Seminar promotes Vietnam-China trade

Illustrative image (Source: VNA)

A seminar promoting trade between Vietnam and the Chinese province of Shandong took place in Hanoi on June 30.

The participating Chinese delegation included 10 Shandong-based firms specialising in software and cloud computing, construction materials, exports-imports, steel pipes, valves, electrical equipment, farm produce, solar power, cranes, mechanical engineering, automobile and motorbike spare parts.

Speaking at the event, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong said since 2004, China has become Vietnam’s largest trade partner. It is also the largest importer of computers and spare parts, natural rubber, coal and rice from the Southeast Asian nation.

Deputy head of the Ministry of Planning and Investment’s Foreign Investment Agency Dang Xuan Quang proposed encouraging Chinese investors, especially those in Shandong, to pour more into the support industry, electricity and electronics, and consumer goods using modern and eco-friendly technology in Vietnam.

Vietnam eyes attracting private investment in key projects in road and railway transport, and urban infrastructure in the form of public-private partnership, he said, adding that the country will continue issuing policies to develop renewable energy and stands ready to offer all possible support to investors in the field.

Vice President of the Shandong provincial Committee of the Chinese People’s Political Consultative Conference Zhai Lu Ning, expressed hope that more win-win business opportunities will open up following the event.

Statistics showed that two-way trade between Vietnam and China hit US$71.9 billion last year, up 8 percent annually. Of the figure, US$21.97 billion was sourced from Vietnam’s exports, marking a 28.4 percent rise. Trade deficit reached US$27.96 billion, down 13.67 percent.

As of May, bilateral trade surged 23.6 percent to US$32.7 billion, US$10.6 billion of which accounted for Vietnam’s exports, up 41.9 percent, while imports went up 16.4 percent.

China was the eighth largest investor out of 119 countries and territories investing in Vietnam with 1,683 projects worth US$11.6 billion, mostly in the manufacturing industry, energy, real estate, garment, electronics, and services.