Through this connection and exchange, businesses of both sides have the opportunity to better understand each other's import and export needs, identify potential partners, and from there build appropriate and effective production and business plans.
Speaking at the event, Mr. Le Hoang Tai, Deputy Director of the Trade Promotion Agency, said that after more than 30 years of implementing the policy of innovation and opening up, Vietnam has been proactively integrating deeply into the world economy. Joining the global economic community and signing new-generation Free Trade Agreements (FTAs) have created a favorable legal framework for the development of economic and trade relations between Vietnam and countries around the world.
Container trucks carrying agricultural products wait for export procedures to China at Kim Thanh International Road Border Gate No. II. Photo: Quoc Khanh/VNA
According to Mr. Le Hoang Tai, although the COVID-19 pandemic and the unstable conflicts of the world situation have caused many negative impacts on many countries; including Vietnam, but with the determination and efforts of the Government and people of Vietnam, production and business activities have been maintained stably and the economy has recovered positively and achieved many positive results.
According to statistics from Vietnam Customs, in 2022, the total import-export turnover between Vietnam and China reached 175.6 billion USD, an increase of 5.5% over the same period in 2021. In the first 11 months of 2023, the total import-export turnover between Vietnam and China reached 155.8 billion USD. It is forecasted that in 2023, two-way trade will reach the same level as the two sides achieved in 2022.
Mr. Le Hoang Tai also pointed out that, despite its important position, role and potential market with a population of 47 million people, Vietnam's economic and trade cooperation with Yunnan has not yet matched the potential of the two sides. Therefore, in 2022, Vietnam - Yunnan trade turnover only reached 3.2 billion USD and in the first 10 months of 2023, two-way trade only reached 2.2 billion USD, accounting for a very modest proportion of the total trade turnover between Vietnam and China.
Sharing at the conference, Mr. Dam Vy, Deputy Director of the Department of Commerce of Yunnan Province (China) said that Vietnam is an important country in Asia, and also an important member of ASEAN (Association of Southeast Asian Nations) and RCEP (Regional Comprehensive Economic Partnership Agreement).
Yunnan (China) - Vietnam trade grew steadily from 17.74 billion yuan in 2016 to 35.21 billion yuan in 2020, with an average annual growth rate of 18.7% from 2021 to present. However, due to the impact of COVID-19, bilateral trade is declining. In 2023, Yunnan (China) - Vietnam trade continued to recover, with export turnover reaching 15.174 billion yuan from January to October, accounting for 14.45% of the total trade turnover between Yunnan and the member countries of the Comprehensive Economic Partnership Agreement (RCEP).
Yunnan's main exports to Vietnam include: Coke, fertilizer, electric energy, electrical machinery and equipment, other chemicals, agricultural products (vegetables, tubers, fruits, etc.). Yunnan's main imports include: Yellow phosphorus, tropical fruits (dragon fruit, mango, banana, watermelon, lychee, longan, etc.), wood products, peeled boards, medicinal herbs, fresh cassava, cassava starch, agricultural products, and aquatic products.
“In the field of foreign investment, by November 2023, Yunnan had 53 non-financial direct investment enterprises; the total investment volume under the agreement of the Chinese side was 360 million yuan, the total actual cumulative investment volume was 220 million yuan with the main investment sectors being manufacturing, agriculture and mining,” Mr. Dam Vy emphasized.
According to VNA/Tin Tuc Newspaper
Source
Comment (0)