Monday, August 21, 2017 - 0:07:44

Firms must ‘use initiative to boost exports to China'

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Vietnamese enterprises were urged to look at changes to China's import policies to effectively accelerate their exports to the market during a business conference on Dec. 28 in Hanoi.

Speaking at the conference, Commercial and Economic Counsellor at the Chinese Embassy Hu Suo Jin suggested that local enterprises should take the initiative by participating in international trade fairs and exhibitions held annually in China.

These events could create good opportunities for Vietnamese firms to meet with Chinese importers and advertise their merchandise, he said.

The counsellor also called on Vietnamese companies to further exploit business opportunities in China 's central and western regions which had increasing demands for Vietnamese seafood and industrial goods.

Improving processing and packaging to sharpen competitiveness was also necessary, he said.

The Vietnamese and Chinese economies complemented each other with bilateral relations in trade and investment developing significantly over the past few years, the counsellor noted.

Two-way trade reached 35.7 billion USD in the first 11 months of this year. Of the total, over 9.7 billion USD came from Vietnamese exports, an increase of 61 percent over the same period last year. Trade is forecast to hit approximately 40 billion USD for the entire year, up 30 percent year-on-year.

In terms of investment, China has to date invested 4 billion USD in 800 projects in Vietnam . The scale and quality of these projects have gradually improved.

Vietnam is speeding up the process of industrialisation and modernisation. This resulted in growing demand for industrial machinery and equipment, said Doan Duy Khuong, vice chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

It is a good time for businesses from the two countries to further co-operate, Khuong said, emphasising the importance of helping Vietnamese businesses take full advantage of trade and investment co-operation opportunities with their Chinese counterparts.

Earlier this year, a strategic co-operation agreement was inked between the VCCI and the China External Trade Centre in a move to give businesses from the two countries access to useful information.

The agreement would help businesses find partners and expand investment and operations in each other's countries.

During yesterday's event, Vietnamese firms expressed concern over Chinese taxes on rice imports and confusion over preferential loans for green energy projects. /.
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