Speaking at the trade and investment promotion conference between Vietnam and China’s Beijing, Tianjin and Hebei provinces in HCM City on December 6, Geng Wei, the association chairman, said Vietnam is a promising market.
Nguyen Thi Huyen Ngoc of the Investment Promotion Centre for southern Vietnam, said China currently ranks eighth out of 120 countries and territories investing in Vietnam with US$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 Vietnam Chamber of Commerce and Industry’s HCM City office, said Vietnam and China have good relations, especially in commerce.
China is Vietnam’s largest trade partner and Vietnam is China’s largest trading partner in ASEAN and ninth largest in the world, he said.
Last year, their trade was worth US$72 billion, with Vietnam’s imports being US$52 billion, he said.
But according to Chinese customs’ statistics, trade was actually worth US$98 billion last year if cross-border trade is considered, he said.
“This year trade is expected to top US$100 billion, a target the two sides had set only for 2020.”
Vietnam’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 Vietnam, 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, Vietnam is an attractive investment destination, including for Chinese investors, she said.
She also spoke about investment procedures in Vietnam, tax breaks offered to priority sectors and projects that are soliciting investment.
Vietnam 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 Vietnam, 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.