Prime Minister Pham Minh Chinh and South African President Matamela Cyril Ramaphosa arrive at the Vietnam-South Africa Business Forum in Hanoi on October 24. — VNA/VNS Photo
Marking more than 30 years of diplomatic ties, the Vietnam, South Africa “Partnership for Cooperation and Development” has strengthened steadily, with trade and investment seen as key pillars. Bilateral trade reached USD 1.72 billion in 2024. Vietnam mainly exports electronics, phones and components, textiles, footwear, and agricultural products, while importing fruits, wood, minerals, and chemicals from South Africa.
As of July 2025, South Africa had 20 active investment projects in Vietnam with total registered capital of USD 0.88 million, ranking 109th among 151 investing countries and territories. Meanwhile, Vietnam invested USD 8.86 million in four projects in South Africa, ranking 45th among 84 overseas destinations.
At the forum, which brought together senior officials and over 200 business leaders from both countries, both sides discussed opportunities in renewable and green energy, finance, e-commerce, technology, innovation, and tourism, agreeing that economic cooperation still holds vast potential. They proposed strengthening mechanisms such as the Inter-Governmental Partnership Forum and the Joint Trade Committee to promote market access, energy cooperation, and sustainable resource use.
Speaking at the event, Prime Minister Chinh welcomed President Ramaphosa and highlighted that citizens and businesses are key to realising shared development goals. He said Vietnam, after 80 years of independence and over 40 years of reform, has transformed from a war-torn agricultural country into one of the world’s 32 largest economies, with GDP projected to reach USD 510 billion and per capita income around USD 5,000 in 2025.
Vietnam aims to become a modern industrialised nation with upper-middle income by 2030 and a high-income country by 2045. To achieve this, the government targets double-digit growth, focusing on institutional, infrastructure, and human resource breakthroughs, while prioritising science, technology, green growth, and digital transformation.
Chinh reaffirmed Vietnam’s commitment to maintaining political stability, a transparent legal framework, and a secure investment environment built on “harmonised benefits, shared risks.” He called on both countries’ businesses to translate cooperation potential into concrete projects that drive prosperity and sustainable development.
President Ramaphosa praised Vietnam’s achievements and described the two nations as “natural partners” sharing similar histories and values. He highlighted complementary strengths — Vietnam’s advantages in electronics, renewable energy, and agriculture, and South Africa’s in mining, automotive production, and infrastructure.
He pledged South Africa’s support in reducing trade barriers and protecting investments, encouraging Vietnamese businesses to expand cooperation through practical agreements in areas such as clean energy transition, education, technology, and tourism.
