New prospects for Sino-Vietnam economic cooperation

China considers Vietnam as a market of great potential, and an important economic bridge between China and ASEAN, according to an official.

Vietnam has abundant natural resources, a large workforce, an increasingly better investment climate, and a beautiful landscape, said Ma Mingqiang, Secretary General of the ASEAN-China Centre based in Beijing.

Ma remarked that over 100 of 500 largest global businesses have invested in Vietnam and Chinese enterprises should avail themselves of current good opportunities to increase its investment in the Southeast Asian country.

The statement was made by Ma at the opening ceremony of the Vietnam-China forum for economic, trade, investment and tourism cooperation jointly held by the Vietnamese embassy and the ASEAN-China Centre in Beijing on May 21.

Participants in the event included Vietnamese Deputy Foreign Minister Nguyen Thanh Son, Ambassador Nguyen Van Tho, and President of the China-ASEAN Friendship Association Gu Xiulian.

Bilateral trade turnover between Vietnam and China hit nearly US$40 billion in 2011, an increase of more than 30 percent from the same period last year, said Mr Son.

China invested in over 820 projects in Vietnam in 2011 with a total registered capital of US$4.2 billion to rank 14th among countries and territories investing in the country.

China is also Vietnam’s largest tourism market. In 2012, Vietnam received more than 1.4 million Chinese tourists.

Both countries are participating in many interregional cooperation initiatives, such as the one on two corridors and one economic belt.