The forum organized as part of South African President Matamela Cyril Ramaphosa’s official visit to Vietnam.

Prime Minister Pham Minh Chinh and South African President
Matamela Cyril Ramaphosa attended the Vietnam – South Africa Business Forum in
Hanoi on October 24 afternoon, according to a report from the Vietnam News
Agency.

The event, which was held as part of  South African President Matamela Cyril
Ramaphosa’s official visit to Vietnam from October 23-24,  saw the participation of ministers, leaders of
government agencies, and 200 business delegates from both countries.

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.
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, ranking 109th among
151 countries and territories investing in Vietnam. Meanwhile, Vietnam had four
investment projects in South Africa totaling $8.86 million, 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.

Speaking at the forum, PM 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, emphasis sing 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 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  in 2025. Its average
per capita income is about $5,000, 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.

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 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.

The South African President, for his part,  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 – 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 South African President
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.

VNA-Khanh Van