Beijing (VNA) – In its recent article, the Chinese Ministry of Commerce's newspaper on international trade has praised Vietnam’s foreign direct investment attraction and economic development over the past time, and highlighted the cooperation potential between the two nations in its recent article.
The article highlighted Vietnam's GDP expansion by 7.4% year-on-year in the third quarter, the highest quarterly growth recorded within two years. The production and processing sector registered a standout growth of 11.41%, the biggest over the past six years. There is an increasing number of multinational corporations choosing Vietnam as a destination to land investment and do business.
In the first nine months of the year, the country lured more than 24.78 billion USD in foreign direct investment, up 11.6% year-on-year. Foreign investors channeled funds into 18 out of 21 economic sectors, with processing and manufacturing leading with nearly 15.64 billion USD, or 63.1% of the total registered FDI, it quoted statistics from the Ministry of Planning and Investment (MPI)’s Foreign Investment Agency.
According to the Chinese commerce ministry, China’s overall outbound direct investment in Vietnam has increased over the recent past. Last year, it funneled 5 billion USD into the neighbouring country, a year-on-year surge of 30%, demonstrating Chinese confidence in the Vietnamese market as well as the close economic-trade ties between the two nations.
Production, the article said, is a key sector that Chinese firms are investing into in Vietnam, helping promote the development of Vietnam’s production industry as well as enhance connectivity of the two countries’ industrial chains.
To date, over 300 out of the more than 3,000 listed manufacturing firms in China have set up their establishments in Vietnam.
Statistics from the MPI showed that Chinese enterprises' investment in Vietnam amounted to 4.5 billion USD in 2023, rising nearly 80% year-on-year. Total registered capital in the nation in the first seven months of this year reached 1.65 billion USD.
China is currently the fourth largest investor in Vietnam. The quality of Chinese investment has improved significantly, with capital shifting towards high-tech fields, electricity, electronics, infrastructure development, renewable energy, and electric vehicles, among others, the article quoted Minister of Planning and Investment Nguyen Chi Dung.
It underscored that together with the robust economic-trade relations, Vietnam and China issued a joint statement during the official visit to Vietnam by Premier Li Qiang on October 12-14. They agreed to promote strategic development connectivity and carry out the cooperation plan that links the “Two Corridors, One Belt” framework and “Belt and Road” Initiative. They also plan to accelerate transport and border infrastructure connectivity, build safe and stable production and supply chains, and expedite the signing of a protocol on Vietnamese exports to China, among others./.
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