Boosting Vietnam-China economic cooperation

08:37 | 21/12/2018 Cooperation

The Vietnam - China Economic Promotion Forum opened in Hanoi on December 20, which was held for the first time in Hanoi by the Boao Forum for Asia (BFA) in coordination with the Chinese Embassy in Vietnam and the Vietnam Ministry of Foreign Affairs.

Delegates at the forum - Photo: VNA

BFA Secretary-General Li Baodong emphasised that the BFA was established in 2001 with the mission of building an economic forum for Asia to promote economic exchanges and cooperation in the region and inter-region for the development of countries.

With the same mode of organisation as the World Economic Forum, BFA has increasingly attracted the attention of leading world businesses, particularly Asian businesses. Vietnam is one of the founding members of the BFA and has frequently attended annual forums at the Government level.

Addressing the forum, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), Vu Tien Loc, said that China has been the largest trade partner of Vietnam for 13 consecutive years. China is also the largest export market of Vietnam in the areas of computers, components, rubber, coal and rice.

By the end of November 2018, China had invested in 2,102 projects in Vietnam with a total investment capital of US$13.05 billion, with the focus on manufacturing, energy, real estate, garments and textiles, electronics and services.

However, Loc noted that Vietnam is suffering anincreasing trade deficit with China, adding that Vietnam wishes China would increase the imports of Vietnamese goods to gradually improve the bilateral trade balance.

According to Chairman of Hanoi municipal People's Committee, Nguyen Duc Chung, Hanoi has always attached great importance to the cooperation with localities and business community of China for the mutual benefits of both sides.

Chinese enterprises have invested in 425 projects in Hanoi with a total registered capital of US$517 million, Chung stated. However, trade and investment cooperation between the two sides has yet to meet itspotential and Hanoi will continue to reform the administrative procedures related to the imports and exports of goods and boost the exports of its key products to China.

Theo NDO