Hanoi (VNA) – Stressing that the Belt and Road Initiative (BRI) is a catalyst for regional cooperation and development, Minister of Planning and Investm🍎ent Nguyen Chi Dung affirmed Vietnam’s position as a “bridge” between China and Southeast Asia. He said that cooperation between the two countries within the BRI is useful for fostering regional cooperation and connectivity.

China – the biggest trading partner of Vietnam

On September 13 - 14, the minister attended the eighth Belt and Road Summit, which celebrated the 10th anniversary of the BRI, in Hong Kong, China. He said the Vietnamese Ministry of Planning and Investment (MPI) and the Chinese National Development and Reform Commission are promoting the finalisation of negotiations on a plan connecting the Two Corridors, One Belt framework with the BRI. Dung noted the two countries’ friendship and economic connectivity are flourishing. As of August 2023, Chinese investors had invested a total of 26 billion USD in nearly 4,000 projects in Vietnam, ranking sixth among the 143 countries and territories investing in the Southeast Asian nation. China was the second biggest foreign investor in Vietnam during the first eight months of this year, with its newly registered capital approximating 2.7 billion USD. China is also the biggest trading partner and the largest exporter of goods to Vietnam. It ranks second among importers of Vietnamese commodities, he added.

Enhancing policy connectivity

Minister Dung spoke highly of Hong Kong’s role in linking the Greater Bay Area (Hong Kong, Shenzhen, Guangzhou) with Vietnam and other Southeast Asian countries, especially in terms of science - technology, innovation, investment, finance, trade, logistics, and transportation. In order for the BRI to remain a catalyst for regional cooperation and development, he submitted several recommendations, noting that Vietnam, China, and others in the region should enhance connecting their policies and actively sharing information and development experience. They should also speed up connecting their transport networks, particularly railways, and boost the facilitation of trade and the opening of their markets to each other’s goods. Talking to business representatives, the Vietnamese minister gave them a brief introduction to the country’s economic situation and investment climate. He stressed that Vietnam is focused on political stability, a large market, and abundant human resources to draw the attention of global investors. He called on international enterprises to invest in Vietnam and connect with local firms to together move up on global supply chains. Businesses in Hong Kong showed interest in investing in Vietnam and helping the country develop the fields of finance, trade, innovation, real estate, aircraft repair and maintenance, small and medium-sized enterprises, and agricultural production and export./.