Workshop aims to fuel Vietnam-China economic cooperation

Hanoi (VNA) – A workshop was opened in Hanoi on December 27 with a view to beefing up economic cooperation between Vietnam and China.

The two-day workshop, chaired by the Vietnamese Foreign Ministry, drew more than 100 delegates who are leaders of ministries, sectors and localities, along with representatives of some research institutes, universities and business associations.

It focuses on China’s external economic policy; investment, trade and tourism cooperation between the countries’ localities; along with bilateral affiliation within the framework of some regional connectivity initiatives.

In his address, Deputy Prime Minister and Foreign Minister Pham Binh Minh, who is also Chairman of the Vietnamese subcommittee of the Steering Committee for Vietnam-China Bilateral Cooperation, said the workshop is a good opportunity for ministries, localities, research agencies and businesses to discuss and have a comprehensive view of the countries’ economic partnerships.

He repeated Vietnam’s consistent policy of prioritising the stable, healthy and sustainable development of the Vietnam-China comprehensive strategic cooperative partnership, including win-win economic cooperation.

He asked participants to look into potential and outcomes of the countries’ economic ties and suggest effective measures to tackle obstacles and boost economic links with China in an equal, healthy and sustainable manner.

Bilateral trade reached 66.6 billion USD in 2015, a year-on-year rise of 13.4 percent, of which Vietnam exported 17.1 billion USD worth of goods to China (up 14.8 percent) and imported 49.5 billion USD in commodities (up 13.3 percent), according to the General Department of Vietnam Customs.

By the end of July 2016, Vietnam had become the biggest ASEAN trade partner of China, with a total trade value hitting 52.26 billion USD, down 1.3 percent from the same period last year. China exported 33.52 billion USD worth of goods to Vietnam, a 7.9 percent increase on year, and imported 18.74 billion USD worth of goods from Vietnam, a year-on-year increase of 13.1 percent.

In the first half of 2016, China ran 127 new investment projects in Vietnam with the total newly-registered and increased capital of 537.6 million USD. As of July 2016, China (excluding Taiwan, Hong Kong and Macau), secured 1,500 investment projects in Vietnam worth 10.86 billion USD, ranking ninth out of the 116 countries and territories investing in Vietnam.-VNA