SA/Vietnam strengthen trade ties

International Relations and Cooperation deputy minister, Nomaindiya Mfeketo, co-chaired the 3rd meeting of the South Africa-Vietnam Partnership Forum on Friday, which focused on maximising bilateral relations between the two countries.

“During the meeting, bilateral discussions between the two delegations focused on political and security matters of common concern and increased trade and investment between the two countries,” the department said.

Since the formal establishment of relations between the two countries, a solid bilateral relationship has developed, characterised by strong government-to-government relations that include cooperation at many levels, bilateral as well as multilateral.

Total trade between South Africa and Vietnam has grown substantially over the past five years and amounted to R13.4 billion in 2014, more than three times the total of R3.9 billion in 2011.

However, there remains considerable potential for increased economic exchanges with Vietnam, one of the fastest growing economies in the world, which has halved poverty over the past 20 years.