The Deputy President said this shortly after hosting the Vietnamese Deputy Minister Hoang Trung Hai at Tuynhuys in Cape Town on Tuesday evening. "We welcome the increase in volume in bilateral trade which has now reached R13.4 billion in 2014, having come up from R3.7 billion in 2011 and we agreed that substantial potential still exists to broaden and deepen trade between the two countries.
"We also noted the considerable trade deficit that South Africa has and agreed that we should focus on increasing our economic interaction with Vietnam and that it should be more balanced as we find a number of areas where South Africa can increase its export goods to Vietnam and Vietnam will start looking closer at South Africa to increase its own investment opportunities in South Africa," he said.
Deputy President Ramaphosa said some of the areas South Africa would look at in order to boost its exports will be in the agricultural sector, especially in relation to products such as fruit and beef.
South Africa and Vietnam forged bilateral ties in 1993 and ever since then their relationship has grown. There are 13 bilateral cooperation agreements signed between the two countries, covering cooperation in the areas of foreign relations, trade and investment, defence, consular affairs, tourism, water resources, biodiversity conservation and protection and combating crime.
The Vietnamese Deputy Prime Minister said the Republic continues to enjoy a healthy relationship with South Africa, especially in the area of biodiversity.
Ever since Vietnam joined forces with South Africa in the fight against rhino poaching a few years ago, it has made several arrests and some of the recovered rhino horns have been returned to South Africa. A massive public awareness campaign has been rolled out to dispel the belief that rhino horns and other animals like bears can help cure certain diseases.
He said one of the country's major telecommunications companies was looking to expand its reach into the South African market. "As for telecommunication, a telecoms group in Vietnam is interested in the South African market and you can see they are keen to participate in this market," he said.
The Deputy President, meanwhile, said South Africa and Vietnam have a very special relationship that started almost 60 years ago when ANC stalwarts met delegates of Vietnam, which at the time it was the Vietnam Democratic Republic. "That is when the bonds of the relationship were formed ... and those bonds will continue over time. We built a very good relationship that persists until today.
"We learnt a lot from you as you were conducting your own struggle and we would like to thank for having supported our struggle. "Later in the 1970s, some of our leaders came to Vietnam and they were well received. You showed us how you conducted your own struggle, we learnt a lot there," said the Deputy President.
SAnews.gov.za is a South African government news service, published by the Government Communication and Information System (GCIS). SAnews.gov.za (formerly BuaNews) was established to provide quick and easy access to articles and feature stories aimed at keeping the public informed about the implementation of government mandates.
Go to: http://www.sanews.gov.za
