South Africa is an economic 'locomotive' market says Vietnam
26 Aug '05
6 min read
In its import-export development strategy and market seeking and expansion in the 2001-2010 period, Vietnam always considers South Africa an economic “locomotive” and a potential market in Africa.
South Africa, the largest partner of Vietnam in Africa
Vietnam and South Africa officially established diplomatic ties on December 22, 1993. In 2000, the Vietnamese Embassy in South Africa was set up, and in 2002 South African Embassy also officially opened in Hanoi.
In October 1999, Vietnam established its Commercial Chamber in South Africa. After the diplomatic relation establishment, the two nations regularly send shuttle high-ranking diplomat corps and business delegations to boost up friendship, economic and trade ties.
In April 2000, Vietnam and South Africa signed the Trade Pact, agreeing to provide the mutual most-favoured nation status in the two-way trade.
In November 2004, on the official visit by Vietnamese Prime Minister Phan Van Khai to South Africa, the two countries signed the Joint Communiqueacute; on Partnership Relations for Cooperation and Development, Agreement on Setting up Inter-government Forum on economic, commercial, scientific, technical and cultural cooperation, Agreement on Building Joint Commercial Commission, and Agreements between the Chambers of Commerce and Industry of the two countries.
In recent years, South Africa is always the Vietnam's largest trade partner in Africa. The two-way trade between the two countries increased considerable in the 1990s. The Vietnam's export revenues to South Africa jumped from US$1.2 million in 1992 to US$55.5 million in 2004.
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