Huge potential for promoting Vietnam-South Africa investment and cooperation

Friday, 2017-10-13 10:25:55
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A workshop was held in Johannesburg city, on October 12, to promote investment between Vietnam and South Africa. (Credit: VNA)
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NDO – The potential for cooperation and investment between localities in Vietnam and South Africa remains promising heard a workshop held in Johannesburg city, South Africa, on October 12.

Co-hosted by the Embassy of Vietnam in South Africa, the Vietnamese northern province of Vinh Phuc and Johannesburg Chamber of Commerce and Industry (JCCI), the event aimed to promote the bilateral investment between the two nations.

Vietnamese Ambassador to South Africa Vu Van Dung stated that South Africa is one of the largest economies in Africa, while Vietnam has a dynamic economy with a lot of potential. Therefore, it is necessary to step up their bilateral cooperation in economics, trade, and investment, in addition to increasing information exchanges and connectivity among businesses, he said.

Introducing Vietnam’s economic potential and strength, the diplomat called on enterprises from South Africa and Johannesburg city to boost their investment in Vietnam, including the northern province of Vinh Phuc, contributing to deepening the friendship and cooperation between Vietnam and South Africa in the time ahead.

He cited the fact that Vietnam-South Africa two-way trade is estimated at over US$1.2 billion at present, and is considered as a highlight of the economic and trade of Vietnam in Southern Africa.

Chairman of the Vinh Phuc People’s Committee Nguyen Van Tri highlighted the local advantages in geographical and natural conditions, as well as the transportation system, along with the potential to develop industry, services, construction and infrastructure, and the provinces’ simple administrative investment procedures and abundant labour resources.

As of September 2017, the province received more than 253 foreign direct investment projects from 16 countries and territories, with a total registered capital of over US$3.8 billion, he noted. He welcomed investors from South Africa and Johannesburg city to invest in the local manufacturing fields and pledged to create the best conditions in order for businesses to expand their investment.

JCCI President Herman Breedt hailed the cooperation potential between South African and Vietnamese enterprises, including those from Johannesburg city and Vinh Phuc province. He added that the workshop presented an opportunity for Johannesburg firms to improve their understanding of the economy and trade situation in Vietnam and Vinh Phuc province, enabling them to boost cooperation in the areas of their strength.