The event also saw the participation of ministers, leaders of government agencies, and 200 business delegates from both countries.
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Prime Minister Pham Minh Chinh and South African President Matamela Cyril Ramaphosa at the Vietnam - South Africa Business Forum in Hanoi on October 24 |
After more than 30 years of establishing diplomatic relations, the Vietnam - South Africa “Partnership for Cooperation and Development” has been steadily developing. Economic and trade cooperation is a key pillar of this relationship. Bilateral trade in 2024 reached 1.72 billion USD. Vietnam 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 Vietnam with a total capital of 0.88 million USD, ranking 109th among 151 countries and territories investing in Vietnam. Meanwhile, Vietnam had four investment projects in South Africa totaling 8.86 million USD, ranking 45th among 84 countries and territories where Vietnam invests abroad.
At the forum, discussing potential, strengths, and cooperation needs, businesses from both sides recognized that Vietnam - 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 Vietnam - 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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PM Pham Minh Chinh speaks at the event. |
Speaking at the forum, PM Pham Minh Chinh welcomed President Matamela Cyril Ramaphosa and South African delegates and businesses to Vietnam. He stated that in a meeting with the South African President, both sides outlined directions, programs, and objectives for cooperation, emphasizing that citizens and businesses are the main actors in realizing these goals.
Regarding Vietnam’s development after 80 years of independence and more than 40 years of reform, Prime Minister Pham Minh Chinh noted that Vietnam 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 USD in 2025. Its average per capita income is about 5,000 USD, placing Vietnam in the upper-middle-income group. Vietnam is among the top 20 trading economies, with total import-export turnover in 2025 expected to exceed 900 billion USD. 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, Vietnam 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, Vietnam’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 Pham Minh Chinh emphasized that the governments of both countries should promote institutional improvement, sign free trade agreements, protect investments, implement open visa and labor 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 Vietnam 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 “harmonized 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.
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South African President Matamela Cyril Ramaphosa speaks at the Vietnam - South Africa Business Forum in Hanoi on October 24. |
The South African President expressed his pleasure at visiting Vietnam 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 Vietnam 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 cooperation.
Regarding global challenges affecting each country, President Ramaphosa emphasized that both Vietnam and South Africa hold strategic regional positions with South Africa as a gateway to Africa and Vietnam as a gateway to Southeast Asia.
According to him, Vietnam 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 Vietnam’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 cooperation with South African businesses through concrete contracts, projects, and programs.
Source: VNA