Vinh Phuc Promoting Investment in South Africa

With the support of the Embassy of Vietnam in the Republic of South Africa; the Department of Investment Promotion and Industry, the Department of Investment Promotion of South Africa Johannesburg Chamber of Commerce and Industry-JCCI, the Vinh Phuc delegation held an investment promotion workshop in Johannesburg. More than 70 investors and businesses of South Africa attended the workshop.

 

Mr Le Huy Hoang, Vietnamese Ambassador Extraordinary and Plenipotentiary to South Africa, delivered a speech on the development of social and economic relations between Vietnam and South Africa in recent years. Regarding investment promotion activities of Vinh Phuc province in South Africa, Ambassador Hoang affirmed that the workshop was a good opportunity to discuss specific ways to promote investment cooperation between Vinh Phuc and South Africa in the near future. The Embassy said it would actively support the businesses of Vinh Phuc province and South African partners to develop business relationships, as well as to inform and introduce South African businesses to explore Vinh Phuc in the future.

 

Mr Pham Van Vong provided an overview of socio-economic development and the investment environment of the province. By the end of August 2014, Vinh Phuc Province had attracted 157 projects from 14 countries and territories with a total registered capital of nearly US$3 billion. South Africa has many potential advantages for investors, but so far there are no South African projects invested in Vinh Phuc province. Mr Pham Van Vong hoped that through this workshop, investors and businesses in South Africa would know more about Vinh Phuc and it will welcome enterprises from this African nation to invest in the province.

 

Charles Manuel, Director of the Department of Investment Promotion of South Africa, asserted that South Africa and Vietnam have a very close relationship through the Intergovernmental Partnership Forum and the Mixed Committee on Trade. The total trade turnover between Vietnam and South Africa has increased since 2008. By the end of 2013, Vietnam was the 53^rd export partner and the 24^th import partners of South Africa. At the same time, Vietnam is the 13^rd export partner and the 9^th import partner of South Africa in the Asean region. Mr Charles Manuel expressed his desire that the workshop would become an annual event in South Africa. The Department of Investment Promotion and Industry, the Department of Investment Promotion of South Africa will continue to support South African businesses to learn about Vinh Phuc province to build a bridge between South Africa and Vietnam in general and South Africa and Vinh Phuc in particular in the future.

Mr Bui Minh Hong, Director of the PPC Office introduced the local comparative advantages, investment incentives and projects calling for investment in the province. He emphasised that the province has adopted One –Stop-Shop mechanism thus facilitating investors in their investment procedures.

 

The delegation of the province worked with DCD Group, South Africa. Attending the meeting were Mr Le Huy Hoang, Ambassador Extraordinary and Plenipotentiary of South Africa, and many other officers of the Embassy. Mr Andrew Mears, CEO of the DCD Group, introduced an overview of the process of formation and development of the group as well as the group's strengths in the fields of maritime transport, railway, mining and energy. Mr Andrew Mears expressed his desire to cooperate with the province and study more about areas of cooperation with Vinh Phuc through the Vietnam Embassy in South Africa.

 

The visit and working with DCD Group ended the mission of promoting investment by Vinh Phuc delegation in three countries of India, the UAE and South Africa in September 2014. The trip opened up a new direction for investment promotion activities in the province and left a good impression for investors in the three countries about Vinh Phuc.