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Ministry expects higher exports to South Africa market this year
Exports to South Africa are seeing favourable conditions to increase this year, according to the Ministry of Industry and Trade's Africa, Western and South Asia Department.
South African demand for imports was forecast to be maintained this year as the Government was increasing public investment to reduce the unemployment rate, it said.
"South Africa is now Viet Nam's largest importer in Africa," said Head of the department Ly Quoc Hung.
Viet Nam exported US$488 million worth of goods including gemstones and precious metals, footwear, garments and textiles, coffee and rice to the market last year.
The growth rate of Vietnamese exports to South Africa has been higher than imports for many years, providing a trade surplus for Viet Nam. Last year also marked the year of Viet Nam's highest trade surplus with South Africa at $335 million, a 33 per cent surge against 2009.
Two-way trade also hit a record $640 million, up 27 per cent year-on-year. In a move to foster exports, the department was drafting a plan to construct a trade promotion centre in South Africa , Hung said, adding that the plan would be submitted to the ministry for approval late this year.
"We will also invite South African importers to participate in trade fairs and exhibitions to Viet Nam to seek new trade opportunities," he said.
The ministry was also considering supporting key businesses to promote their exports to the African market. Under a project which was agreed late last year, 10 companies which had already began accessing the African market would receive financial support in trade promotion activities this year.
They would also be provided with trade policies, business opportunities and lists of potential business in countries across the continent.
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