Connecting trade and investment between Vietnam and China (Shandong)

(HNMO) - On the afternoon of June 1 in Hanoi, the Trade Promotion Department (Ministry of Industry and Trade) coordinated with the Trade Promotion Committee of Shandong Province, China to organize a conference on Trade Promotion, Investment and Connecting Trade between Vietnam and China (Shandong).

Conference overview.

With over 200 businesses attending, the conference is an opportunity for businesses from both sides to exchange and explore cooperation, investment and business opportunities.

At the conference, Mr. Hoang Minh Chien, Deputy Director of the Trade Promotion Agency (Ministry of Industry and Trade) said: In 2022, the total import and export turnover between Vietnam and China reached 175.6 billion USD, an increase of 5.5% compared to 2021. By the end of 2022, China invested in 3,567 projects in Vietnam with a total capital of 23.48 billion USD, ranking 6th out of 140 countries and territories investing in Vietnam.

In 2022, two-way trade between Vietnam and Shandong reached nearly 14 billion USD, an increase of 35.1% compared to 2021, accounting for 2.79% of Shandong's total import and export turnover with the world and 14.14% of Shandong's import and export turnover with ASEAN.

With GRDP ranked 3rd and population ranked 2nd in China (101.62 million people), Shandong is a potential and large-scale market. Shandong is also a province that plays an important role in the Chinese economy as it plays an industrial foundation role with 41 large and important industries, and is an important connection point in China's economic development strategy in the northern region.

According to Mr. Ly Chan Dan - Chinese Commercial Counselor in Vietnam, economic and trade cooperation between the two countries has been developing positively in recent times. Shandong has a developed economy with many fields contributing significantly to the Chinese economy, especially industry. This is an advantage for Vietnam and China to promote and improve the effectiveness of trade and investment cooperation.

Signing ceremony of 7 cooperation agreements between Vietnamese enterprises and Shandong enterprises (China).

Many trade cooperation opportunities between Vietnamese and Chinese enterprises were introduced by both sides at the conference. Within the framework of the conference, a signing ceremony of 7 cooperation agreements took place between Vietnamese enterprises and Shandong enterprises.

Also at the conference, a Vietnam - China (Shandong) business exchange session took place with the participation of more than 200 businesses in 5 fields including: Agricultural products - food, machinery and equipment, rubber tires - auto parts, construction - construction materials and other industries.

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