JOHANNESBURG - Deputy President Paul Mashatile has called for a major reset in South Africa’s trade relationship with Vietnam, urging both countries to move beyond commodity-driven exchanges and forge deeper industrial and investment partnerships.
Speaking at the South Africa–Vietnam Business Forum this week, Mashatile told business leaders that the two nations stood at “a pivotal moment” as they seek to expand cooperation across key sectors.
These included trade and industry, agriculture, science and technology, renewable energy, and digital transformation.
The forum was convened on the sidelines of the G20 Summit, with Mashatile framing it as an opportunity to accelerate South–South economic collaboration.
He noted that the meeting follows President Cyril Ramaphosa’s recent State Visit to Vietnam, which he said opened “a new chapter” in bilateral relations.
South Africa is Vietnam’s largest African trading partner, while Vietnam, with a population of more than 100 million, offers access to the 700-million-strong ASEAN market, the integrated economic area of the Association of Southeast Asian Nations, which aims to create a single market and production base for its 11 member countries.
But Mashatile warned that trade between the two countries remains uneven and too heavily weighted towards raw materials.
“In 2024, South Africa exported goods worth just over 610 million US dollars to Vietnam, while imports from Vietnam exceeded 1.14 billion US dollars,” he said. “Between 2023 and 2024, we had a trade deficit of 30%.”
South Africa mainly exports minerals, ores and agricultural products while importing higher-value manufactured goods from Vietnam.
Mashatile said this imbalance highlights the need for a new approach centred on “value addition, diversification and industrial collaboration”.
He encouraged Vietnamese investors to explore opportunities in South Africa’s Special Economic Zones, which offer world-class infrastructure and tax incentives, while calling on South African companies to take advantage of Vietnam’s rapidly expanding industrial clusters and technology hubs.
“Our governments are committed to creating an enabling environment for trade and investment,” Mashatile said, citing improvements in the ease of doing business, expanded trade finance through the Industrial Development Corporation (IDC) and Export Credit Insurance Corporation (ECIC), and ongoing efforts to remove market barriers through bilateral mechanisms.
He told delegates that South Africa and Vietnam share a commitment to multilateralism, equitable trade and inclusive growth, particularly as emerging economies push for reforms to global financial and commercial systems.
“This forum is not only about economics. It is about partnership, shared growth and solidarity,” he said. “South–South cooperation offers a path to inclusive development, innovation and resilience.”
Mashatile urged business leaders to identify joint ventures and bankable projects that could drive industrialisation in both countries.
He also reaffirmed support for upcoming agreements aimed at enhancing bilateral cooperation.
“Together, we can create a model of partnership that demonstrates how developing nations, through mutual respect and shared ambition, can achieve prosperity that is both inclusive and sustainable.”
Vietnamese Prime Minister Pham Minh Chinh is in South Africa for the G20 Leaders’ Summit that is currently underway in Johannesburg, marking the first G20 summit on the African continent.
Earlier this week Prime Minister Chinh visited the Johannesburg Stock Exchange (JSE). According to reports by the Vietnamese government, he highlighted Vietnam’s strong economic trajectory, saying GDP growth in 2025 was forecast to accelerate to above 8%, with the country aiming for double-digit expansion in the years ahead.
The report said the Prime Minister proposed deeper financial cooperation with South Africa, including collaboration on market and product development, digital transformation, experience-sharing on operating stock exchanges, and encouraging stronger bilateral portfolio investment flows.
Chinh’s trip marks the first visit by a Vietnamese Prime Minister to South Africa in 21 years.