Vietnamese and Shandong businesses sign cooperation agreements at the conference in Hanoi on March 13. (Photo: VNA) Addressing a business matchingconference in Hanoi, Director of the MoIT’s Trade Promotion Agency Vu Ba Phu said China has been the biggest trading partner of Vietnam for more than 20 straightyears. Meanwhile, Vietnam ranked first in ASEAN and seventh in the world among tradingpartners of China in 2023.
In cooperation with China, the MoIT attaches great importance to Shandong, aleading province in economic development in China. Last year, Shandong posted 10.9billion USD in trade turnover with Vietnam, ranking eighth among the Chineselocalities having trade relation with the Southeast Asian nation and accountingfor some 4.8% of the two countries’ total trade, he noted.
To better tap into the two sides’potential and demand, Phu suggested the administration of Shandong createoptimal conditions for enterprises to engage in more business matching andtrade promotion events in order to promote investment and trade in high-qualityand strong products of each side, including fruit, aquatic and agriculturalproducts, processed food, beverages, and apparel of Vietnam and machinery,electronic devices, and chemical products of Shandong.
Hecalled for support from enterprises to strengthen investment tiesand share experience in developing agricultural processing, textile - garment,new energy, electric vehicle, mechanics, and electronics industries thatShandong is strong at to help Vietnamese firms improve capacity.
The official also asked Shandongauthorities to provide favourable conditions for Vietnamese enterprises to advertise and establish their brands in China, especially at major distribution systemsin the province.
The MoIT is ready to coordinate withauthorities of China and Shandong to help businesses carryout cooperation activities, Phu stated, pledging support to be delivered inline with Vietnamese law and international practices for Chinese firms tooperate effectively and sustainably in Vietnam.
Forhis part, Vice Governor of the Shandong provincial People’sGovernment Song Junji said as Vietnam and China are importanteconomic and trading partners and their industries arecomplementary, cooperation potential is considerable. Promoting economic andtrade cooperation is crucial for the intensification of the comprehensivestrategic cooperative partnership.
He noted Shandong, a province with a large population and large-scale economy in the north of China, and Vietnamhave frequently worked together on economic, trade, and agricultural affairs. InJune 2023, the Shandong administration organised a delegation of over 100enterprises to Vietnam to negotiate and seek partners. Less than oneyear later, it sent another large economic and trade delegation to Vietnam andcoordinated with the MoIT to hold the trade promotion conference.
This reflects Shandong’sdetermination to foster results-oriented cooperation with Vietnam and createopportunities for enterprises to boost exchanges andpartnerships, Song remarked./.
VNA
