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VCCI News

Last updated: Tuesday, July 17, 2018

 

Vietnam-China Cooperation Expected to Move up the Ladder

Posted: Tuesday, December 12, 2017


Within the framework of the 15th Vietnam International Trade Fair in 2017, Vietnam Chamber of Commerce and Industry, Ho Chi Minh City Branch (VCCI - HCM), in collaboration with the Tianjin Foreign Economic and Trade Promotion Association (China), organised a seminar on "Trade Promotion Invest in Beijing, Tianjin and Hebei in Vietnam."

Director of VCCI - HCM Vo Tan Thanh said that since the establishment of diplomatic relations (January 18, 1950) up to now, Vietnam - China cooperation has grown strongly, and continuously reaped impressive achievements. Especially since the two countries established a comprehensive strategic cooperation partnership in 2008, the relations between Vietnam and China have been constantly expanding and deepening, practical and effective in all fields, especially trade, investment and tourism.

China is Vietnam's largest trading partner, whereas Vietnam is China's ninth largest trading partner and China's largest trading partner in the ASEAN region. The speed and quality of bilateral trade has been improving. In 2016, Vietnam - China bilateral trade turnover reached US$72 billion; particularly, in the first 10 months of 2017, it reached US$82 billion and trade turnover is expected to reach US$100 billion, fulfilling the two countries' target.

In terms of tourism, about 2.7 million Chinese tourists came to Vietnam in 2016 (accounting 27 percent of the total number of foreign visitors to Vietnam) and in the first 11 months of 2017, this number reached 3.6 million visitors (up 35 percent over the same period in 2016).

In terms of investment, by the end of November 2017, China had 1,780 investment projects in Vietnam with a total investment of over US$12 billion; ranking 8th out of 126 countries and territories investing in Vietnam. In particular, from 2016 until now, Chinese investment in Vietnam increased sharply with many large projects ranging from several hundred million to more than US$2 billion. It is expected that China will be in the top 5 countries investing in Vietnam.

According to Nguyen Thi Huyen Ngoc, representative of the Southern Investment Promotion Centre (the Ministry of Planning and Investment), foreign-invested enterprises, including from China, have always trusted Vietnam as a destination for partial investment. As Vietnam always achieves a stable economic growth rate (2016 was 6.21 percent and 2017 is forecast to be over 6.5 percent), stable political situation, abundant labour force, relatively low labour costs and production compared to other countries in the region. Besides, the open investment environment, attractive investment policies and many attractive incentives are also a great plus for Vietnam in the eyes of FDI investors.

Mr Geng Wei, President of Tianjin Foreign Economic and Trade Promotion Association said the Beijing-Tianjin-Hebei region is the most vibrant economic region in China, concentrating advanced research and manufacturing centres, at the same time, it is an international transshipment centre with advantages of location, smooth traffic and convenient transportation. Particularly, the Chinese government is planning to merge Beijing with the city of Tianjin and part of Hebei province to create a megacity by 2020; contributing to promoting China's economic development in the north. This is also the reason that the Beijing-Tianjin-Hebei economic sector has always attracted attention from international investors. However, the current investment of Vietnam in China in general, and in the three localities in Beijing - Tianjin - Hebei in particular, is quite modest, so Mr Geng Wei expressed his wish that in the future there will be many investors in Vietnam to see great growth potential from this dynamic economic sector and make the right investment decisions.

In the opposite direction, he said that Chinese enterprises are very interested in the potential economic sectors of Vietnam such as wood processing, textiles, leather shoes, supporting industries. These are sectors that will be given priority by Vietnam to bring trade and investment in the two countries to the new level and achieve great results in the future.

My Chau









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