Commercial Counselor of the Vietnamese Embassy in China Dao Viet Anh (centre) talks about the potential of Vietnam-China economic partnership at the dialogue (Photo: VNA)

Beijing (VNA) – The China-ASEAN Business Council (CABC) held a dialogue on business opportunities in Beijing, China on July 26, attracting some 300 corporate executives, as well as diplomatic and trade officials from both sides.

Speaking at the event, CABC President Xu Ningning said this year marks the 15th anniversary of China-ASEAN strategic partnership. Over the past 15 years, extensive and comprehensive cooperation has not only fueled the economic growth of China and the 10 ASEAN member states, but also made positive contributions to global economic growth and regional stability.

In the first half of this year, two-way trade between China and ASEAN surged by 20.2 percent compared to the same period last year. China-ASEAN trade expanded at the fastest rate when compared to China-US and China-EU trade.

ASEAN counselors introduced the economic climate and relevant policies in their countries, as well as discussing business opportunities with China.

Commercial Counselor at the Vietnamese Embassy in China Dao Viet Anh said China is now the eighth largest investor in Vietnam, with Chinese firms further expanding their operations in the country. Bilateral trade surpassed 100 billion USD last year, up 23.4 percent year-on-year.

According to him, both sides hold potential in developing spare parts manufacturing and assembly, high technology, energy, cultivation, aquaculture, food processing, infrastructure, and medicine over the next two years.

At the end of the dialogue, both sides issued the Beijing Proposal and signed a memorandum of understanding on cooperation, with a focus on enhancing the exchange of information in the fields of economy, trade, finance, investment, technology, and market; and realising the China-ASEAN Free Trade Agreement and various economic deals between the Governments.

As of May 2018, total investment between China and ASEAN topped 200 billion USD, 86.5 billion USD of which was direct Chinese investment. –VNA