Officials from the Department of Trade and Industry on Wednesday met their Vietnamese counterparts to discuss ways of improving trade relations between the two nations‚ currently tilted in the Asian country’s favour.
Trade between SA and Vietnam has risen from R3.7bn in 2010 to R18.4bn at the end of 2015. However‚ there was a trade imbalance of R13.8bn in favour of Vietnam.
SA imports mainly footware‚ printing machinery and furniture from Vietnam. Exports to the socialist republic mainly comprise fruit.
“We want to change the structure of our trade relations towards enhancing value-added products that will contribute to the industrial development of both countries‚” said Deputy Trade and Industry Minister Mzwandile Masina.
Such value-added products would come from the agroprocessing‚ water management‚ oil and gas and mining sectors‚ said Masina.
Vietnam’s deputy trade minister Do Thang Hai said there was strong interest by Vietnamese companies in increasing investments in SA.
However‚ impeding investment was the lack of information and awareness of the country’s products‚ along geographical distance as well as some trade barriers.
Overcoming these factors would include boosting trade fairs and exhibitions between two countries and encouraging stronger business networking.
Source : http://www.sowetanlive.co.za
Keyword : SA, seeks to, capitalise on trade relations, with Vietnam.
