More opportunities to develop Vietnam - China investment and trade cooperation
Promoting trade cooperation and strengthening connections between Vietnam and China's major development strategies are the directions that leaders of the two countries expect in their cooperative relationship in the coming time.
Raising the level of strategic connectivity, creating new growth momentum for bilateral cooperation, focusing on promoting trade cooperation, expanding the import of goods, especially agricultural products of Vietnam, promoting the connection between Vietnam and major development strategies of China, connecting railways, highways, sea routes, air routes, promoting financial and monetary cooperation, digital transformation, etc. These are the contents proposed by National Assembly Chairman Vuong Dinh Hue to General Secretary and President of China Xi Jinping at the meeting between the two leaders earlier this week, within the framework of National Assembly Chairman Vuong Dinh Hue's official visit to China.
In recent times, economic, trade and investment cooperation between Vietnam and China has been continuously deepened and substantiated, becoming a bright spot in the relationship between the two countries. Since implementing its commitment in the ASEAN-China Free Trade Agreement, China has reduced tariffs on more than 8,000 imported goods from Vietnam, opening up many opportunities for Vietnamese enterprises to access a large market.
Vietnam Customs data shows that in 2023, the two-way trade turnover between Vietnam and China reached nearly 172 billion USD; according to Chinese Customs data, it was 229.8 billion USD. In the first two months of 2024 alone, bilateral import-export turnover reached 27.3 billion USD, up 28%; of which Vietnam exported 8 billion USD to China, up 7.6%; imported 19.3 billion USD from China, up 38.8%.
In terms of investment, in 2023, China invested 4.47 billion USD in Vietnam, an increase of 77.5%, ranking 4th among countries and territories, but leading in the number of new projects, accounting for 22.17%. In the first quarter of 2024, China led in the number of new foreign-invested projects in Vietnam, accounting for 27.8%.
At a meeting with Minister of Planning and Investment Nguyen Chi Dung at the end of March 2024, the Chinese Minister of Commerce said that a number of manufacturing industries and even production chains from China have moved to Vietnam, such as textiles, household appliances, wooden furniture, etc. Chinese investment in Vietnam has increased rapidly, especially in electronics...
According to Chinese Ambassador to Vietnam Hung Ba, leaders of many large Chinese energy and power generation companies have come to Vietnam to survey the market. Accelerating energy conversion and upgrading is of great significance to the sustainable development of the Vietnamese economy, promoting the industrialization process and realizing the goal of net zero emissions.
“Chinese enterprises can provide strong support to Vietnam in the fields of policy consulting, technical services for energy conversion and power development, as well as the development of wind power, solar power, energy storage, hydrogen power and other new energy sources,” said Ambassador Hung Ba.
Minister Nguyen Chi Dung affirmed that Vietnam encourages Chinese enterprises to expand investment cooperation in areas of strength, such as innovation, renewable energy, smart cities, electronics, supporting industries, etc. "The Ministry of Planning and Investment is committed to accompanying, supporting and creating conditions for Chinese enterprises to implement successful, effective, and mutually beneficial investment projects in Vietnam," said Mr. Dung.
According to experts, Vietnam is the gateway connecting China with ASEAN countries by both land and sea, has outstanding competitive advantages, converges conditions to become an ideal destination for foreign investors, attracts new generation FDI sources, and is a potential destination in the process of shifting and restructuring global supply chains and production networks.
Therefore, the visit to China by National Assembly Chairman Vuong Dinh Hue from April 7 to 12 is expected to create a spillover effect, creating strong momentum and impetus for the development of bilateral relations.
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