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Dinh Vu

Finance & Banking

Last updated: Monday, May 21, 2018


Boosting Vietnam-Zhejiang (China) Business Cooperation

Posted: Tuesday, May 09, 2017

The Vietnam Chamber of Commerce and Industry (VCCI) recently cooperated with the China Council for the Promotion of International Trade, Zhejiang Sub-Council (CCPIT Zhejiang) to hold a seminar on Vietnam-China economic and trade cooperation in Hanoi.

Zhejiang province-based visiting businesses were mainly involved in smart learning equipment, design products, office equipment, home appliances, glass crystal, rattan and interior decorations.

Currently, Zhejiang is one of the most active provinces in China. In 2016, its gross domestic product (GDP) reached US$700 billion, ranked fourth in China after Beijing, Shanghai and Guangdong. For Vietnamese businesses, this is a huge market where per capita GDP is nearly US$1,000.

Dr Pham Thi Thu Hang, General Secretary of VCCI, described the business forum as a good chance for the two nations’ businesses to explore cooperation opportunities and boost Chinese investment into Vietnam.

Vietnam is China's largest trading partner in ASEAN and its ninth largest trading partner in the world. In 2017, Vietnam-China trade turnover is expected to total US$100 billion.

According to data from the General Department of Vietnam Customs, the bilateral trade revenue climbed 7.9 per cent year on year to US$71.9 billion in 2016, of which Vietnam earned US$21.97 billion from exports to the neighbour, up 28.4 per cent, and China took US$49.93 billion, up 0.9 per cent. Trade deficit to Vietnam was US$27.96 billion, down 13.67 per cent from 2015.

China continues to be Vietnam's largest trading partner and the largest import market which resulted in the biggest trade deficit to Vietnam. It is also the second biggest export market of Vietnam after the United States.

Mr Huang Xiao Hang, Vice Chairman of CCPIT Zhejiang, said that the business communities of the two countries will play an important role in promoting comprehensive economic cooperation to achieve socioeconomic development and strengthen good bilateral relations.

Mr Do Kim Lang, Deputy Director of the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, said, the trade value between Vietnam and China totalled US$19 billion in the first three months of 2017, up 27.5 per cent from the same period of 2016. Of the sum, Vietnam fetched US$6.2 billion from exports to China, up 47.7 per cent, and spent US$12.7 billion on imports from the neighbour, up 19.5 per cent. The bilateral potential economic and trade cooperation is still huge. Opportunities and spaces for cooperation between the two countries are expanding.

“I believe that the target of US$100 billion of two-way trade is within reach this year,” he said.

According to statistics, Vietnam’s main exports to China are mainly computers, electronic products and components; fruits and vegetables, cameras and accessories; fibres and yarns.

In particular, although China's foreign trade declined in 2016 and its imports from ASEAN countries tumbled but its imports from Vietnam still grew at a double-digit pace.
After the forum, the Zhejiang delegation paid a working visit to Hai Phong City.

Quynh Anh


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