A Vietnamese factory processing tra fish for exports (Illustrative image. Source: VNA) Hanoi (VNS/VNA) - Vietnamese andChinese enterprises are encouraged to tap into the greatbilateral trade potential driven by the two countries’ open tradepolicies, experts have said.
Vietnam values and gives priority tostrengthening economic and trade cooperation with China, and hopes toreceive greater investment from China and the overseas Chinese community,said Nguyen Noi, Deputy Director of the Foreign Investment Agency under theMinistry of Planning and Investment.
“I’m pleased to see that many leading Chinesecorporations are expanding their investments in the fields of electronics,renewable energy and IT, applying modern technology and bringing more value inline with Vietnam’s foreign investment orientation,” Noi told a conference on Vietnam-Chinatrade and investment last week.
China continued to be Vietnam’s largest tradingpartner in 2018 with total export-import turnover reaching 106 billion USD,up 14 percent year on year. Vietnam has also surpassed Malaysia to becomeChina’s biggest trading partner in the ASEAN region.
China is the seventh biggest investor in Vietnamwith total registered capital of 15 billion USD. However, the flow of Chineseinvestment into the country has increased rapidly in recent years.
In the first four months of 2019, Chinaregistered 1.3 billion USD of investment in Vietnam, becoming the biggestforeign investor by newly registered capital.
Noi highlighted Vietnam’s new foreign investmentpolicy which prioritises projects with high added value, advancedtechnology, modern management, minimal environmental impact and spillovereffects that support the country’s sustainable development.
He called on Chinese companies to increaseinvestment in Vietnam’s mechanics, electronics, new materials,pharmaceuticals, support industry, robotics, IT, infrastructure and cleanenergy.
According to Fu Long Cheng, Vice President ofthe Chinese Business Association, Vietnam-China co-operation throughthe “Belt and Road” and “Two corridors, one economic belt” initiatives hascreated favourable conditions for businesses of the two countries to growtheir trade ties.
It is important for businesses to identifypriority areas, increase connectivity and expand co-operation on abroader, more practical and multi-channel framework, Cheng said.
He also said China has organised many seminarson Vietnam-China trade and investment cooperation to introduce Vietnam’shigh quality projects to Chinese enterprises.
Evaluating investment potential in Vietnam,Huang Rong, CEO of law firm Yingke Vietnam, said Vietnam is now an attractiveinvestment destination for China's businesses. Many Chinese firms value Vietnam’sgood infrastructure and quality labour force, as well asthe reasonable cost of doing business in the country.
Yingke Vietnam has supported many Chineseenterprises in analysing financial factors, human resources and managementbefore deciding to invest in Vietnam.
At the conference, enterprises of the twocountries were provided with updated information on investment opportunities,with a focus on preferential treatment under free trade agreements ofwhich Vietnam is a member.-VNS/VNA
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