Vietnam-Yunnan province (China) trade ties below potential: Official
Despite the high cooperation potential, trade between Vietnam and Yunnan province of China has remained modest at only 3.2 billion USD in 2022, a very small amount of the 175.6 billion USD in trade between Vietnam and China in the year, according to Vu Ba Phu, Director of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT).
Hanoi (VNA) - Despite the high cooperation potential, trade between Vietnam and Yunnan province of China has remained modest at only 3.2 billion USD in 2022, a very small amount of the 175.6 billion USD in trade between Vietnam and China in the year, according to Vu Ba Phu, Director of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT).
Speaking at a recent Vietnam-China trade, investment promotion forum, Phu highlighted the important role of Yunnan, which borders four northern localities of Vietnam, in the economic and trade partnership between the two countries.
Located in the Kunming-Lao Cai-Ha Noi-Hai Phong-Quang Ninh economic corridor, Yunnan is also a bridge for Vietnamese products to enter deeper into the Chinese market, he said.
However, Phu pointed out that trade between Vietnam and the province with a population of 47 million has yet to match their potential.
The official proposed that the two sides continue to closely coordinate with each other and substantively and effectively implement the Memorandum of Understanding between the Trade Promotion Agency and the Departments of Industry and Trade of 12 provinces and cities of Vietnam and the Department of Commerce of Yunnan province
It is necessary to organise rotary trade promotion delegations twice a year in Hanoi and Kunming, he said, stressing the need to encourage businesses to join major trade fairs and exhibitions in each country.
The official also asked the Yunnan side to create favourable conditions for Vietnamese firms to increase export of farm produce and aquatic products to the Chinese market through official channels, and pledged that Vietnam is ready to assist exporters of Yunnan and other Chinese localities to export their products to a third country through Hai Phong and Quang Ninh ports.
Li Chenyang, Director of the Commerce Department of China's Yunnan province, noted that in the 2016-2020 period, trade between Vietnam and Yunnan grew 18.7% on average. The figure has dropped from 2019 due to COVID-19 impact, he said.
Li underlined that 2023 is an important year for the two countries to deepen their partnership.
He said that in order to expand trade cooperation, the two sides should increase meetings and explore each other's market through trade fairs and exhibitions.
Yunnan has opened its trade representative office in Hanoi, aiming to promote cooperation between businesses of both sides, he said./.
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