Vietnam and China Vow to Bolster Economic Cooperation

Overview of the conference on trade promotion, investment and economic cooperation between Vietnam and China. Photo: tapchitaichinh

Speaking at the event, Vu Ba Phu, director general of the Trade Promotion Agency said: Despite many negative impacts of the Covid-19 pandemic, economic and trade cooperation between Vietnam and China still develops.

According to statistics of Vietnam Customs, in 2022, the total import-export turnover between Vietnam and China has reached US$175.6 billion, up 5.5% over the same period in 2021. China continues to be Vietnam’s largest trading partner and import market.

Yunnan province plays a huge role in the economic and trade cooperation between the two countries. Yunnan shares a border with four northern provinces of Vietnam, including Lao Cai, Ha Giang, Lai Chau, and Dien Bien. It is also an important trade gateway in the Kunming – Lao Cai – Hanoi – Hai Phong – Quang Ninh economic corridor.

Important gateway

With the above favorable location, Yunnan province is an effective bridge for Vietnamese goods to reach the southwestern provinces and cities of China. It is an important gateway to bring products and goods of Chinese enterprises through Vietnam to the potential ASEAN market.

“Despite having an important position, role, and potential market with a population of 47 million, Vietnam’s economic and trade cooperation with Yunnan is still inadequate.

In 2022, the trade turnover between Vietnam and Yunnan only reached US$3.2 billion, accounting for a modest proportion of the total trade turnover between Vietnam and China,” said Vu Ba Phu.

To further deepen the economic and trade cooperation between Vietnam’s localities and Yunnan province in the coming time, the director general of the Trade Promotion Agency also said:

The two sides continued to closely coordinate and effectively implement the Memorandum of Understanding between the Trade Promotion Agency, the Departments of Industry and Trade of 12 provinces and cities of Vietnam, and the Commerce Department of China’s Yunnan province. This is through developing specific plans and organizing trade promotion activities in various forms.

The two sides encourage businesses to attend large and reputable fairs and exhibitions held in the two countries to support businesses in promoting products, brands, connecting and trading.

The conference attracted the participation of more than 120 large corporations and enterprises. Photo: moit.gov.vn

Create conditions for the official export of agricultural products

The Trade Promotion Agency (Ministry of Industry and Trade) asked Yunnan (China) to create favorable conditions for Vietnamese businesses to boost the export of Vietnam’s agricultural and aquatic products to the Chinese market, especially products such as durian, purple potato, bird’s nest.

“The Trade Promotion Agency is ready to coordinate with the Commerce Department of Yunnan province, localities of Vietnam to create favorable conditions for transporting goods of Yunnan and the southwestern provinces and cities of China to a third country via the seaports of Hai Phong and Quang Ninh”, Vu Ba Phu said.

Li Chenyang, director-general of China’s Yunnan provincial department of commerce, said both parties can create mutually beneficial relationships by facilitating trade, speeding investment, and promoting economic cooperation.

Vietnam would be a potential export market for Yunnan products such as fruits and vegetables, as well as solar energy products, meanwhile Vietnamese businesses have much room to boost exports of agro-aquatic products through official channels, he continued.

Bilateral trade has potential, thus encouraging businesses to further expand bilateral trade. For Yunnan, it is necessary to expand imports from Vietnam, especially agricultural products and fruits. They also hope that Vietnamese enterprises explore the market and expand exports to Yunnan.

Yunnan has opened its trade representative office in Hanoi, aiming to promote cooperation between businesses of both sides.