fruits, wood, minerals, and chemicals.
As of July 2025, South Africa had 20 ongoing investment projects in Việt Nam with a total capital of $0.88 million, ranking 109th among 151 countries and territories investing in Việt Nam. Meanwhile, Việt Nam had four investment projects in South Africa totaling $8.86 million, ranking 45th among 84 countries and territories where Việt Nam invests abroad.
At the forum, discussing potential, strengths, and co-operation needs, businesses from both sides recognised that Việt Nam – South Africa economic and trade cooperation still has significant room for development. Opportunities exist in renewable energy, green energy, finance, climate, e-commerce, banking, science and technology, innovation, and tourism.
Both sides proposed effective implementation of the Inter-Governmental Partnership Forum mechanism and the Việt Nam – South Africa Joint Trade Committee; actively exchanging measures to promote bilateral economic cooperation through potential export products, coordinating in addressing market access-related problems, and promoting cooperation in areas of strength such as energy, mining, sustainable use of resources, infrastructure development, climate change mitigation, supporting industries, oil and gas services, and fisheries.
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Prime Minister Phạm Minh Chính and South African President Matamela Cyril Ramaphosa at the Việt Nam – South Africa Business Forum in Hà Nội on October 24. VNA/VNS Photo |
Speaking at the forum, PM Chính welcomed President Matamela Cyril Ramaphosa and South African delegates and businesses to Việt Nam. He stated that in a meeting with the South African President, both sides outlined directions, programmes, and objectives for cooperation, emphasissing that citizens and businesses are the main actors in realising these goals.
Regarding Việt Nam’s development after 80 years of independence and more than 40 years of reform, Prime Minister Chính noted that Việt Nam has transformed from a poor, backward agricultural country devastated by war to one of the 32 largest economies in the world, with a projected GDP of around $510 billion in 2025. Its average per capita income is about $5,000, placing Việt Nam in the upper-middle-income group. Việt Nam is among the top 20 trading economies, with total import-export turnover in 2025 expected to exceed $900 billion.
The country aims to enter an era of strong development and prosperity and achieve two centennial goals: becoming a country with modern industry and upper-middle income by 2030 and a high-income developed country by 2045.
To achieve these development goals, Việt Nam targets double-digit growth in the coming years, viewing domestic resources as fundamental, strategic, long-term, and decisive, and foreign resources as important and breakthrough, he said, adding the country focuses on three strategic breakthroughs: institutions, infrastructure, and human resources.
According to the leader, Việt Nam’s development relies on science, technology, innovation, digital transformation, green economy, digital economy, circular economy, sharing economy, and international integration.
It identifies the state economy as the main, the private sector as the most important driving force, and foreign investment as an indispensable component, he said, noting the country aims to expand its maritime presence, exploit terrestrial resources, and advance into space.
With the approach of “state enabling, businesses pioneering, public and private sector going together,” PM Chính emphasised that the governments of both countries should promote institutional improvement, sign free trade agreements, protect investments, implement open visa and labour policies, and build seamless infrastructure. Meanwhile, businesses must take the lead in promoting economic cooperation and investment through concrete projects, he added.
The Prime Minister stressed that Việt Nam is committed to ensuring the legitimate rights and interests of businesses, political stability, social order and safety, and a transparent legal framework, creating a peaceful, creative, and friendly environment for investors under the spirit of “harmonised benefits, shared risks,” and “together work, enjoy, win, and develop.”
Based on bilateral relations, he called on businesses from both countries to fulfill the historic mission of connecting enterprises, economies, and cultures, turning cooperation potential into concrete projects that contribute to prosperity, well-being, and happiness in each nation, as well as peace, cooperation, and development regionally and globally.
Prime Minister Phạm Minh Chính and South African President Matamela Cyril Ramaphosa at the Việt Nam – South Africa Business Forum in Hà Nội on October 24. VNA/VNS Photo |
The South African President expressed his pleasure at visiting Việt Nam to exchange with Vietnamese leaders on promoting cooperation in all areas, including economy, trade, and investment; strengthening bilateral relations to elevate them to a new level; addressing global issues; and demonstrating commitment to multilateralism, international solidarity, peace, and sustainable development.
He stated that Việt Nam and South Africa are natural partners, with relations proven over time, sharing similarities in history, culture, and ideology, aimed at fostering long-term friendship and co-operation.
Regarding global challenges affecting each country, President Ramaphosa emphasised that both Việt Nam and South Africa hold strategic regional positions - South Africa as a gateway to Africa and Việt Nam as a gateway to Southeast Asia.
According to him, Việt Nam has potential and strengths in electric vehicle manufacturing, battery production, renewable energy, digital transformation, electronics, textiles, rice, coffee, and seafood. Meanwhile, South Africa has natural advantages in fruits, wine, livestock, fisheries, mining, automotive production, and infrastructure.
Admiring Việt Nam’s achievements, the guest noted that significant untapped potential remains. Businesses from both countries should promote cooperation, technology transfer, and supply chain development in areas of strength and expand into new fields such as clean energy transition, education, training, science, technology, innovation, and digital transformation. Additionally, both countries’ rich culture and beautiful landscapes create opportunities for tourism and cultural exchanges.
President Ramaphosa confirmed South Africa’s commitment to reducing trade barriers and improving the legal framework for protecting investments. He encouraged Vietnamese businesses to seize opportunities, tap potential, and establish co-operation with South African businesses through concrete contracts, projects, and programmes.
- 21:40 24/10/2025
