The Vietnam Chamber of Commerce and Industry (VCCI) and the South African Consulate in Ho Chi Minh City have launched a joint business council to promote trade between the countries.
Speaking at the inauguration ceremony of the council in Ho Chi Minh City on November 12, VCCI Deputy General Secretary Vo Tan Thanh noted that South Africa was Vietnam's largest trade in the African continent.
However, their bilateral trade potential has not been fully tapped and South Africa is still considered a new marker for Vietnamese exporters, he said.
South African Ambassador to Vietnam Ratubasi Super Moloi hailed the launch of the new joint business council, saying that it can help boost economic ties between the two countries.
Vietnam and South Africa can be each other's gateway to enter regional markets in Asia and Africa, Moloi said.
Vietnam exported US$218 million worth of goods to South Africa last year and paid $78 million for imports from the country.
South Africa mainly imported rice, coffee and processed foods from Vietnam and shipped wood and minerals.