Hanoi (VNA) – The Ministry of Industry and Trade (MoIT) has agreed on various cooperation mechanisms with Chinese localities alongside with the bilateral free trade agreements and regional and multilateral ones to which they are signatories, helping bolster economic and trade ties between the two most dynamic economies in the region and the world, according to Trinh Minh Anh, Office Chief of the Intersectoral Steering Committee for International Economic Integration.
In his latest writing on the threshold of the 13th meeting of the Vietnam – China Economic and Trade Cooperation Committee to be held in Beijing from September 28 to October 2, Anh said that the event is to take place amidst the robust economic-trade cooperation between the two countries.
China has remained the largest trading partner of Vietnam since 2004, with two-way trade posting double-digit growth in the past decade. Boasting various advantages in economic – trade collaboration, the trade ties have maintained stable and sustainable growth momentum.
During January – July, Vietnam imported some 79.2 billion USD worth of Chinese products and shipped 33.4 billion USD worth of goods to its northern neighbour.
Anh described the two countries’ shared land borderline of nearly 400 kilometres that runs through seven northwestern Vietnamese localities an advantage for them to develop border and border gate economies.
The MoIT, carrying out the policies reached between the two Governments, has had a multitude of substantive cooperation activities with Chinese localities through the signing of Memoranda of Understanding on economic and trade cooperation with the administrations of Sichuan in 2009, Guangxi province’s Zhuang Autonomous Region in 2019, Yunnan province in 2022, and Hainan and Shangdong provinces in 2024.
He said the signing and implementation of the documents aim at enhancing the trade ties with Chinese localities, facilitating customs clearance at border gates, establishing information sharing mechanisms between associations and enterprises of both sides, and promoting market opening for Vietnamese agricultural products.
Statistics from the General Department of Vietnam Customs show that trade between Vietnam and Guangxi in 2023 reached 41.4 billion USD, accounting for 24.1% of the two countries’ total and 97.2% of the total earnings via border gates.
Meanwhile, China Customs said the Vietnam – Yunnan trade value was 2.65 billion USD last year, falling 18.51% against 2022. Anh said the MoUs with the province will help the two sides better leverage their trade potential.
He also highlighted that the MoIT attaches much importance to the role of Shandong and Hainan provinces in the cooperation with China.
Leaders from the MoIT and Chinese localities have held talks and had frank and open discussions to ensure that the agreements and MoUs are carried out comprehensively and fully, helping bridge the economic, trade and investment ties between the two countries, he added./.
