Conference boosts VN-China investment, trade ties
Conference boosts VN-China investment, trade ties
Businesses in Beijing and Tianjin and Hebei provinces in China want to promote investment and trade with Vietnamese partners, according to the Tianjin Foreign Economic and Trade Promotion Association.
Speaking at the trade and investment promotion conference between Viet Nam and China’s Beijing, Tianjin and Hebei provinces in HCM City on Wednesday, Geng Wei, the association chairman, said Viet Nam is a promising market.
Nguyen Thi Huyen Ngoc of the Investment Promotion Centre for southern Viet Nam, said China currently ranks eighth out of 120 countries and territories investing in Viet Nam with $12 billion in 1,784 projects.
Chinese firms invest mainly in manufacturing, production and distribution of power, gas and water, real estate, hospitality, construction, and mining, she said.
Vo Tan Thanh, director of the Viet Nam Chamber of Commerce and Industry’s HCM City office, said Viet Nam and China have good relations, especially in commerce.
China is Viet Nam’s largest trade partner and Viet Nam is that country’s largest trading partner in Asean and ninth largest in the world, he said.
Last year their trade was worth US$72 billion, with Viet Nam’s imports being worth $52 billion, he said.
But according to Chinese customs’ statistics, trade was actually worth $98 billion last year if cross-border trade is considered, he said.
“This year trade is expected to top $100 billion, a target the two sides had set only for 2020.”
Viet Nam’s main exports are telephones, crude oil, coal, rubber, rice, fruits and vegetables and seafood and imports include feedstock for manufacturing garment and textiles and steel and agricultural produce.
“In recent years China has increased investment in Viet Nam, and this is expected to continue in the future,” Thanh said.
Ngoc said the processing and manufacturing sectors are expected to attract more Chinese investment.
With its stable political situation, rapid economic growth, clear and transparent investment policies, large workforce, improved infrastructure, and regional and global economic integration, Viet Nam is an attractive investment destination, including for Chinese investors, she said.
She also spoke about investment procedures in Viet Nam, tax breaks offered to priority sectors and projects that are soliciting investment.
Viet Nam has 324 industrial parks, of which 34 have foreign investors.
It currently focuses on calling for investments in high value-added projects, hi-tech and environment-friendly projects, large-scale projects, IT and bio-technology serving modern agriculture, infrastructure development in the form of PPP, and modern services as well as encouraging a gradual switch from sub-contracting to production, she said.
Thanh said Chinese businesses could find a lot of opportunities in Viet Nam including HCM City.
The conference is a good opportunity for businesses from the two countries to understand each other’s markets and enhance investment and trade ties, he added.
Organised by Vinexad and the VCCI in collaboration with other organisations, the conference was part of the 2017 Vietnam Expo that is being held at the Saigon Exhibition and Convention Centre in HCM City from December 6 to 9.
More than 150 exhibitors from China’s three provinces are participating in the trade fair to study Vietnamese market and seek business opportunities here, Geng said.
At the conference, Geng also called on Vietnamese businesses to come to Tianjin to explore investment opportunities there.
