Chinese firms praised for intensifying cooperation and investment in Vietnam

In his speech, the Vietnamese cabinet leader hailed Chinese firms’ activities to promote cooperation and investment in Vietnam, which help to deepen the Vietnam - China comprehensive strategic cooperative partnership and contribute to building the Vietnam - China community with a shared future that carries strategic significance, as well as both nations’ growth.

PM Chinh was appreciative of the significant progress in bilateral ties, while acknowledging the contributions by the Chinese business community to this result.

Trade between the two countries has quadrupled over the past decade, making China the largest import market of Vietnam and Vietnam the largest ASEAN trading partner of China.

Chinese investment in Vietnam has also increased sevenfold, with China now ranking sixth among 146 investment partners in the Southeast Asian nation. In 2023 and the past 11 months of 2024, it became the leading source of new investment projects in Vietnam,  the Vietnamese  Government chief said.

He emphasized that as a transitional economy, Vietnam is focusing on three strategic breakthroughs in infrastructure development, particularly transport infrastructure.

He invited the China Pacific Construction Group to explore involvement chances in key projects, including the Tu Lien Bridge, the Hanoi metro line of Van Cao - Ngoc Khanh - Lang - Hoa Lac, a metro line connecting Tan Son Nhat and Long Thanh international airports, and cross-border rail and road projects such as Lao Cai - Hanoi - Hai Phong and Lang Son - Hanoi with suitable forms and methods.

At the meeting, Chinese business leaders showed their elation at Vietnam's potential for collaboration, citing its strategic location, growing economy, favourable investment climate, and increasingly modernised infrastructure. They showed their interests in sectors such as construction, energy, trade, real estate, electrical equipment, electronics, environment, health, biology, chemical, new materials, and farm produce.

Yan said the Pacific Construction Group and other Chinese firms, with their capacity and experience, aspire to engaging in infrastructure development projects in Vietnam. He underscored their commitment to carry out best-quality projects in Vietnam, highlighting the country as a "second home" for the enterprises.

Recognising Yan and Chinese business leaders’ proposals, Chinh said that he will direct relevant ministries and localities to support them in dealing with their issues.

Vietnam pays attention to exploiting and developing the outer, sea, and underground spaces, PM Chinh said, while asking Chinese firms to expand their cooperation to the areas of their strength and Vietnam's demand such as innovation, green development, renewable energy, smart city building, manufacturing industry, and digital transformation, especially emerging industries such as artificial intelligence, semiconductors, cloud computing, and internet of things.

He also expected that Chinese firms would participate in building cross-border cooperation zones, upgrading international border gates, and piloting smart border gates.

Underling the motto of understanding, vision and action sharing, working and winning together, and benefiting together for common development, Chinh expressed confidence that the Chinese firms will reap more successes in Vietnam and grow further in the time to come.