Ample room remains for Việt Nam-China trade, investment cooperation

There remains ample room for Việt Nam and China to cooperate in trade and investment, according to Chinese experts.

There remains ample room for Việt Nam and China to cooperate in trade and investment, according to Chinese experts.

Shi Zhongjun, Secretary General of the ASEAN-China Centre, said that in recent years, under the strategic directions of the leaders of the two countries, the China-Việt Nam relationship has achieved rapid developments in various fields.

In 2023, China and Việt Nam set up a community with a shared future that carries strategic significance, which outlines a roadmap for the development of future bilateral relations.

Shi said that the two countries’ cooperation in recent years has been developing comprehensively, intensively and extensively. Especially in the economic and trade fields, Việt Nam is China's largest trading partner among ASEAN countries. Currently, many Chinese enterprises have plans to invest in Việt Nam.

The two countries’ people-to-people exchanges in education, youth and tourism are all on the track of recovery and strong development.

Xu Ningning, Chairman of the Regional Comprehensive Economic Partnership (RCEP) Industry Cooperation Committee, Executive President of the China-ASEAN Business Council, and Chief Expert on China-ASEAN Trade Cooperation, held that under the leadership of the two Parties, economic and trade cooperation between China and Việt Nam is bringing practical benefits to the people of the two countries.

The two sides are effectively implementing the agreements reached by the two countries’ high-ranking leaders and governments, aiming to further deepen their cooperation in all fields. Both Việt Nam and China committed to strengthening economic cooperation and development, thereby contributing to effectively exploiting the potential and strengths of the two sides as well as the region, helping them make full use of the benefits brought by free trade agreements.

Xu said he believes that there is still much room to promote two-way investment and trade, adding Chinese enterprises are very optimistic about Việt Nam's economic development with new business opportunities.

He said he has recently led a Chinese business delegation of about 150 members, with about half being chairpersons and general directors of enterprises, to visit Việt Nam. During the talks, enterprises of both countries expressed their desire to strengthen cooperation and conduct specific connection and negotiation activities, which affirms investment and business opportunities in Việt Nam.

Xu said that Chinese enterprises are willing to invest, develop and start businesses in Việt Nam. The Southeast Asian nation has also attracted Chinese companies with a series of preferential policies and favourable investment and business conditions.

The building of a strategic and comprehensive business community between China and Việt Nam continues to add new momentum to bilateral economic and trade cooperation, he said, elaborating that the two nations' investment cooperation has developed rapidly in recent years, with Chinese enterprises' investments in Việt Nam in 2023 soaring more than 77 per cent year-on-year.

He believed that in the coming time, economic and trade cooperation between China and Việt Nam will continue to develop effectively, intensively and substantially.

Hu Suojin, former Commercial Counselor of the Chinese Embassy in Việt Nam, assessed that China-Việt Nam relations have made great strides, especially in the economic and trade fields.

Hu, who has involved in Việt Nam-relating issues for 40 years and worked in Việt Nam for 23 years, said that Việt Nam-China economic, trade and investment cooperation has witnessed strong growth. Việt Nam continues to be China's largest trading partner in ASEAN and fifth in the world.

Meanwhile, China is Việt Nam's largest trading partner, largest import market and second largest export market. Total bilateral trade turnover reached US$171.9 billion in 2023 and $112.6 billion in the first seven months of 2024. China's direct investment in Việt Nam hit $4.47 billion and $1.52 billion USD, respectively.