Potential, opportunities, and challenges of the economic cooperationbetween Vietnam and China came under the spotlight at a workshop inBeijing, China, on December 17 with a view to working out measuresbeefing up their ties in the field.
Addressing the event,Vietnamese Ambassador Nguyen Van Tho said the two countries have madeconsiderable strides in their economic, trade, and investment relationsdespite some unsolved issues. They are also implementing a five-yearplan on developing economic and commercial linkages for the 2012-2016period.
By November 2014, two-way trade reached 53.41 billionUSD, a year-on-year increase of 26.1 percent. The two countries target atrade turnover of 60 billion USD in 2015.
Over the past years,China has always been Vietnam’s largest trade partner while Vietnam hasbecome the second biggest ASEAN trade partner of China, after Indonesia.China now ranks ninth among countries and territories investing in theSoutheast Asian nation with a total investment of 7.94 billion USD.
Bothcountries are also parties to several regional connectivity mechanismswhich are shaping up such as the upgraded ASEAN-China Free Trade Area,the Regional Comprehensive Economic Partnership, and the AsianInfrastructure Investment Bank initiative, Tho said.
During theworkshop, held by the Vietnamese Embassy and the ASEAN-China Centre,participants shared the view that the two countries hold enormouspotential and opportunities in economic and trade cooperation.
Theypointed out to problems and challenges of their ties and stressed thatthe nations need to further bring into play their similarities andpotential, reduce Vietnam’s excessive import of Chinese goods, improvethe quality of investment cooperation, and build infrastructure in linewith their development models and orientations.
Attendees alsosuggested the countries make use of development chances brought bybilateral and multilateral free trade agreements and regionalconnectivity.-VNA
Addressing the event,Vietnamese Ambassador Nguyen Van Tho said the two countries have madeconsiderable strides in their economic, trade, and investment relationsdespite some unsolved issues. They are also implementing a five-yearplan on developing economic and commercial linkages for the 2012-2016period.
By November 2014, two-way trade reached 53.41 billionUSD, a year-on-year increase of 26.1 percent. The two countries target atrade turnover of 60 billion USD in 2015.
Over the past years,China has always been Vietnam’s largest trade partner while Vietnam hasbecome the second biggest ASEAN trade partner of China, after Indonesia.China now ranks ninth among countries and territories investing in theSoutheast Asian nation with a total investment of 7.94 billion USD.
Bothcountries are also parties to several regional connectivity mechanismswhich are shaping up such as the upgraded ASEAN-China Free Trade Area,the Regional Comprehensive Economic Partnership, and the AsianInfrastructure Investment Bank initiative, Tho said.
During theworkshop, held by the Vietnamese Embassy and the ASEAN-China Centre,participants shared the view that the two countries hold enormouspotential and opportunities in economic and trade cooperation.
Theypointed out to problems and challenges of their ties and stressed thatthe nations need to further bring into play their similarities andpotential, reduce Vietnam’s excessive import of Chinese goods, improvethe quality of investment cooperation, and build infrastructure in linewith their development models and orientations.
Attendees alsosuggested the countries make use of development chances brought bybilateral and multilateral free trade agreements and regionalconnectivity.-VNA
