(nucimex) Vietnam has seen a gradual increase in its proportion of industrial and agricultural, forestry, and aquatic products 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 Vietnam Chamber of Commerce and Industry (VCCI) and the China Council for the Promotion of International Trade (CCPIT).
China is now a major trading partner of Vietnam, while Vietnam is the eighth largest trade partner of China in the world. Their two-way trade in the first 10 months of 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 12.78 billion USD in Vietnam to date, ranking seventh among the 129 countries and territories 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 large market 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 their policies 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 and investment-related information, he said, adding that it also creates a venue for them to seek and set up partnership, contributing to the bilateral trade and investment cooperation in the time to come.
Yu Haiyan, vice head of the CCPIT,said that China is promoting reform and opening up its market, providing opportunities for foreign investors, including those from Vietnam.
Business associations and trade promotion organisations of Vietnam and China have continuously connected the two sides’ business communities in many fields, she noted, stressing that the CCPIT is one of the units actively carrying out many trade activities, contributing to fostering cooperation enterprises in particular and the two countries in general.
Yang Xiuyou, Vice Secretary General of the Shenzhen municipal People’s Committee,said the locality will continue to create favourable conditions for the two countries’ enterprises to expand economic and trade bonds, especially in equipment production, electricity, and renewable energy.
He suggested that Vietnamese firms foster cooperation with his locality in science and technology, IT, energy preservation, environmental protection, and new materials, as well as join fairs, exhibitions, and investment and trade promotion activities in Shenzhen.
According to statistics, in recent years a great number of Chinese companies have sought to invest in Vietnam, as the Southeast Asian nation becomes an increasingly attractive destination for foreign investors.
It is expected that many Chinese firms will seize opportunities to invest and expand business in many fields in Vietnam.