President attends Vietnam-China economic, trade cooperation seminar
Vietnam attaches great importance to and prioritises economic, trade and investment ties with China, stated President Tran Dai Quang at a seminar on Vietnam-China economic and trade cooperation in Beijing on May 12 which drew nearly 500 businesses from both countries.
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He suggested the two countries’ business communities drive their trade and investment ties, thus helping consolidate bilateral relations.
In terms of investment, the State leader said Vietnam hopes to receive more investment from China, especially in hi-tech projects in infrastructure, mechanics, electronics, pharmaceuticals, support industry and agriculture.
Vietnam hopes Chinese enterprises and investors pay attention to environmental protection, labourers’ interests and social welfare in the country, he added.
Aiming for US$100 billion in bilateral trade turnover, Vietnam wants more of its processed agricultural products and seafood, electronic and consumer products to access the Chinese market. It will also facilitate China’s export of technological products, spare parts and consumer products.
President Quang affirmed that Vietnam is willing to create favourable conditions for Chinese enterprises to do business and invest in Vietnam.
The State President highlighted that over recent years, China has always been the largest trade partner of Vietnam with two-way trade reaching nearly US$72 billion in 2016.
Vietnam is a gateway for China to other markets as well as the top trade partner of China in ASEAN, he noted, adding that China is also one of the ten largest investors in Vietnam with total investment of US$11.2 billion.
Vietnam has also become increasingly popular among Chinese tourists thanks to various air routes between the two countries, he said.
China has expanded the scale of preferential credit for Vietnam in industry, energy and infrastructure, added the President.
As a founding member of the Asian Infrastructure Investment Bank, Vietnam believes that many infrastructure projects will be implemented in Vietnam in the future.
President Tran Dai Quang underscored Vietnam’s efforts in speeding up comprehensive reforms as well as industrialisation and modernisation, efforts which have borne fruit.
After nearly 30 years of high and stable growth, Vietnam has become an economy worth more than US$220 billion, while running as an open economy with trade scale 1.6 times GDP.
The country’s international integration is also progressing with a network of new generation free trade agreements that help expand its development.
Vietnam aims to continue improving its investment environment and to enhance national competitiveness with the private and foreign-invested sectors an important drivers of development, he stated.
The State President underscored that Vietnam will use all resources while building a firm foundation for its value chain to become a modern industrial country, paving the way for green growth and sustainable development.
Opening the event, Chinese Vice Premier Wang Yang lauded the economic, trade and investment achievements and potential between the two countries.
He affirmed that China will continue encouraging its businesses to invest in Vietnam and will support Vietnamese investors in China.
He also proposed the two sides strengthen connections for development, while deepening economic, trade and investment ties and promote collaboration in increasing production capacity.
During the event, the two countries’ enterprises signed several cooperation agreements in milk distribution, rice plant construction and tourism.
