Promoting Trade and Investment: Enhancing Vietnam-China Connections

On October 16th, a Conference on Vietnam - China (Chongqing) Trade Promotion, Investment, and Trade Connections took place with the aim of enhancing trade and economic cooperation between Vietnam and Chongqing, China. The conference also aimed to implement the Memorandum of Understanding (MoU) signed on September 16th, 2022, which focuses on strengthening economic, trade, and investment cooperation between the two countries.

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The conference took place within the framework of the visit to Vietnam by the Chongqing Delegation to Vietnam from October 12 to 16, 2023.

Speaking at the Conference, Deputy Minister of Industry and Trade Phan Thi Thang praised the significance of the delegation’s visit and activities, stating that these activities not only contribute to consolidating and strengthening the cooperative relationship between the Ministry of Industry and Trade of Vietnam and the Chongqing City Government but also open up more investment and business cooperation opportunities for both parties. Furthermore, this visit substantially contributes to the implementation of the “Vietnam – China Joint Declaration on continuing to promote and deepen the Vietnam – China comprehensive strategic cooperative partnership.”

Vietnam - China Further Promote Connections for Trade and Investment
Vietnamese and Chinese corporates discuss at the conference.

“Over the past 20 years, China has always maintained its position as Vietnam’s largest trading partner, Vietnam is also China’s largest trading partner in ASEAN and China’s 6th largest trading partner in 2022,” affirmed the Deputy Minister.

The Deputy Minister emphasized that after the historic official visit to China by General Secretary Nguyen Phu Trong in October 2022, the comprehensive strategic cooperative partnership between Vietnam and China continues to be strengthened and there will be new strategic directions in the future.

Expanding practical cooperation between businesses of the two parties in economics and trade is crucial, particularly given that Vietnam and Chongqing City account for only 3% of the total trade turnover between the two nations.

Vietnam will continue to encourage domestic businesses with suitable conditions and requirements to establish ties with Chongqing businesses in particular and Chinese businesses in general. Additionally, Chongqing companies with sophisticated qualifications and technology in the field of new energy are encouraged to cooperate, invest, and develop in Vietnam.

To continue exploiting and fully promoting the potentials and needs of both sides, Deputy Minister Phan Thi Thang requested that the Chongqing city government pay attention and create favorable conditions for Vietnamese businesses to export to Chongqing products that are their forte (fruits, seafood, other agricultural products, textiles).

On the other hand, businesses from the two countries, particularly those from the city of Chongqing have to communicate and connect information about market requirements and trade regulations and policies; and participate actively in international exhibitions conducted in each country in order to establish direct connections and promote stable, long-term, and effective economic cooperation activities.

Zhang Guozhi – Deputy Mayor of Chongqing city expressed her agreement with the views and proposals from the Ministry of Industry and Trade of Vietnam. The Chongqing city hoped that Vietnam would encourage more Vietnamese businesses to participate in building the “New Land – Sea Route,” the two sides will expand practical economic and trade cooperation between businesses, especially in certain fields such as transportation, manufacturing, trading of new energy vehicles, and silk.

According to Chongqing Customs data, Chongqing’s foreign trade turnover for the first five months of 2023 was USD 3,406.6 billion, a decrease of 20.8%. Despite being severely impacted by the Covid-19 pandemic in recent years, economic and trade cooperation between Vietnam and Chongqing has continued to flourish, with trade volume between the two cities increasing annually.

Hai Dang