Hanoi seeks ways to bolster investment, trade, and tourism with South Africa

Hanoi seeks ways to bolster investment, trade, and tourism with South Africa. Photo: Hanoi

The Vietnam – South Africa Investment, Trade and Tourism Investment Conference, themed "Hanoi Destination – Opportunities and Potentials for Cooperation", took place on October 29 in Johannesburg. The event is part of the city’s efforts to promote its business environment to international investors and businesses.

The event saw the participation of leaders from Hanoi as well as representatives of South African businesses in the fields of investment, trade, and tourism. Specifically, the event features the Hanoi delegation led by permanent deputy secretary of the Hanoi Party Committee Nguyen Thi Tuyen, Vietnam’s Ambassador to South Africa Hoang Sy Cuong, president of the South African Chamber of Commerce and Industry Mtho Xulu, and nearly 200 South African representatives as well as numerous business leaders from sectors such as investment, trade, and tourism.

Hanoi has emerged as an attractive destination for tourists and a safe, attractive, and stable destination for businesses in Asia.

The city has constantly innovated to improve the quality of operations, creating a favourable business climate. The efforts have made a significant contribution to the socioeconomic development of the city and Vietnam.

During the country’s integration with the global economy, Hanoi has identified the business community as an important driving force for the development and integration of the capital. The city’s investment attraction strategy gears towards sustainable development goals, with a priority on quality projects and products with added value and competitiveness.

South African investors and businesses are keen on the opportunities in Hanoi. Photo: Hanoi

Efforts are also being made to bolster innovation and knowledge transfer, improve management capacity and efficiency, and innovate investment promotion associated with trade and tourism promotion.

The city will step up digital transformation by sharing all land use plans transparently. Drastic action is being taken to build an open, convenient, transparent, and fair business environment.

Hanoi is calling for investment in key sectors, including agriculture, tourism, education, and healthcare. In particular, focus is also being given to emerging industries such as electric vehicles, electric vehicle batteries, pharmaceuticals, and industrial equipment. The city will also strengthen cooperation in the fields of agricultural product processing, minerals, natural resources and environment, and wildlife conservation.

Speaking at the event, Tuyen said, “The conference aims to create a platform to promote Hanoi’s favourable business environment. Hanoi is committed to enhancing economic ties with South Africa and the city is willing to roll out the red carpets for South African businesses and investors to do business and thrive in Hanoi.”

She further highlighted numerous incentives for foreign investors, detailing supportive policies that Hanoi has implemented to woo international businesses. The discussions centred on leveraging Hanoi’s strategic position as a gateway for South African businesses to access the broader Southeast Asian market.

At the event, Mtho Xulu, president of the South African Chamber of Commerce and Industry, expressed his hope to foster cooperation potential with the capital city in particular and Vietnam in general, especially in the fields of mining, agricultural processing, ICT technology development, and services.

He underlined the need to explore the specific opportunities that exist in tourism to exploit the diverse culture of South Africa, Hanoi and Vietnam. The South African side suggested that the two sides should discuss how to develop and commercialise the cultural assets, as well as ways and means of innovation and the use of intellectual property.

At the event, South African business leaders expressed strong interest in exploring Hanoi’s diverse market, particularly in areas like tourism, agriculture, and technology. As part of the conference, delegates explored potential joint projects, including partnerships in sustainable tourism, agricultural technology, and renewable energy initiatives.

The investment conference provided a chance for businesses and investors in South Africa to explore the investment climate and incentives in Hanoi. The event also introduced commercial products, key craft villages, unique cultural and tourism destinations, and the attractive cuisine of the capital city.

The event is expected to contribute to cementing the partnership between Hanoi, Vietnam, and South Africa.

According to statistics, Hanoi exported $23.4 million worth of goods to South Africa in 2023 and $18.8 million in the first nine months of this year. Meanwhile, the capital city imported $116.9 million worth of products from South Africa in 2023 and $487.4 million in the January-September period of 2024.

Since March 2022 when the government resumed international tourism after the COVID-19 pandemic was controlled, the number of visitors from South Africa to Hanoi has been on the upward trend every month, hitting 7,047 in 2023, 2.3 times higher than that in 2022, and 8,360 in the first 10 months of 2024, an increase of 67.3 per cent over the same period last year.

During their stay from October 27-31, the Hanoi delegation also visited and worked with local leaders and the Vietnamese Embassy in South Africa.

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