Vietnam, China look to boost economic, trade ties

Hanoi (VNA) – A Vietnam-China trade promotion forum was held in Hanoi on December 20 to seek ways to further boost economic cooperation, trade and investment between the two countries in the future.

The event was jointly held by the Chinese Embassy in Vietnam, the Ministry of Foreign Affairs, the People’s Committee of Hanoi and the Vietnam Chamber of Commerce and Industry (VCCI).

Addressing the conference, VCCI Chairman Vu Tien Loc said that since 2004, China has always been the biggest trade partner of Vietnam and, at the same time, the leading importer of Vietnam’s computers, accessories, natural rubbers, coals and rice, as well as the second largest market of Vietnam after the US.

By November 2018, China had invested 13.05 billion USD in 2,102 projects in Vietnam, mostly in areas of processing, energy, real estate, garment and textile, electronics and service.

However, Vietnam has still suffered trade deficit with China with increasing imports, said Loc, suggesting that China import more Vietnamese strong products to balance two-way trade.

Chairman of the People’s Committee of Hanoi Nguyen Duc Chung said that the city always pays attention to cooperation activities and programmes with Chinese localities and businesses for mutual benefits.

So far, Hanoi has hosted 425 Chinese-invested projects worth 517 million USD.

Chinese enterprises have registered to open 100 representative offices in Hanoi, he noted.

As part of the planning for the implementation of the “Two corridors, one economic belt” initiative, Hanoi has actively engaged in economic cooperation conferences held in different localities of the two countries, and signed collaboration deals in many areas, said the city leader.

But he held that bilateral economic, trade and investment affiliation has yet to meet the potential of both sides, as import-export volume has yet to be balanced. In the future, the city will focus on reviewing main products suitable for export to China, and continue reforming administrative procedures regarding import-export activities, he pledged.-VNA