Strengthening Vietnam - China Business Exchange and Cooperation

The visiting Chinese delegation is comprised of businesses engaged in electrical appliances, electronics, garment and textile, paint, chemicals, pharmaceuticals, financial investment, real estate and others.

VCCI Vice President Hoang Quang Phong said, the seminar was a good opportunity for businesses of both sides to strengthen exchanges, explore markets, meet each other in person, learn about products and opportunities, and contribute positively to good-performing economic and trade relations of the two countries.

 

In the past years, with strong efforts from both sides, the bilateral trade value has kept growing. China has been the biggest trade partner of Vietnam for 11 straight years, starting from 2004 to date. China is the No. 1 export market of Vietnamese computers and components, natural rubber, coal and rice.

 

According to statistics from the General Department of Vietnam Customs, the two-way total trade turnover grossed US$66.6 billion in 2015, up 13.4 per cent year on year. In particular, Vietnam earned US$17.1 billion from exports to China, up 14.8 per cent while it spent US$49.5 billion on imports from its largest trade partner, up 13.3 per cent. Vietnam ran a trade deficit of US$32.4 billion, up 12.5 per cent.

 

In the first seven months of 2016, the bilateral trade value approximated US$38.2 billion, representing an increase of 1.3 per cent from the same period a year ago. Of the sum, Vietnam imported US$27.3 billion worth of Chinese products, down 3.4 per cent from a year earlier period, while it exported nearly US$10.9 billion worth of products to China, up 14.9 per cent year on year.

 

Vietnam’s major exports to China comprise of computers, electronic products and components; cassava products; crude oil; coal; rubber; rice; vegetables and fruits; and seafood while it imports machinery, equipment, tools, spare parts, electronic components, cameras, camcorders and accessories, apparels, steel and fertilisers from China.

 

On investment, as of July 20, 2016, China invested US$10.865 billion in 1,475 projects in Vietnam, ranked 9th out of 110 countries and territories investing in Vietnam. Processing, manufacturing and mining sectors draw the most investment capital from China, followed by services, agriculture - forestry - fishery, seafood processing, health care and education.

 

Chinese investors invested in 53 provinces and cities in Vietnam. The most favoured destinations include Hanoi, Hai Phong, Lao Cai, Hung Yen, Long An, Ho Chi Minh City, Binh Duong and Dong Nai where the infrastructure systems are relatively good and Chinese communities are living.

 

Mr Chai Li Da, Chairman of CCPIT Ningbo, said Ningbo is a developed foreign trade city of Zhejiang province and one of the most developed cities of China. Ningbo possesses a lot of strengths in various areas such as seaports (the biggest port by cargo throughput in the world), modern international airports, garment and textile production, machinery manufacturing and equipment development.

 

He said the Government of China always encourages domestic and foreign investors to boost economic development. Therefore, opportunities for business cooperation between Ningbo (China) and Vietnam are now huge. Presently, over 10 Ningbo-based companies have invested in several provinces and cities in Vietnam such as Ha Nam, Bac Giang and Tay Ninh.

 

“With the advantage of being an international trade centre, plus the cooperation signed between VCCI and CCPIT Ningbo, the cooperation between Vietnamese and Ningbo companies will further develop in the coming time,” said Mr Chai Li Da.

 

He proposed that more business support events be organised in both nations for enterprises to contact and learn about each other, thus helping speed up the progress and realisation of the objective of building bilateral industrial parks, and promote international exhibitions on commodity production and trading between Vietnam and Ningbo in the coming time.