(VOVworld) - Vietnam and South Africa agreed to lift bilateral trade revenue to 3 billion USD by 2020 at the third meeting of their joint trade committee in South Africa’s capital Pretoria. The five-day session convened on Monday.

Deputy Minister of Industry and Trade Do Thang Hai and South African Deputy Minister of Trade and Industry Mzwandile Masina exchange minutes (Photo: VNA)

The Vietnamese delegation was led by Deputy Minister of Industry and Trade Do Thang Hai. South Africa is the biggest market in Africa for made-in-Vietnam products.

The comittee reviewed achievements in bilateral cooperation in economics and investment since their second meeting in Hanoi in 2008 and acknowledged revenues of approximately 1.15 billion USD last year, almost doubling the figure for 2010, 659 million USD.

Hai proposed of a memorandum of understanding between the Vietnam Trade Promotion Agency (Vietrade) and Trade and Investment South Africa (TISA).

He mentioned as key measures trade liberalization and the establishment of a distribution channel for Vietnamese goods in South Africa through direct links with local distributors.

He urged South African investors to invest in Vietnam’s export sector, particularly garments and textiles and food processing, capitalising on preferential tariffs brought about by free trade agreements.

South African Deputy Minister of Trade and Industry Mzwandile Masina agreed with Hai’s proposals and asked Vietnam to create favorable conditions for the import of farm produce and processed food and called for additional Vietnamese investment in South Africa.