3:26:18 PM | 7/8/2005
Vietnam-China: Seeking Greater Trade and Investment
The Guangxi (China) Industrial Exhibition, a trade and investment promotion seminar, has recently been organised in Hanoi.
At the seminar, representatives from the Ministry of Trade and the Department of Foreign Investment introduced the Vietnamese government’s principle policies and solutions concerning the improvement of the business environment. To date, Vietnam has removed most import and export licences, except for licences for importing oil, petrol and refined sugar and quotas for exporting textiles and garments under the control of the US and EU markets. Vietnam continues to accelerate its plans for price and investment cost reduction, while announcing publicly its roadmap for the removal of discrimination in prices and costs of some goods and services between Vietnamese and foreign enterprises and the complete removal of the double price mechanism in early 2005. Vietnam, is also gradually building an enterprise law for both Vietnamese and foreign enterprises, in which they will have the same obligations and interests. Vietnam has expanded its trade relations with more than 150 countries and territories, attracting foreign direct investment from corporations and 70 companies throughout the world. China constitutes one of the most important trade partners of Vietnam.
China ranks 30th out of 64 countries and territories investing in Vietnam with 287 operating projects, capitalised at more than US$569 million. In the first seven months of this year, China was one of the top ten foreign investors in Vietnam with 37 licensed projects, valued at US$44.7 million. Chinese investors have so far been involved in most fields and industries, pouring investment into 40 out of the 64 provinces and cities in Vietnam. Despite still being of a relatively small scale, investment capital from China in Vietnam has increased.
A representative from the Ministry of Trade said that enterprises from both Vietnam and China should be more active in seeking markets and promoting information exchange and building long-term partnerships to achieve the targeted two-way trade exchange value of US$10 billion in 2010, which was set by the two countries’ prime ministers.
At the seminar, trade, tourism and investment cooperation opportunities in Hanoi were also introduced.
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