Deputy President Paul Mashatile: South Africa–Vietnam Business Forum

Prime Minister of the Socialist Republic of Vietnam, H.E Mr. Pham Minh Chinh;

Minister of Small Business Development, Ms Stella Ndabeni;

Deputy Minister of Trade, Industry and Competition of South Africa, Mr Zuko Godlimpi;

Deputy Minister of International Relations and Cooperation, Ms Thandi Moraka;

Vice Minister of Finance of Vietnam, Mr Do Thanh Trung;

Vice Minister of Agriculture and Environment of Vietnam, Mr Nguyen Hoang Hiep;

Ambassador of the Socialist Republic of Vietnam in South Africa, Mr Hoang Sy Cuong;

Members of the Business Community in South Africa and Vietnam;

Ladies and Gentlemen,

Good morning, and a very warm welcome to you all to Johannesburg, I hope that you have had a pleasant stay in South Africa and have experienced the spirit of Ubuntu that we pride ourselves in as a nation.

I am honoured to address this gathering of business leaders and investors at such a pivotal moment for both our countries. The convening of this South Africa–Vietnam Business Forum, on the margins of the G20 Summit, is a timely reminder of the vital role that partnerships and collaboration play in shaping an inclusive global economy.

This forum follows closely on the successful State Visit by His Excellency President Cyril Ramaphosa to the Socialist Republic of Vietnam, a visit that has ushered in a new chapter in our bilateral relations.

During that visit, our two governments reaffirmed our shared commitment to strengthen cooperation across a broad range of sectors — from trade and industry to agriculture, science and technology, renewable energy, and digital transformation. The visit not only served to strengthen the profound friendship that exists between our countries, but it also successfully mapped out a distinct course of action for the expansion of economic and developmental cooperation in the years to come.

Over the past years, South Africa has been Vietnam’s first trade partner in the continent, and Vietnam is a potential market for South Africa with a sizable population of more than 100 million, as a gateway to the ASEAN market of nearly 700 million people and a GDP of 4,000 billion US dollars.

Similarly, South Africa continues to serve as the most industrialised and diversified economy in Africa and a strategic entry point into the African Continental Free Trade Area (AfCFTA), which connects over 1.4 billion people in a single market.

The AfCFTA benefits both South Africa and Vietnam's economies by opening up a single, large continental market for goods and services, increasing trade, fostering economic growth, and attracting investment. South Africa could benefit from improved market access for manufactured goods and diversification opportunities, despite some industries facing heightened competition. Meanwhile, Vietnam may expand its manufactured goods exports to Africa, utilising South Africa's infrastructure and financial markets to diversify its trade relations and address its current trade deficit with the country.

As it stands, we are appreciative that bilateral trade between South Africa and Vietnam has grown steadily, surpassing previous records in recent years. Yet, there remains vast untapped potential.

In 2024, South Africa’s exports to Vietnam amounted to US $610.89 million. In the same year, South Africa’s imports from Vietnam were about US $1.14 billion.

South Africa runs a sizable trade deficit in its trade with Vietnam, importing significantly more than it exports, recognising that our trade patterns reveal a challenge. Between 2023 and 2024 we had a trade deficit of 30%.

South Africa largely exports raw commodities—minerals, ores, fuels, and agricultural products—while Vietnam exports manufactured goods of higher value.

This imbalance calls us to move beyond the traditional trade in raw materials and work toward greater value addition, diversification, and industrial collaboration.

We have the opportunity and indeed the responsibility to diversify and deepen our economic engagement, to move beyond the exchange of raw commodities and promote value-added trade and industrial partnerships.

Ladies and Gentlemen,

Our governments are committed to creating an enabling environment for trade and investment. In South Africa, this includes improving ease of doing business, strengthening industrial infrastructure, and expanding trade finance support through entities such as the Industrial Development Corporation (IDC) and Export Credit Insurance Corporation (ECIC).

We encourage Vietnamese companies to explore investment opportunities in our Special Economic Zones (SEZs), which offer world-class infrastructure and incentives. Likewise, we welcome South African businesses to invest in Vietnam’s dynamic industrial clusters and technology hubs.

Through our Joint Trade Committee and bilateral cooperation frameworks, we will continue to address trade barriers, facilitate market access, and enhance cooperation between our chambers of commerce and industry bodies.

This forum is not only about economics — it is about partnership, shared growth, and solidarity. It is about recognising that South–South cooperation offers a path to inclusive development, innovation, and resilience.

In this era of global uncertainty, both South Africa and Vietnam stand as advocates for multilateralism, sustainable trade, and equitable growth. As hosts of the G20 Summit, we emphasise the importance of collaboration among emerging economies to reform global trade systems and ensure that development benefits all.

To our distinguished business leaders, you are the engine of this partnership. The opportunities before us will only be realised through your innovation, your entrepreneurship, and your commitment to building bridges across borders.

Let us use this platform to identify bankable projects, establish joint ventures, and promote technology and skills exchange that can advance industrialisation and inclusive growth in both our countries.

Our government, together with our Vietnamese counterparts, stands ready to support you every step of the way.

Let us build on the momentum of President Ramaphosa’s State Visit and the spirit of this G20 Summit to propel South Africa–Vietnam relations to new heights.

This commitment was similarly reaffirmed during the reciprocal visit when Vietnam's Vice President visited South Africa in September 2023, and during my visit to Vietnam in December 2023, which included opportunities to engage with business leaders aimed at strengthening bilateral relations in sectors such as trade and investment.

The forthcoming agreement to enhance bilateral relations signifies that both parties want to establish camaraderie while also ensuring mutual benefits for their populations.

Together, we can create a model of partnership that demonstrates how developing nations, through mutual respect and shared ambition, can achieve prosperity that is both inclusive and sustainable.

I thank you.

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