Illustrative image (Source: VNA)HCM City (VNA) – Vietnam has seen a gradualincrease in its proportion of industrial and agricultural, forestry, and aquaticproducts exported to China, and a reduction in its export of raw materials,fuels, and minerals, heard a forum in Ho Chi Minh City on December 5.
The Vietnam-China economic and trade cooperation forum 2018 was held by the VietnamChamber of Commerce and Industry (VCCI) and the China Council for the Promotionof International Trade (CCPIT).
China is now a major trading partner of Vietnam, while Vietnam is the eighth largesttrade partner of China in the world. Their two-way trade in the first 10 monthsof 2018 reached 86.7 billion USD, up 13.6 percent over the same period in 2017.
China has ran 2,041 investment projects with a combined registered capital of 12.78billion USD in Vietnam to date, ranking seventh among the 129 countries andterritories investing in Vietnam.
Representatives from Vietnamese firms said their main exports to China are electronics,computers and spare parts, farm produce, and footwear, while China is a largemarket supplying Vietnam with a wide range of items such as machinery,equipment, fabrics, and steel.
Vo Tan Thanh, Vice Chairman of the VCCI,said that in terms of trade ties,Vietnam and China are making good progress as both sides have carried out theirpolicies of economic reform and international integration for many years.
With many similarities and geographical advantages,China is always one of the markets with great potential for Vietnam, he noted.
The forum aims to update the two sides’ business communities on trade andinvestment-related information, he said, adding that italso creates a venue for them to seek and set up partnership, contributing to thebilateral trade and investment cooperation in the time to come.
Yu Haiyan, vice head of the CCPIT,said that China is promoting reform and openingup its market, providing opportunities for foreign investors, including thosefrom Vietnam.
Business associations and trade promotion organisations of Vietnam and Chinahave continuously connected the two sides’ business communities in many fields,she noted, stressing that the CCPIT is one of the units actively carrying outmany trade activities, contributing to fostering cooperation enterprises inparticular and the two countries in general.
Yang Xiuyou, Vice Secretary General of the Shenzhen municipalPeople’s Committee,said the locality will continue to create favourableconditions for the two countries’ enterprises to expand economic and tradebonds, especially in equipment production, electricity, and renewable energy.
He suggested that Vietnamese firms foster cooperation with his locality in scienceand technology, IT, energy preservation, environmental protection, and new materials,as well as join fairs, exhibitions, and investment and trade promotionactivities in Shenzhen.
According to statistics, in recent years a great number of Chinesecompanies have sought to invest in Vietnam, as the Southeast Asian nationbecomes an increasingly attractive destination for foreign investors.
It is expected that many Chinese firms will seize opportunities to invest and expandbusiness in many fields in Vietnam. –VNA
VNA
