Increasing trade, investment ties with Guangdong Province

09:30 | 23/04/2014 Cooperation

(VEN) - The Vietnam-China (Guangdong) Economic and Trade Cooperation workshop held on April 14 by the Vietnamese Ministry of Industry and Trade in association with China’s Guangdong Province, saw the signing of trade and investment cooperation agreements in agriculture, telecommunications and training worth more than US$200 million.

Signing cooperative agreements between Vietnamese and Guangdong businesses

The workshop was held during the visit to Vietnam from April 13-17 by a Communist Party of China (CPC) delegation led by Hu Chunhua, CPC Politburo member and Secretary of the Guangdong Party Committee.

At the workshop Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh said that Vietnamese-Chinese trade ties continued to achieve progress across the board with an average growth of 30 percent per year, with Guangdong playing an important role. Two-way trade between Vietnam and Guangdong reached US$12.3 billion last year accounting for 25 percent of total trade between Vietnam and China.

Hu Chunhua said that Vietnam and Guangdong had great potential for economic, trade and investment cooperation. Guangdong needs to import a large amount of energy and food, and has strength in electronics, paper, textiles and garments, and construction materials which are growing rapidly in Vietnam. The two parties can boost cooperation to build their capacity.

Hu Chunhua also said that in the short run the two parties need to expand cooperation in trade and investment including accelerating the pace of constructing economic cooperative zones and transport infrastructure, while boosting cooperation in agriculture and forestry.

Vietnamese Deputy Minister of Industry and Trade Nguyen Cam Tu proposed that Guangdong and the Vietnamese Ministry of Industry and Trade try to implement the memorandum of understanding on economic and trade cooperation between Guangdong and Vietnam. In addition, Guangdong needs to provide more preferences for Vietnamese businesses in order for them to attend fairs and workshops in Guangdong. Regarding cooperation in agriculture and energy, the two parties need to launch more trade exchange activities and encourage Guangdong businesses to import agricultural products from Vietnam and invest in projects in support industries, chemicals and energy in Vietnam.

Pham Binh Minh said that the workshop would contribute to realizing the two countries’ goal to increase bilateral trade to US$60 billion by 2015 and reduce Vietnamese trade deficit with China.

During the workshop leaders of the two parties attended a signing ceremony for agreements on trade and investment cooperation between businesses in agriculture, telecommunications and training at a total cost of more than VND200 million. Vietnamese and Guangdong businesses also looked for business and investment partners in several areas such as agriculture, electronics, telecommunications and wood furniture./.

 

The Ministry of Industry and Trade’s Asia-Pacific Market Department said that two-way trade between Vietnam and Guangdong Province reached almost US$12.3 billion in 2013, a 40 percent increase against 2012. By the end of this February, the figure reached US$1.71 billion including US$720 million in Vietnamese exports, a 19.4 percent increase from a year ago, and US$995 million in Vietnamese imports, a 7.5 percent increase.

Vietnam currently accounts for 11.6 percent of total trade between Guangdong and the Association of Southeast Asian Nations (ASEAN).

By the end of October 2013, 100 Guangdong businesses had invested in Vietnam with total registered capital of US$2 billion including the Hai Phong-based An Duong Industrial Park and the Vinh Tan 1 Thermal Power Plant.

 

 

Lan Phuong

Theo ven.vn