Vietnam should expand cooperation with enterprises in Sichuan province, China, said Dr Doan Duy Khuong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), in a working meeting in Hanoi with a delegation from the Sichuan International Trade Promotion Committee (China) led by Madame Lu Fengrong, Vice Chair of the Committee, on its working visit to Vietnam.
VCCI Vice President Khuong affirmed that Vietnam - China friendship and cooperation ties have developed rapidly and extensively across all areas, bringing practical benefits to both sides. China is always a top trade partner of Vietnam.
He said VCCI signed 23 memorandums of understanding and cooperation agreements with China’s trade promotion organisations. VCCI also regularly welcomes Chinese business delegations to Vietnam to survey the market, exchange information and seek partners. VCCI has coordinated with Chinese partners to organise workshops and seminars with companies from most of Chinese cities and provinces like Beijing, Zhejiang, Guangdong, Guangxi, Wuhan, Dalian, Yunnan, Shandong and Fujian. Meeting with the delegation from Sichuan province is a chance to cultivate long traditional friendship relationship.
Stressing cooperation opportunities in the near future, he said, at the backdrop of extensive international integration, Vietnam has signed or acceded to free trade agreements with many countries around the world, especially ASEAN Economic Community (AEC). Cooperating with Vietnam, Chinese companies will have the opportunity to cooperate with other countries, not only with Vietnam's 90 million people, but also with ASEAN bloc of over 600 million.
According to the General Department of Vietnam Customs, the bilateral trade turnover between Vietnam and China totalled US$66.6 billion in 2015, up 13.4 per cent over 2014. Particularly, Vietnam’s exports valued US$17.1 billion, up 14.8 per cent and its spending on imports from China was US$49.5 billion, up 13.3 per cent. Vietnam incurred a trade deficit of US$32.4 billion, up 12.5 per cent. In January 2016, the two-way trade revenue amounted to US$5.23 billion.
Vietnam ships over 100 lines of commodities to China, including four main product groups, namely materials (crude oil, coal, metal ore, oily seeds, medicinal herbs), agricultural products (food: rice and dried cassava, vegetables (tropical fruits like banana, mango, rambutan, dragon fruit), and seafood (fresh seafood, frozen and cold-storage aquatics, snake, turtle, tortoise) Vietnam's major imports from China are manufactured and processed industrial products (petroleum, machinery, spare parts, fertiliser, steel etc.). However, Dr Khuong said Vietnam is at an advantage as it runs a huge trade deficit with China.
Ms Lu Fengrong emphasised that Vietnam - China trade relations have maintained relatively sustainable and rapid growth in recent years. Vietnam is the second largest trade partner of China in ASEAN after Malaysia. She said trade imbalance between the two countries is narrowing as both nations are taking many measures to balance the trade. Progress is expected to be seen soon.
Remarking on cooperation results between Vietnamese and Sichuan companies, she added that Sichuan currently has 19 companies operating and investing in Vietnam, engaged in various fields like animal feed, machinery and electric power. Sichuan businesses account for more than 4 per cent of Chinese business entities in Vietnam. In recent years, Sichuan imports agricultural products from Vietnam such as coffee and rubber. This Sichuan business delegation to Vietnam wants to learn more about investment policies as well as projects in need of investment capital.
Besides, she added that Sichuan organised several big annual exhibitions, including automotive exhibition, copyright and patent exhibition, and particularly Western International Trade Fair. These exhibitions play an important role in boosting trade and cooperation ties for businesses. On this occasion, she hoped VCCI will join hands with Sichuan to organise forums and exhibitions to facilitate businesses of both sides to expand ties. She also invited VCCI Vice President Doan Duy Khuong to attend the Western International Trade Fair in October. In addition, in April, a Chinese chemical company will arrive in Vietnam to explore the market and she hoped VCCI will help it to contact and seek Vietnamese partners and market.
VCCI Vice President Khuong thanked the guest for the offers and confirmed that VCCI will create favourable conditions for Sichuan businesses in particular and Chinese businesses in general to learn and do business in Vietnam. He also hoped that the delegation will help Vietnamese companies to approach the Chinese market.
Thu Ha
Vietnamese
