Room to grow for Vietnam-China trade
HCM CITY, Vietnam (Viet Nam News/ANN) - Although trade between Vietnam and China has increased dramatically in recent years but it hasn't met the potential.
Trade between Vietnam and China has increased dramatically in recent years but there is much more room for the two countries to strengthen investment and trade ties, the China-Vietnam Economic and Trade Cooperation Forum heard in HCM City yesterday.
Vo Tan Thanh, director of the Vietnam Chamber of Commerce and Industry’s HCM City office, said China is Vietnam’s largest trade partner and Vietnam is that country’s largest trading partner in ASEAN and eighth largest in the world.
Bilateral trade was worth US$86.7 billion in the first 10 months of the year, an increase of 13.6 per cent year-on-year.
“China was Vietnam’s third largest export market in the period, with the exports being worth $33.48 billion, 26.8 per cent up from the same period last year.”
Vietnam’s main exports were electronic products, computers and accessories, telephones, farm produce, footwear, and cameras and accessories, he said.
“The structure of Vietnam’s exports to China has significantly changed with a reduction in export of raw materials and natural resources and increase in export of processed goods.”
China was Vietnam’s largest source of imports ($53.39 billion) during the period.
Wei Xichen of the economic and commercial section at the Chinese consulate in HCM City said in recent years China has increased investment in Vietnam, and this is expected to continue in future.
As of last month, Chinese firms had invested $13.1 billion, he said.
But the figures still do not do justice to the potential, he said.
Shen Wenjian, deputy general director of Shenyue Joint Investment Company, an investor in the China-Vietnam economic and trade cooperation zone in Hai Phong, said, “Vietnam has become an attractive investment destination for many international investors.”
Nguyen Thi Huyen Ngoc, deputy manager of the Investment Promotion Centre in the south, said China is the seventh biggest investor in Vietnam.
Chinese firms have invested mainly in manufacturing (66 per cent), production and distribution of power, gas and water (16 per cent), real estate (5.5 per cent), and hospitality (4.2 per cent), she said.
She said Chinese businesses could find a lot of investment opportunities in Vietnam in areas such as value-added projects, hi-tech and environment-friendly projects, large-scale projects, IT, and bio-technology serving agriculture.
Organised by the China Council for the Promotion of International Trade, the Trade and Information Commission of Shenzhen city and Vietnam National Trade Faird and Advertising Company (Vinexad), the conference was part of the 2018 Vietnam Expo that is being held at the Saigon Exhibition and Convention Centre in HCM City from December 5 to 8.