Businesses encouraged to connect Vietnam – China economies
VOV.VN - Prime Minister Pham Minh Chinh encouraged businesses from Vietnam and China to strengthen investment cooperation to foster the two countries’ economic connectivity, while addressing a Vietnam – China business forum in Chongqing, China, on November 8.
Chinh said the comprehensive strategic cooperation partnership between Vietnam and China has been developing strongly in recent times. The two countries have also agreed to build a joint community with a shared future that carries strategic significance.
With this foundation, it is essential to promote stronger, more effective economic, trade, and investment cooperation, said the PM.
He cited statistics saying as of October 2024, China has nearly 5,000 active investment projects in Vietnam, with a total registered capital of nearly US$30 billion. In the first nine months of 2024, China continued to lead in the number of new investment projects and ranked second in total registered investment capital.
Two-way trade turnover reached nearly US$172 billion last year, and US$190.9 billion in the first nine months of 2024, marking a 14.5% increase year on year.
However, these achievements do not yet fully reflect the strong relationship, opportunities, and significant potential for cooperation between the two countries, he said.
He then talked about Vietnam’s major development orientations, stating that the country is advancing three strategic breakthroughs, namely building streamlined institutions, developing strategic infrastructure, and training high-quality human resources.
The country is improving its business and investment environment to foster a fair, transparent, and healthy business climate, while reforming administrative procedures and reducing logistics, input, and compliance costs to enhance the competitiveness of products and enterprises.
To date, Vietnam has established diplomatic relations with nearly 200 countries and signed 17 free trade agreements covering 65 of the world’s leading markets. In 2023, it attracted nearly US$36.6 billion in foreign direct investment, a 32.1% increase from 2022.
Vietnam is a promising destination for investors, thus investing in Vietnam offers access to 65 of the world’s leading markets, said the PM.
He urged businesses from both countries to intensify investment and trade cooperation by leveraging their role in connecting the two economies through hard and soft connectivity, including transport, telecommunications and infrastructure, among others.
According to the PM, Vietnam and China are currently implementing smart customs systems to simplify customs procedures. In addition, relevant agencies have been deploying policies related to logistics infrastructure development, financial support, and technical cooperation, with a particular focus on emerging industries such as the digital economy, green economy, and circular economy. Efforts are also being made to ensure product traceability, packaging, and product design standards.
At the forum, businesses from both countries signed seven memoranda of understanding (MOUs) across various sectors.
Prime Minister Pham Minh Chinh was paying a working trip to Chongqing, China, after attending the eighth Greater Mekong Subregion (GMS) Summit, the 10th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) Summit, and the 11th Cambodia-Laos-Myanmar-Vietnam (CLMV) summit in Kunming.
