Prime Minister Phạm Minh Chính addresses the Vietnam – South Africa Business Forum in Johannesburg on Friday. — VNA/VNS Photo

JOHANNESBURG — Prime Minister Phạm Minh Chính has called on the business communities of Việt Nam and South Africa to enhance investment, solidarity, cooperation and mutual support to secure shared successes, development and happiness.

He made the appeal while addressing the Việt Nam–South Africa Business Forum in Johannesburg on Friday. The event, which also saw the presence of Deputy President of South Africa Paul Mashatile, formed part of his trip for the G20 Summit and bilateral activities in the African nation.

The Vietnamese leader stressed that bilateral relations have been strongly promoted over the recent past as seen in high-level mutual visits. He revealed that he will have a meeting with the South African President during which the two sides will declare the upgrade of ties to a strategic partnership.

Highlighting the extremely good political relationship, forged by their joint struggle for national liberation and aspiration for freedom, he said there is no reason for them not to stand together for fast and sustainable development.

He said that with a solid political foundation in place, the two sides should strive for concrete results in economic, trade and investment cooperation, based on a spirit of balance.

PM Chính noted Việt Nam’s development achievements and orientations, saying the country is pursuing two centenary goals amid numerous difficulties. During this process, Việt Nam has learned much from South Africa, he said, adding that he hopes the two countries will remain united to foster economic, trade and investment cooperation.

He called on Vietnamese businesses to invest in agricultural production such as rice and the produce that South Africa has to import to meet local demand and serve export. He also suggested them invest in energy, including renewable energy and logistics while increasing the export of South African products and helping with the signing of a bilateral free trade agreement.

Meanwhile, the PM recommended South Africa invest in the areas that serve as new growth drivers in Việt Nam such as innovation, the green economy and creative economy, as well as processed products.

He suggested the two sides optimise their distinctive potential, outstanding opportunities, competitive edges, the intellect of South African and Vietnamese people, along with close cooperation mechanisms to turn the nature into products contributing to both countries’ development.

PM Chính asked for upgrading the Inter-governmental Committee, which is coordinated by the two foreign ministries. Meanwhile, businesses should set up working groups to foster cooperation to transform natural resources into products with higher value added.

Addressing the forum, Deputy President Mashatile said the convening of the South Africa–Việt Nam Business Forum, on the margins of the G20 Summit, is a timely reminder of the vital role that partnerships and collaboration play in shaping an inclusive global economy.

He said this forum followed closely on the successful state visit to Việt Nam by President Cyril Ramaphosa, a visit that has ushered in a new chapter in bilateral relations.

Over the past years, South Africa has been Việt Nam’s leading trade partner in the continent, and Việt Nam is a potential market for South Africa with a sizable population of more than 100 million, as a gateway to the ASEAN market of nearly 700 million people and a GDP of US$4 trillion.

Similarly, South Africa continues to serve as the most industrialised and diversified economy in Africa and a strategic entry point into the African Continental Free Trade Area (AfCFTA), which connects over 1.4 billion people in a single market.

“As it stands, we are appreciative that bilateral trade between South Africa and Việt Nam has grown steadily, surpassing previous records in recent years. Yet, there remains vast untapped potential,” he noted.

Participants at the forum. — VNA/VNS Photo

He went on to say that the two Governments are committed to creating an enabling environment for trade and investment.

South Africa encourages Vietnamese companies to explore investment opportunities in its special economic zones, which offer world-class infrastructure and incentives. Likewise, it welcomes South African businesses to invest in Việt Nam’s dynamic industrial clusters and technology hubs, as well as the enhancement of cooperation between the two countries’ chambers of commerce and industry, according to the host.

“Our government, together with our Vietnamese counterparts, stands ready to support you every step of the way,” the Deputy President noted. “Let us build on the momentum of President Ramaphosa’s state visit and the spirit of this G20 Summit to propel South Africa – Việt Nam relations to new heights.”

“The forthcoming agreement to enhance bilateral relations signifies that both parties want to establish camaraderie while also ensuring mutual benefits for their populations. Together, we can create a model of partnership that demonstrates how developing nations, through mutual respect and shared ambition, can achieve prosperity that is both inclusive and sustainable,” he added.

For more than 30 years since the establishment of diplomatic ties, the two countries’ Partnership for Cooperation and Development has been flourishing, with economic and trade cooperation an important pillar.

Bilateral trade reached $1.72 billion in 2024. Việt Nam’s main exports to South Africa include electronics, mobile phones and components, textile – garment, footwear, and agricultural products while imports include fruits, timber, minerals and chemicals.

As of July 2025, South Africa had 20 valid investment projects worth $0.88 million in Việt Nam which, in turn, had invested $8.86 million in four projects in the African country, ranking 45th among the 84 overseas destinations of Vietnamese investment.

At the forum, participants were updated on the investment environments of both countries, along with bilateral economic and investment links. Businesses presented their investment capabilities and interests in various spheres, including mining, oil and gas exploration and exploitation, power, agriculture, processing and manufacturing. They also proposed the two Governments support them to develop cooperation projects in the time ahead.

PM Chính and Deputy President Mashatile witnessed the exchange of cooperation agreements between the countries’ businesses in such fields as the transfer of strategic 3D radar technology, the launch of production projects in Việt Nam and R&D cooperation in strategic technology, tourism, air transport and trade. — VNA/VNS