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VIETRADE, Chinese city ink MoU to foster economic partnership

The Vietnam Trade Promotion Agency (VIETRADE) and the Commerce Commission of China’s Chongqing city signed a memorandum of understanding on enhancing economic, trade and investment cooperation at a teleconference on September 16.
VIETRADE, Chinese city ink MoU to foster economic partnership ảnh 1The signing of an MoU between VIETRADE and the Commerce Commission of Chongqing city on September 16. (Photo: VNA)

Hanoi (VNA) – The VietnamTrade Promotion Agency (VIETRADE) and the Commerce Commission of China’s Chongqingcity signed a memorandum of understanding on enhancing economic, trade andinvestment cooperation at a teleconference on September 16.

Vietnamese Deputy Minister of Industry and TradeDo Thang Hai noted that with many advantages for economic, trade, andinvestment ties, China has continually been the largest and most importanttrading partner of Vietnam.

Despite impacts of the COVID-19pandemic, bilateral trade still topped 100 billion USD in 2020 and 2021. It surpassed117 billion USD in the first eight months of 2022, up 10.8% year on year,according to the General Department of Vietnam Customs.

Realising the potential and importantrole of the market in China’s western region, including Chongqing - one of thefour provincial-level municipalities in the country, with the ChineseGovernment’s support, the Ministry of Industry and Trade decided to choose thiscity to set up Vietnam’s first trade promotion office in China in 2014.

Hai cited data from China Customs asshowing that trade between Vietnam and Chongqing exceeded 4.5 billion USD in2019, more than doubling the 2 billion USD in 2018. It continued growing toover 7.3 billion USD in 2020 and 7.93 billion USD in 2021.

Vietnam is also an attractivedestination for many Chongqing investors who have invested in over 20 projectsin the Southeast Asian nation.

Those outcomes have substantiallycontributed to economic, trade, and investment links between Vietnam and China,the Deputy Minister said.

On this occasion, apart from the MoUbetween VIETTRADE and the Commerce Commission of Chongqing, two cooperationagreements were also signed between associations and businesses of Vietnam andthe Chinese city./.

VNA
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