Investments

Vietnamese and South African Businesses: Prime Minister Urges ‘Meet, Connect, Act, Deliver’

On the morning of November 21st (local time, afternoon in Hanoi), Prime Minister Pham Minh Chinh attended the Vietnam-South Africa Business Forum in Johannesburg. This engagement coincided with his participation in the 2025 G20 Summit and bilateral meetings in South Africa.

Administrator

22 November, 2025

Prime Minister Pham Minh Chinh Attends Vietnam-South Africa Business Forum – Photo: VGP/Nhat Bac

According to insights shared at the Forum, the relationship between Vietnam and South Africa is built on a foundation of friendship, mutual empathy, and a shared aspiration for independence, freedom, and social equity. Economic and investment cooperation is emerging as a significant driving force. While the scale of investment cooperation between the two countries remains modest, the potential for collaboration is vast.

In the context of globalization, green transformation, and digital transition reshaping the world’s development order, Vietnam and South Africa are well-positioned to complement each other’s strengths, fostering sustainable and resilient growth.

South Africa boasts the largest economy in Africa, with key sectors including mining, transportation, tourism, and agriculture. It produces approximately 4 million tons of chrome annually (60% of global chrome transactions), leads the world in gold exports, ranks second in platinum production, and fourth in wine production. South Africa is also a leading destination for foreign investment in Africa.

South Africa is Vietnam’s largest trading partner and export market in Africa. In 2024, bilateral trade reached USD 1.72 billion, with Vietnam exporting USD 773 million (mainly smartphones, components, footwear, computers, electronics, machinery, and other equipment) and importing USD 946 million (primarily coal, fruits, precious stones, metals, ores, and minerals).

As of October 2024, South Africa has 20 active investment projects in Vietnam, totaling USD 0.88 million, focusing on professional services, science and technology, hospitality, manufacturing, and wholesale/retail. Vietnam has 4 investment projects in South Africa, valued at USD 8.865 million, ranking 43rd among 81 countries and territories investing in South Africa. Vietnamese enterprises primarily invest in tourism, hospitality, and agro-forestry trade.

Addressing the Forum, South African Deputy President Paul Shipokosa Mashatile warmly welcomed Prime Minister Pham Minh Chinh and the Vietnamese high-level delegation, following the successful state visit by the South African President to Vietnam, which opened a new chapter in bilateral relations.

Deputy President Paul Shipokosa Mashatile Addresses the Forum – Photo: VGP/Nhat Bac

Highlighting this pivotal moment for both business communities, Deputy President Mashatile noted that both governments have committed to strengthening cooperation in trade, industry, agriculture, science and technology, renewable energy, and digital transformation. This visit not only deepens friendship but also charts new directions for bilateral cooperation in the coming years.

He emphasized that while South Africa has been a leading partner for Vietnam in the region, many opportunities remain untapped. South Africa encourages Vietnamese businesses to explore investment opportunities in its special economic zones and welcomes South African enterprises to invest in Vietnam’s industrial parks and technology zones, fostering collaboration between the two countries’ Chambers of Commerce.

As the host of this year’s G20, South Africa stressed that cooperation among emerging nations and businesses is the driving force behind this process. Both governments are committed to supporting their business communities, elevating bilateral trade and investment, and achieving sustainable prosperity for their peoples.

Transforming Natural Resources into Value-Added Products

Prime Minister Pham Minh Chinh emphasized that the relationship between the two countries has been positively strengthened, marked by high-level visits and the anticipated elevation of ties to a Strategic Partnership during this visit.

The Prime Minister Calls for Business Collaboration: Meet – Connect – Act, Deliver Results – Photo: VGP/Nhat Bac

He highlighted the strong political ties between the two nations, forged during their shared struggle for national liberation. Today, there is no reason for them not to stand together to achieve rapid and sustainable development. Building on this solid political foundation, both countries must produce concrete economic, trade, and investment outcomes, ensuring balance and fairness. Vietnam can learn from South Africa’s valuable experiences in nation-building and development.

The Prime Minister urged the business communities of both countries to “Meet – Connect – Act, Deliver Results,” guided by the principle of “Proactive State, Pioneering Enterprises, Public-Private Partnership, National Development, People’s Happiness, and Entrepreneurs’ Prosperity.” He called for increased investment, solidarity, cooperation, and mutual support to achieve shared success and development.

The Prime Minister outlined Vietnam’s two 100-year strategic goals: becoming an industrialized, upper-middle-income country by 2030 and a developed, high-income nation by 2045. To achieve these goals, Vietnam must attain an 8% growth rate this year and double-digit growth in subsequent years, despite challenges such as severe natural disasters.

He noted that agriculture helped Vietnam escape poverty, and industrialization brought it to upper-middle-income status. From now until 2045, Vietnam must rely on science, technology, innovation, and digital transformation to develop rapidly and sustainably.

Vietnam is pursuing three strategic breakthroughs: institutional reform, infrastructure development, and high-quality human resources, with a focus on flexible policies, seamless infrastructure, and smart governance. Currently, Vietnam prioritizes macroeconomic stability, inflation control, and balanced economic growth, while promoting monetary and fiscal policies to drive growth.

The Prime Minister proposed enhanced cooperation in areas such as energy and minerals (including renewables), infrastructure, logistics, high-tech agriculture, food processing, digital economy, telecommunications, education, technology transfer, and more.

He encouraged Vietnamese businesses to invest in agriculture in South Africa, particularly in rice and other import-dependent products, to meet local demand and export from there. Companies like Petrovietnam and EVN can invest in South Africa’s energy, oil, gas, and renewable sectors.

He also urged South African businesses to increase exports to Vietnam to balance trade, invest in innovation, green economy, and digital sectors, and enhance processed products.

Regarding cooperation mechanisms, the Prime Minister suggested upgrading the Intergovernmental Committee, led by both Foreign Ministers, and promoting new agreements to facilitate trade and investment. Businesses should establish working groups to strengthen collaboration.

He expressed confidence that by leveraging the intelligence of both peoples, robust cooperation mechanisms, and shared development aspirations, both countries will maximize their potential, transform natural resources into high-value products, and contribute to rapid and sustainable growth.

Nhat Quang

– 08:25 22/11/2025