06:58 (GMT +7) - Friday 22/11/2019

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Vietnam keen to link with South African businesses

Released at: 16:31, 06/11/2019

Vietnam keen to link with South African businesses

Photo: MoIT

Vietnam - South Africa Trade and Investment Seminar held on November 4 in Johannesburg.

by Phi Linh

The Vietnamese Government encourages South African businesses to invest in the country in the fields of processing and manufacturing, agriculture, and support industries, Deputy Prime Minister Vuong Dinh Hue told a seminar on November 4 in Johannesburg.

Within the framework of Deputy Prime Minister Hue’s official visit to South Africa from November 3 to 5, the Ministry of Industry and Trade cooperated with the Embassy of Vietnam in South Africa and the Johannesburg Chamber of Commerce and Industry to hold the Vietnam - South Africa Trade and Investment Seminar.

The Deputy Prime Minister delivered the opening address.

He suggested South Africa create favorable conditions for bringing Vietnam’s agro-products, foodstuff, and consumer goods to multinational supermarket chains such as Makro, Metro, and Woolworth and domestic supermarkets such as Spar, Shoprite, and Checkers.

Vietnam will make every effort to promote stronger cooperation with South Africa, especially in terms of economics, to bring the relationship to a level commensurate with the good political relations between the two countries.

In particular, the Deputy Prime Minister said that the government will work with the South African Government to accelerate negotiations on agreements to encourage and protect investment and avoid double taxation, with consideration given to opening Vietnamese commercial bank branches in South Africa to support trade transactions and investment activities.

South African delegates at the seminar expressed their appreciation of the comments and proposals of Deputy Prime Minister Hue to further promote friendly relations and economic, trade, investment, and tourism cooperation between the two countries.

In the Policy Dialogue and Discussion, businesses from the two countries posed many questions to leaders of ministries of both countries, focusing on issues such as mechanisms and policies, legal regulations, and trade and investment opportunities.

Specific issues of concern include South African policies and legal regulations on mine ownership and coal and mineral mining; the opening of banks and bank branches in South Africa; investment in farms in South Africa; cooperation between the two countries in the field of plant and animal quarantine; negotiations for opening markets for agricultural products such as beef, pork, grapes, and avocados; regulations and procedures for investment and business registration in Vietnam; visas; tourism cooperation; and information on policies and the situation of electricity production and coal import demand in Vietnam.

Business delegates and speakers clarified many issues, thereby improving mutual understanding and trust, especially trust in the governments’ consistent policies. The two governments offer support and are creating the best possible conditions for enterprises. This is an important premise for the establishment of long-term, sustainable, and mutually beneficial partnerships between the business communities of the two countries.

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