JOHANNESBURG (Biz Hub) — Viet Nam and South Africa have significant opportunities to deepen bilateral relations, especially in economics and trade, according to the Vietnamese Ambassador to South Africa, Le Huy Hoang.

Speaking at a conference in Johannesburg late last week to promote trade co-operation between the two countries, Hoang said two-way trade reached over US$1 billion in 2013, a 20-fold increase compared with the modest $54 million seen in 2002.

Further, Hoang said he hoped the conference would open a new page for bilateral commercial ties.

South Africa is emerging as a lucrative market for Vietnamese goods, noted the head of the Ministry of Industry and Trade's Africa, West and South Asia Markets Department, Tran Quang Huy.

Besides traditional items, such as agricultural goods, seafood, textile, garments, and footwear, in the years ahead Viet Nam will speed up exports of mobile phones, computers and components to South Africa, while the African country could provide minerals, wooden products and cotton to Viet Nam

Chairwoman of the Chamber of Commerce and Industry Johannesburg (JCCI), Fay Mukaddam, said her office would seek to increase trade and investment co-operation between the two business communities.

Of note, participants at the event voiced their concern over Viet Nam's market scale, tax procedures, import-export policies, payment methods, as well as risks of doing business in the country. — VNS