The Chinese government delegation led by Premier Li Keqiang recently wrapped up its the official visit to Vietnam. Vietnamese Prime Minister Nguyen Tan Dung said economic, trade and investment ties between Vietnam and China achieved remarkable results. Currently, China is the largest trade partner of Vietnam with a bilateral trade turnover reaching US$41 billion in 2012, up 15.3 percent over 2011.
Largest trade partner
China had nearly 940 investment projects in Vietnam with a total capital of nearly US$5 billion as of end-September 2013, ranking 12th out of 100 countries and territories investing in the Southeast Asian nation.
"However, economic, trade and investment cooperation relations are incommensurate with the demands and potentials of the both sides. Vietnam always appreciates and supports Chinese enterprises to increase investment, economic and trade cooperation with Vietnam," said Prime Minister Nguyen Tan Dung.
Premier Li Keqiang said China always attaches importance to fostering its cooperation with Vietnam and will do its utmost to join Vietnam’s efforts to deepen their traditional friendship, expand mutually beneficial cooperation, and promote their comprehensive strategic cooperative partnership, for practical benefits and the common development of both nations.
Vietnam and China have adopted a series of measures to address trade deficit on Vietnam like increasing imports from Vietnam, supporting Vietnam to attend trade fairs in China, opening some Vietnam trade promotion offices in Chinese provinces and cities, and facilitating big Chinese companies to invest in Vietnam.
Vietnam spends most on imports from China. The neighbouring nation is now playing an important role in the process of modernisation and economic development of Vietnam. In the past years, China has been a major supplier of raw materials, fuel and other essential commodities for Vietnam.
Prospects for cooperation
Mr Dao Ngoc Chuong, Deputy Director of the Asia - Pacific Department of the Ministry of Industry and Trade, said: “There are firm grounds that the bilateral trade revenue will reach the target of US$25 billion in the year as expected by the leaders of the two countries.”
He added that two-way economic and commercial relations in 2011-2015 have promised good development and reached a new high to match the Vietnam - China comprehensive partnership.
The basis of this outlook is the ASEAN - China Free Trade Agreement which officially took effect on January 1, 2010 with over 6,000 product lines, or over 90 percent goods traded between the two countries, levied tariffs of 0 - 5 percent. This enhances competitiveness and scales up trading of each country.
The "two corridors, one belt” cooperation project in the Nanning - Singapore Economic Corridor is strongly being initiated and is gradually connecting the two big markets of China and ASEAN through the gateway of Vietnam. This is boosting trade between Vietnam and China and ASEAN and China.
With Vietnam’s preferential policies for foreign industrial investors, including Chinese, Long Giang Industrial Park based in Tien Giang province and Viet - Tham Industrial Park based in Haiphong City are exerting a pull on Chinese investors to locate their projects to tap labour potentials and rich natural resources to increase exports to China and other nations.
Vietnamese
