Strengthening connectivity and trade promotion with Shandong province (China)

On June 1, the Trade Promotion Agency ( Ministry of Industry and Trade ) coordinated with the Shandong Provincial Trade Promotion Committee, China (CCPIT Shandong) to organize the "Vietnam - China (Shandong) Trade Promotion, Investment and Trade Connection Conference" in Hanoi.

Toàn cảnh “Hội nghị Xúc tiến Thương mại, Đầu tư và kết nối giao thương Việt Nam - Trung Quốc (Sơn Đông)”

Overview of the "Vietnam - China Trade Promotion, Investment and Business Connection Conference (Shandong)". (Photo: Thanh Hai)

The conference aims to further deepen Vietnam-China economic and trade cooperation in the spirit of the results of General Secretary Nguyen Phu Trong's visit to China in November 2022.

Through the Conference, Vietnamese enterprises and Shandong province have the opportunity to exchange, connect and promote cooperation to promote official exports of Vietnamese agricultural and aquatic products to China, in the context that China has officially opened its doors to allow many types of agricultural and aquatic products with strengths of Vietnam to be exported to this market in 2022, taking advantage of the opportunity when China lifts measures to prevent the Covid-19 epidemic from January 8, 2023, creating favorable conditions for Vietnam's export activities to the Chinese market.

The conference was co-chaired by Hoang Minh Chien, Deputy Director of the Trade Promotion Department, and Lam Nguyen, Vice Chairman of the Shandong Provincial Trade Promotion Committee (China). Attending the conference were representatives of functional units under the Ministry of Industry and Trade, representatives of the Hanoi Center for Trade, Investment and Tourism Promotion, and leaders of localities in Shandong Province, China.

On the business side of the two countries, the Conference was attended by over 200 associations, companies, manufacturing and import-export corporations in many different fields from Vietnam and China.

At the Conference, representatives of the Trade Promotion Department and representatives of the Shandong Provincial International Trade Promotion Committee (China) introduced trade cooperation opportunities between Vietnamese and Chinese enterprises.

Delegates attending the Conference witnessed the signing ceremony of 7 cooperation agreements between Vietnamese enterprises and Shandong enterprises, in addition to the business exchange program between the two sides in 5 main fields: agricultural products - food, machinery and equipment, rubber tires - auto parts, construction - construction materials and other industries.

Through the trade program, businesses of the two countries have the opportunity to meet, exchange and discuss directly about issues of interest to them, import and export needs of specific products, thereby contributing to promoting economic, trade and investment exchanges between Vietnam and Shandong (China).

The Vietnam - Shandong (China) Trade, Investment and Business Connection Conference is also an opportunity to open up new opportunities, continue to create favorable conditions for businesses of both sides to further strengthen exchanges and cooperation in the field of trade, actively contributing to promoting stable and balanced economic and trade relations between Vietnam and China, continuing to be a bright spot in bilateral relations.

In 2022, according to Chinese statistics, the total import and export turnover between Shandong and Vietnam reached 93.25 billion yuan (nearly 13.56 billion USD), 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, an increase of 35.1% compared to 2021.

Of which, Shandong's exports to Vietnam reached 10.26 billion USD (accounting for 3.46% of Shandong's exports to the world and 20.45% of exports to ASEAN), Shandong's imports from Vietnam reached 3.29 billion USD (accounting for 1.75% of Shandong's imports from the world and 7.22% of imports from ASEAN).

In the first three months of 2023, the import and export value between Shandong and Vietnam reached 2.67 billion USD, up 1.63% over the same period in 2022. Of which, Shandong's exports to Vietnam reached 2 billion USD, up 7.9%; imports from Vietnam reached 672.65 million USD, down 13.35%.

Source