Vietnamese businesses seeking to further penetrate South Africa
The Ministry of Industry and Trade (MoIT) recently sent a delegation of 20 Vietnamese businesses to South Africa to scope out the market.
The country is now Vietnam’s biggest trade partner in Africa with annual two-way trade exceeding 1.2 billion USD between 2019 and 2021, according to Pham Thanh Hai, First Secretary at the Vietnam Trade Office in South Africa.
It mainly imports aquatic products from Vietnam, and the demand is expected to grow in the time ahead, the official said, noting that supermarkets there serve not only local residents but also those from neighbouring countries of South Africa.
However, due to the long geographical distance, many Vietnamese enterprises have yet to pay attention to the market. Besides, they have also faced limited access to market information.
Given this, the Vietnam Trade Promotion Agency (VIETRADE) has organised many consulting sessions on the Middle East and Africa, providing information about the market, import-export rules and other issues for domestic firms.
At a recent Vietnam-Durban Business Forum 2022, Vietnamese Ambassador to South Africa Hoang Van Loi said Vietnamese businesses are increasingly interested in the market and want to explore investment opportunities to utilise free trade agreements between South Africa and major markets.
Bilateral trade turnover between Vietnam and South Africa topped 1 billion USD in the first nine months and is expected to reach 1.3 billion USD this year.
