Building Strong Connectivity with Chinese Shandong Businesses

2:19:00 PM | 5/28/2019

Vietnamese partners have become the most important and largest trading partners of Shandong province, China. Commodities imported from Vietnam are mainly crude oil and electronic products. Meanwhile, Shandong province exports refrigeration equipment, electronic devices, apparels, equipment and machinery to Vietnam. The total trade value topped 38 billion yuan (US$5.5 billion).

This information was shared by Mr. Wang Liang, Vice Chairman of Shandong People’s Council, China, at the Vietnam - Shandong Economic, Commercial Cooperation and Business Exchange Conference held in Hanoi by the Vietnam Chamber of Commerce and Industry (VCCI) in cooperation with the China Council for the Promotion of International Trade in Shandong (CCPIT).

Mr. Hoang Quang Phong, Vice President of VCCI, said, this is a chance for Vietnamese companies to learn about cooperation opportunities with partners in Shandong in agriculture, food, construction material, steel, electric equipment, seafood, medical equipment, finance, energy, LED lamps, furniture and tires among others.

 “VCCI will create favorable conditions for both sides to meet and seek partnership and investment opportunities. At the same time, we will continue to work closely with CCPIT to build a strong connection for businesses of both sides,” he added.

Mr. Wang Liang said that Shandong ranks among top provinces in China in economic development. With a population of over 100 million, the province is home to many of China's top universities and colleges. With strengths focused on oceanology, industry, creativity, tourism and modern services, Shandong shares many similarities with Vietnam. Cooperation opportunities between Shandong and Vietnam remain huge. To seize this opportunity, both sides need to strengthen cooperation for mutual benefit.

“We will further support agencies and businesses of both sides to boost direct cooperation in order to promote trade, investment, tourism, finance, education, health, and construction bidding,” he noted.

According to Shandong business representatives, the current road traffic and high-speed railway infrastructure in Vietnam is still limited. But, its sea and river transport is likely to grow well thanks to its long coastlines.

Therefore, Vietnam needs to develop the port system and logistics service to tap available advantages to increase goods shipped to China and other countries. Besides, Vietnamese workers need to be taught basic Chinese to draw more Chinese investors.

Mr. Hu Suojin, Commercial Counselor of the Chinese Embassy in Vietnam, said that the Chinese Embassy will continue to coordinate with VCCI and relevant agencies to create favorable conditions to promote meeting and cooperation between the two countries, particularly between Vietnamese and Shandong enterprises.

The two-way trade has grown constantly in recent years. Since 2004, China has been the biggest trading partner of Vietnam for 13 consecutive years.

According to statistics of the General Department of Vietnam Customs, the bilateral trade value reached US$104.6 billion in 2018, up 11.75% year on year. Of the sum, Vietnam's exports to China valued US$41.2 billion, up 16.37%, and its imports from China were worth US$63.4 billion, up 8.94%. China continued to be the largest trading partner, the largest import market, and the second largest export market of Vietnam, behind the United States.