Việt Nam and South Africa agreed to redouble efforts to raise bilateral trade revenues to US$3 billion by 2020. — Photo hanoimoi.vn

PRETORIA (Biz Hub) — Viet Nam and South Africa agreed to redouble efforts to raise bilateral trade revenues to US$3 billion by 2020.

The decision was made at the third meeting of their joint trade committee, convened earlier this week in South Africa's capital, Pretoria.

Trade revenue hit approximately $1.15 billion in 2015, more than doubling the 2010 figure.

Vietnamese Deputy Minister of Industry and Trade Do Thang Hai underscored South Africa's role as the largest market for made-in-Viet Nam products in Africa.

Hai proposed the signing of a memorandum of understanding on trade promotion and mentioned trade liberalisation and the establishment of a distribution channel for Vietnamese goods in the host nation through direct links with local distributors as key measures to be adopted.

He asked the South African Government to facilitate the export of coal to Viet Nam and investments by local enterprises in thermo-power, wind-power and solar-power in Viet Nam.

He also said he expected local authorities to support Vietnamese investment in their coal mining activities in South Africa.

The Vietnamese official urged South African investors to invest in the export sector of Viet Nam, particularly in garment-textiles and food processing, capitalising on preferential tariffs brought about by free trade agreements.

All of Hai's proposals were received with approval from South African Deputy Minister of Trade and Industry Mzwandile Masina.

The South African official requested that Viet Nam create favourable conditions for the import of farm produce and processed food from his country and called for additional Vietnamese investment in South Africa.

Hai also held a meeting with South African Deputy Minister of Mineral Resources Godfrey Oliphant, who agreed with his suggestions on mineral collaboration.

After the meeting, the two industry-trade ministries, together with the Vietnam Embassy in South Africa, held a trade conference.

The event brought together more than 50 local businesses that are interested in forming partnerships with Vietnamese firms, opening representative offices, making inroads into the retail sector in Viet Nam and exporting coal to the country.

On the occasion, Vietrade signed a co-operation pact with Swaziland Investment Promotion Agency to encourage further trade and investment in industry. – VNS