At a recent Vietnam - China economic and commercial cooperation forum held in Hanoi, Mr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), affirmed that in recent years relations between Vietnam and China have been strongly promoted in accordance with the golden motto “friendly neighbours, comprehensive cooperation, long-term stability and looking towards the future" and the spirit of "good neighbours, good friends, good comrades and good partners."
Overcoming difficulties for investment cooperation
In 2010, although the impacts of the global financial crisis and economic recession were not over, bilateral trade value still reached US$27.32 billion, up 29.8 percent from 2009. Specifically, Vietnam spent US$20.1 billion on imports from China and earned US$7.31 billion from exports to the world’s most populous nation. Ms Ho Thi Kim Thoa, Deputy Minister of Industry and Trade, said: In the midst of global economic challenges, Chinese companies spared no effort to overcoming difficulties to invest more in Vietnam. To date, China has 784 investment projects with a total registered capital of US$3.6 billion in Vietnam, ranking 14th out of 92 countries and territories investing in Vietnam.
The Vietnamese processing industry clearly draws Chinese investors, as it attracts 566 projects with a combined registered investment capital of US$2.6 billion, accounting for 71 percent of Chinese aggregate investment capital, followed by the real estate sector with 12 projects worth US$382 million. Large-scale investment projects include a US$180 million steel mill project invested by Fuco Steel Co., Ltd in Ba Ria – Vung Tau province, a US$175 million mining and metallurgical project invested by Vietnam - China Mineral and Metallurgy Co., Ltd in Lao Cai province, a US$150 million project invested by Tham Viet Investment Co., Ltd in Hai Phong City, and a US$56 million project invested by China United Electric Import and Export Corporation (50 percent stake) in Linh Trung Export Processing Zone in Ho Chi Minh City.
Dr Vu Tien Loc said, "Vietnam has become the eighth largest export market for China and is its largest trading, construction and labour service partner in Southeast Asia."
A representative from a leading Chinese company said, "We appreciate the Vietnamese Government’s spirit of supporting investment cooperation and the investment environment in Vietnam is perhaps the best in Southeast Asia.”
Simplifying procedures
To attract more Chinese investors into Vietnam, one of the most important measures the Government of Vietnam is trying to implement is to reform administrative procedures, reducing time and costs for businesses and investors. Meanwhile, Vietnamese enterprises need to boost their autonomy in production and should not rely too much on their partners, said Mr Ha Van Thang from the Vietnam Young Business Association.
Currently, the Government is applying business support measures by decentralising and simplifying administrative procedures for enterprises. Vietnam always attaches importance to foreign-invested enterprises and considers them an inseparable part of the economy. Therefore, creating conditions favourable for enterprises to operate efficiently is always an important task. To do this, the country has built an increasingly comprehensive legal system to boost transparency, in conformity with international business standards.
Mr Nguyen Bich Dat, Deputy Minister of Planning and Investment, said: Vietnam has been strengthening the fight against corruption, promoting public administration reform and improving State governance to enhance the publicity and transparency of licensing procedures and fees, thus heightening enterprise competitiveness. State management agencies will be reorganised and decentralised to better support businesses.
Luu Hiep
Vietnamese
