Vietnam increases export of industrial, aquaculture products to China
Updated : Thursday, December 06, 2018 11:01 AM (GMT+0700)

Vietnam has seen agradual increase in its proportion of industrial and agricultural, forestry,and aquatic products exported to China, and a reduction in its export of rawmaterials, fuels, and minerals, heard a forum in Ho Chi Minh City on December5. 

Illustrative image - Source: VNA

The Vietnam-China economic and trade cooperation forum 2018was held by the Vietnam Chamber of Commerce and Industry (VCCI) and the ChinaCouncil for the Promotion of International Trade (CCPIT). 

China is now a major trading partner of Vietnam, whileVietnam is the eighth largest trade partner of China in the world. Theirtwo-way trade in the first 10 months of 2018 reached 86.7 billion USD, up 13.6percent over the same period in 2017.

China has ran 2,041 investment projects with a combinedregistered capital of 12.78 billion USD in Vietnam to date, ranking seventhamong the 129 countries and territories investing in Vietnam. 

Representatives from Vietnamese firms said their main exportsto China are electronics, computers and spare parts, farm produce, andfootwear, while China is a large market supplying Vietnam with a wide range ofitems such as machinery, equipment, fabrics, and steel. 

Vo Tan Thanh, Vice Chairman of the VCCI,said that in terms oftrade ties, Vietnam and China are making good progress as both sides havecarried out their policies of economic reform and international integration formany years.

With many similarities and geographical advantages, China isalways one of the markets with great potential for Vietnam, he noted. 

The forum aims to update the two sides’ business communitieson trade and investment-related information, he said, adding that it alsocreates 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 ispromoting reform and opening up its market, providing opportunities for foreigninvestors, including those from Vietnam.

Business associations and trade promotion organisations ofVietnam and China have continuously connected the two sides’ businesscommunities in many fields, she noted, stressing that the CCPIT is one of theunits actively carrying out many trade activities, contributing to fosteringcooperation enterprises in particular 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 renewableenergy. 

He suggested that Vietnamese firms foster cooperation withhis locality in science and technology, IT, energy preservation, environmentalprotection, and new materials, as well as join fairs, exhibitions, andinvestment and trade promotion activities in Shenzhen. 

According to statistics, in recent years a great number ofChinese companies have sought to invest in Vietnam, as the Southeast Asiannation becomes an increasingly attractive destination for foreigninvestors. 

It is expected that many Chinese firms will seizeopportunities to invest and expand business in many fields in Vietnam.

Source: VNA

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