South Africa is an economic 'locomotive' market says Vietnam
26 Aug '05
6 min read
Saigon General Import-Export Company (Incomex), New Technology Application and Tourism Corporation (Newtatco), Southern Ship Industry Investment and Development Company (Sidc) and Thai Son Company of the Ministry of National Defence have completed branch establishment procedures while many others are processing procedures to open branches in South Africa.
Bilateral cooperation fostered South Africa has a modern economy, developed infrastructure and clear-cut commercial policies and is the largest economy in Africa. South Africa is also speeding up market expansions and actively taking part in regional and international integration.
Import tariffs of South Africa are being reduced as provided by the WTO. These are favorable conditions for Vietnamese enterprises to penetrate South African market. Furthermore, South African can be a bridge for Vietnamese goods to enter other African countries.
Recently, relations between Vietnam and South Africa have been brought to a new high. The two nations have send shuttle high-ranking diplomatic corps and business delegations, organised conferences and trade fairs for products of the twos.
The Vietnamese capital of Hanoi possibly becomes the sister city of Pretoria. These activities are believed to pave the way for future trading cooperation. The Vietnam-South Africa Trade Agreement, signed in 2000 and provided mutual most favoured nation status, has created a favourable legal foundation for business of the twos.
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