09:09 | 15/12/2015 Trade
(VEN) - The Chinese province of Yunnan is a large market with high demand for Vietnamese agricultural products and seafood. The authorities in Lao Cai Province in Vietnam and Yunnan Province have tried to seek measures to boost bilateral trade, particularly Vietnamese agricultural and seafood exports to Yunnan.
Vietnam-China International Trade Fair 2015
According to Vietnamese Minister of Industry and Trade Nguyen Cam Tu, China has been Vietnam’s largest trade partner since 2004, with bilateral trade revenue of about US$60 billion in 2014, growing by more than 20 percent annually in recent years. Of this, trade between Vietnam and Yunnan accounted for only 1.8 percent.
Lao Cai Province Department of Industry and Trade Deputy Director Hoang Chi Hien said that Yunnan has high demand for agricultural products, seafood, wood furniture and rubber materials, which are major products for Vietnam. Seeing the opportunity, Lao Cai has for years now improved infrastructure and administrative procedures to facilitate foreign trade, customs clearance and payment transactions. The province has also worked with the authorities in Yunnan to try to reach US$5 billion in bilateral trade by 2020 via the Lao Cai and Yunnan’s Hekou border crossings.
High hopes from trade fairs
According to Hoang Chi Hien, apart from organizing trade exchange and promotion conferences between Vietnamese and Chinese businesses in Lao Cai, the province regularly launches trade fairs in order for businesses to meet and conclude major contracts and to boost bilateral trade via the province. This is an important channel contributing to strengthening border trade between Vietnam and China via the Kunming-Lao Cai-Hanoi-Hai Phong-Quang Ninh Economic Corridor. Through international Chinese-Vietnamese trade fairs in Lao Cai and Hekou, trade revenues via Lao Cai’s border crossings have increased by an average of more than 20 percent per year in recent years.
At the Vietnam-China International Trade Fair 2015 held from November 12-17 in Lao Cai, businesses directly sold more than VND20 billion worth of goods, while concluding 15 business contracts and one partnership agreement with expected trade revenues of US$325 million, a 41 percent increase from 2013. Of this, Vietnamese companies will export US$225.5 million worth of seafood and rubber to Yunnan and import US$98.5 million worth of fertilizer and coke coal from this province.
According to Nguyen Cam Tu, the Vietnam-China International Trade Fair will further contribute to increasing trade revenues via the border crossings and will give opportunities for Vietnamese businesses and localities to show their products, potential and strengths, seek partners and enter the market in Yunnan.
Vice Governor of Yunnan Province Gao Shuxun asked the two provinces to continue efforts to improve the quality of trade cooperation including bolstering the Vietnam-China International Trade Fair in Lao Cai and Hekou to the level of major international trade fairs like the Canton Fair, expanding the scale and attracting more attention from third countries and territories. The proposal was shared by Lao Cai’s provincial leaders.
Lan Ngoc & Quynh Nga