President Cyril Ramaphosa: South Africa–Vietnam Business Forum

South Africa-Vietnam Business Forum address by President Cyril Ramaphosa during a State Visit to Vietnam, Hanoi, Vietnam

Programme Director,
His Excellency, Prime Minister of the Socialist Republic of Vietnam, Phạm Minh Chính,
Minister of Trade, Industry and Competition of South Africa, Mr Parks Tau,
Ambassador Vuyiswa Tulelo,
All the Ministers Present,
Business and Industry leaders,
Distinguished Guests,
Ladies and Gentleman,

A very good morning to you all.

It is an honour and a privilege to address you this morning at the South Africa-Vietnam Business Forum.

Allow me to express my sincere appreciation to our hosts and to the many dedicated officials and business leaders who have assisted in putting this business forum together.

I recall that on the side-lines of the 2025 BRICS Summit, Prime Minister Chinh expressed Vietnam's desire to further deepen the partnership for cooperation and development between our countries.

He called for stronger cooperation in the economy, trade, investment, education and training, tourism and people-to-people exchanges. He said we should elevate our bilateral relations to new heights.

We exchanged views on regional and global issues of mutual interest, reaffirming our shared commitment to promoting multilateralism, respecting international law and strengthening South-South cooperation for peace and sustainable development.

Today, we are not only convening a meeting of business leaders. We are also here to deepen the bond between our two countries that share both a rich history and a promising future.

South Africa and Vietnam are, in many ways, innate partners. Both of our countries have faced histories marked by struggle, resilience and the pursuit of freedom and dignity.

Both of our countries have demonstrated remarkable determination in overcoming adversity and in building societies that stand proud on the global stage.

This shared experience reminds us that economic cooperation is not simply about transactions. It is about building bridges of solidarity, trust and long-term prosperity.

The recent US tariff decisions have tested the resilience of many countries.

In response to these tariffs, the South African government has swiftly activated strategies to diversify our export markets. We have re-established trade offices and assistance desks, with our Asian trading partners as a central pillar in our outreach.

In recent years, trade between South Africa and Vietnam has expanded significantly.

South Africa runs a sizable trade deficit with Vietnam. We import significantly more than we export. Between 2023 and 2024 we had a trade deficit of 30 percent.

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. We need to work toward greater value addition, diversification and industrial collaboration.

This challenge is our greatest opportunity.

South Africa has much to offer Vietnam - a rich resource base, advanced mining expertise, a robust agricultural sector and a growing manufacturing capability.

Vietnam, in turn, brings extraordinary strengths in electronics, textiles, machinery and renewable energy technologies.

Together, we can build supply chains that are not only profitable, but also resilient, sustainable and future-focused.

Investments between our two countries are low.

There is no record of Vietnamese investments in South Africa.

There are a number of financial and non-financial support measures available for Vietnamese companies that may be keen to invest in South Africa to diversify their supply chains.

South Africa has investment opportunities in agriculture, agro-processing, mining and mineral beneficiation, manufacturing, advanced manufacturing and services, among others.

Our cooperation must extend into strategic sectors that define the economies of tomorrow. These sectors include electric vehicles, battery manufacturing, renewable energy, agro-processing and digital innovation.

By combining South Africa's natural advantages with Vietnam's manufacturing dynamism, we can create industries that generate jobs, drive exports and strengthen both our nations' positions in the global economy.

I stand here today, deeply convinced that our partnership has great untapped potential and that forums such as this are designed to unlock that potential.

South Africa and Vietnam are both strategically placed within their regions.

South Africa, as the most industrialised economy on the African continent, is a gateway to the rest of Africa.

With the African Continental Free Trade Area now in force, companies investing in South Africa can gain preferential access to a market of over 1.4 billion people, representing a combined GDP of approximately $3.4 trillion.

Vietnam has distinguished itself as one of Asia's most dynamic and fastest-growing economies.

It is a hub for manufacturing, a leader in agricultural exports and a key player in global supply chains. Vietnam also provides direct access to the ASEAN market, a region that is itself a driver of global growth.

Together, our two countries can serve as vital bridges between Africa and Asia, connecting supply chains, enhancing trade flows and creating new pathways for investment.

There are key opportunities for cooperation and collaboration.

South Africa is renowned for its fruit, wine, livestock and fisheries, while Vietnam is a global leader in rice, coffee and seafood.

Together, we can build resilient food supply chains, foster technology transfer in agro-processing and expand our mutual exports into new markets.

South Africa has demonstrated strengths in mining, automotive manufacturing and infrastructure development. These can complement Vietnam's strong base in electronics, textiles and industrial production.

Both of our nations are committed to transitioning to cleaner forms of energy.

South Africa is advancing renewable energy and green hydrogen projects, while Vietnam is also investing in sustainable energy infrastructure.

We should pursue collaboration on electric vehicle production, battery manufacturing and clean energy technology.

Vietnam can leverage South Africa's mineral wealth through investment and technology partnerships.

Both our nations are blessed with unique natural landscapes, rich heritage and vibrant cultures.

By facilitating tourism and cultural exchanges, we can continue to deepen people-to-people ties and strengthen the bonds of friendship between our societies.

The future belongs to our youth. Partnerships in education, training, research and innovation can empower the next generation to drive inclusive and sustainable growth.

There are opportunities for collaboration between our universities and technical institutions to enhance capacity-building in critical fields such as science, technology and digital transformation.

We are committed to reducing barriers to trade, strengthening investment protection frameworks, encouraging business-to-business partnerships, supporting chambers of commerce in their initiatives, and providing platforms such as this one to ensure direct dialogue between government and business leaders.

To business leaders here today, I urge you to seize this opportunity to explore new ventures, to diversify into untapped sectors and to build enduring partnerships that will generate jobs, transfer skills and stimulate inclusive growth.

This Business Forum is about shaping a shared vision of cooperation between South Africa and Vietnam - a vision that reflects our mutual aspirations for prosperity, sustainability and human development.

Trade between our countries is not only about goods and services. It is also about trust, innovation and shared values.

It is about ensuring that the benefits of economic cooperation reach ordinary citizens, creating opportunities for workers, entrepreneurs and communities alike.

The relationship between South Africa and Vietnam is built not only on history, but also on the hope of a future defined by closer cooperation, stronger economic ties and deeper mutual understanding.

This Business Forum should chart a new course for our partnership.

It should be a partnership that builds bridges between Africa and Asia, that leverages the strengths of our two nations, and that delivers inclusive and sustainable prosperity for our people.

We reaffirm our unwavering commitment to work hand in hand with our Vietnamese counterparts, our business leaders and our people to ensure that the potential of this partnership is fully realised.

Together, let us move forward from friendship to partnership to shared prosperity.

I thank you.

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