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Vietnam South Africa trade relation on the rise

Fri, 09 Jan 2015. Last updated Thu, 25 Jun 2015 08:58

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In 2015, Vietnam South Africa trade relation is predicted to be more strengthened with high turnover of export. All fields if economy and politics will create favorable conditions for both Vietnam and countries in southern Africa to develop.

Vietnam South Africa Trade relation continues to achieve steady progresses, with a total two-way trade in 2014 estimated at US$ 962 million, an increase of 5% compared with that in 2013. Meanwhile, Vietnam export to South Africa was US$ 815 million and import from South Africa was US$ 147 million. Vietnam Trade Counsellor in South Africa, Nguyen Hong Tien said that two-way trade between Vietnam and South Africa in 2014 witnessed some outstanding features.

Accordingly, export structure changes in a positive direction: Vietnam coffee export increased 71%, accounting for 18% of market share, while footwear stably rised at 7%, comprising 12.5% of market share. As smart phone market in South Africa has shown balancing signs of supply and demand, Vietnam export turnover of the largest and highest growth rate of the product to South Africa decreased by 7%. In terms of import, due to the real estate market in Vietnam continued being sluggish, thus, the demand for steel reduced, leading to a sharp fall in importing scrap metal from South Africa (38%). According to Mr. Nguyen Hong Tien, all predictions about economy in Vietnam and South Africa in 2015 are optimistic. Vietnam government sets targets with the GDP growth rate of 6.2% compared with 5.98% in 2014, and export turnover to increase by 10%.

 

Vietnam rice export to Africa

 

Economy in South Africa is also forecasted to rise 2.6% in comparison to 1.4% in 2014, with trading turnover of 9% increase. During the last 5 years, South Africa invested over 100 billion of US dollar in infrastructure, and has intention to invest 400 billion of US dollar in 15 years to come. This is a good opportunity for Vietnam to boost exports, especially exports of cement - the strength of Vietnam. Important motivation boosting trade relation between the two countries in 2015 is a good promising economic development of Vietnam and South Africa. Vietnam government continues to focus on developing relations with African countries, including South Africa; and enhance economic diplomacy activities, trade promotion, information dissemination in 2015, which will create favorable conditions for the further promotion of Vietnam - South Africa bilateral trade relation.

 

Vietnam shrimp export

 

However, Mr. Nguyen Hong Tien stressed that two countries have not established a direct banking relationship, which is causing difficulties in payment of bilateral import and export goods. The two countries do not have direct air and maritime routes, which is another trade barrier. In addition, Vietnam enterprises have not paid adequate attention to potential markets in Africa in general and South Africa in particular. They have not paid much attention to information, geographical surveys, participating in fairs or shows... Chamber of Commerce of Embassy of Vietnam in South Africa is currently concurrent for Mozambique, Zimbabwe, Namibia, Botswana, Swaziland and Lesotho. In 2014, two-way exports and imports between Vietnam and the above countries respectively reached US$ 92.9 million, US$ 34.7 million, US$ 26.4 million, US$ 21.1 million, US$ 14.7 million and US$12.3 million.

Prospects for cooperation between Vietnam and these countries vary greatly as favorable conditions of politics, while other countries need to import key export items of Vietnam, especially rice. Counsellor Nguyen Hong Tien said that South Africa could act as a center to promote relations with other countries in southern Africa, the basis for logistics activities and to promote activities of Vietnam enterprises in African countries.

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