South Africa looks to increase exports to Vietnam
VOV.VN - Vietnam is the ninth largest export market of South African businesses with merchandise exports hitting a record high US$383 million in 2015, said speakers at a trade conference on June 23 in Ho Chi Minh City.
Representatives of nearly 20 South African companies accompanied by Ambassador to Vietnam Kgomotso Ruth Magau are on a trade mission to the City hoping to find business partners in agro-processing, mining, oil and gas, and water management.
These areas have been identified as key to enhancing the ability of South Africa to export value-added products as well as realign the trade balance that in the past five years has fallen in favour of Vietnam, said Ambassador Magau at the conference.
Since 2010, South Africa has exported primary fresh fruit to the Vietnam economy. Imports from businesses located in Vietnam have included furniture, printing machinery and footwear.
This has resulted in a sizable trade imbalance in favour of Vietnam, requiring the private sector of South Africa to play a more active role in the Southeast Asian nation’s economy to resolve.
Ambassador Magau said South African businesses are most interested in investment opportunities in the manufacturing of wood products, textiles and garments as well as in minerals beneficiation.
