Beijing (VNA) – Vietnamese and Chinese firms signed seven memoranda of understanding covering trade-economy, logistics, energy, agriculture, and media during a recent dialogue in Chongqing city of China.
The event was attended by Vietnamese Prime Minister Pham Minh Chinh, coinciding with his working trip to the eighth Greater Mekong Sub-region (GMS) Summit.
Vietnam has solidified its position as Chongqing's largest trade partner in ASEAN, with ties growing exponentially since 2015. That year marked the establishment of the first official Vietnamese trade promotion office in Chongqing by the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, a pioneering move that has yielded remarkable results.
In 2019, trade between Chongqing and Vietnam surged to an impressive 32.84 billion CNY (4.5 billion USD), reflecting a staggering 158.9% annual increase. Today, a steady influx of Vietnamese products ranging from coffee, fruits to seafood graces the markets of Chongqing. In return, automotive parts, motorcycles, and electronic products from Chongqing are increasingly in demand in Vietnam, creating a dynamic exchange that benefits both nations.
According to the Chongqing Customs, trade between the city and ASEAN hit around 11.2 billion USD from January-September, while that with Vietnam alone standing at 3.8 billion USD.
Chongqing's investment footprint in Vietnam is also expanding, with over 30 companies now operating in the production of electrical equipment, agricultural machinery, and motorcycle parts. The country has also become a critical export destination for automobiles and motorcycles produced in Chongqing.
Moreover, Vietnam remains the top Southeast Asian country for the highest volume of goods transported via the new land-sea corridor linking Chongqing.
As of September, the rail-sea intermodal trains from Chongqing to Vietnam transported a total of 53,000 containers valued at 11.4 billion CNY. From January-September, intermodal cargo transport reached 10,000 TEU, valued at 2.78 billion CNY, marking a 54% and 160% increase in volume and value, respectively, compared to the same period last year./.
