Prime minister Pham Minh Chinh attended the Vietnam - South Africa Business Forum on 21/11, during his working visit to South Africa and participation in the G20 Summit 2025.

During the forum, Prime minister Pham Minh Chinh called on businesses from both countries to "meet - connect - act, produce." He urged them to boost investment, cooperation, and mutual support for collective growth.

The prime minister suggested enhanced cooperation in key sectors: energy - minerals; infrastructure - construction - logistics; high-tech agriculture - food processing; digital economy - telecommunications - services; and education - training - technology transfer.

Notably, the prime minister encouraged Vietnamese businesses to invest in agricultural production in South Africa, focusing on rice and products currently imported to meet domestic demand and export needs. He also suggested that Petrovietnam and EVN explore investment opportunities in South Africa's energy, oil and gas, and renewable energy sectors.

He also expressed hope that South African businesses would increase exports to Vietnam to foster trade balance and invest in areas such as innovation, green economy, digital economy, and processed products.

Regarding cooperation mechanisms, the prime minister proposed upgrading the Intergovernmental Committee, which is coordinated by the foreign ministers of both countries, and promoting new agreements to facilitate trade and investment cooperation. Additionally, businesses should establish working groups.

Prime minister Pham Minh Chinh speaks at the Vietnam - South Africa business forum on 21/11. Photo: VGP.

South Africa is currently Africa's largest economy and a leading destination for foreign investment on the continent. Its key economic sectors include mining, transport, tourism, and agriculture. The country produces approximately 4 million tons of chrome annually, accounting for 60% of the world market. South Africa also leads globally in gold exports, ranks second in platinum production, and fourth in wine.

South Africa stands as Vietnam's largest trade partner and export market in Africa. Total bilateral trade turnover in 2024 reached 1,72 billion USD. Vietnam's exports, valued at around 773 million USD, primarily include various types of phones and components, footwear, electronic products and components, and machinery. Conversely, Vietnam imported approximately 946 million USD from South Africa, consisting mainly of coal, fruits and vegetables, gemstones and precious metals, and ores and minerals.

Despite significant potential, the scale of investment cooperation between the two countries remains modest. As of 10/2024, South Africa had 20 active investment projects in Vietnam, totaling 0,88 million USD. Vietnam, in turn, had four investment projects in South Africa with a total capital of 8,865 million USD, ranking 43rd among 81 countries and territories with Vietnamese investment projects. Vietnamese businesses primarily invest in tourism services, hospitality, and agricultural and forestry trade.

At the forum, South African Deputy President Paul Shipokosa Mashatile assessed this as a crucial time for businesses from both nations to enhance cooperation and investment. He affirmed that the two governments are committed to increasing cooperation across various fields, including trade, industry, agriculture, science and technology, renewable energy, and digital transformation.

"Prime minister Pham Minh Chinh's visit will help shape new directions for bilateral cooperation in the coming years," Paul Shipokosa Mashatile said.

The deputy president noted that while South Africa has been a leading partner for Vietnam in the region over the years, many opportunities remain untapped. He encouraged Vietnamese businesses to explore investment opportunities in South Africa's special economic zones.

He also welcomed South African businesses to invest in Vietnam's industrial clusters and technology zones, while promoting increased cooperation between the Chambers of Commerce and Industry of both countries.