Việt Nam looks to market access and customs clearance for trade cooperation

Deputy PM Quang said that the Vietnamese government attaches great importance to the development of economic, trade, industrial, and investment cooperation with China.

Deputy Prime Minister Trần Lưu Quang expressed his hope that the Chinese government and the authorities of Yunnan Province will accelerate the progress of market access for agricultural, aquatic, and processed food products, and improve customs clearance efficiency.

This would provide even more favourable conditions for businesses from various countries to participate in trade promotion and investment activities in the Southwest China region.

He was speaking while leading a Vietnamese delegation at the opening ceremony of the 7th China-South Asia Expo and the 27th Kunming Import and Export Fair in Kunming on Wednesday.

Speaking at the event, Quang emphasised that Việt Nam highly values the role of the expo, which supports business communities from various countries in the region to expand opportunities for cooperation and investment, enhance trade exchanges, and promote production and business activities.

This year, Việt Nam’s businesses and representatives from seven cities and provinces participated in the expo with a total of 130 booths showcasing products of food, beverages, footwear, aquatic products, wood products and handicrafts.

Deputy PM Quang said that the Vietnamese government attaches great importance to the development of economic, trade, industrial, and investment cooperation with China. China has been Việt Nam's largest trading partner for the past 20 years and the sixth largest foreign investor in Việt Nam while Việt Nam is China's fourth largest trading partner and its largest trading partner within ASEAN.

Quang said that Yunnan Province holds a strategic position as a gateway connecting southwest China to Việt Nam and other ASEAN countries. Economic, trade, investment, and tourism cooperation between Yunnan and Việt Nam had a promising future, particularly in expanding imports of high-quality agricultural and aquatic products from Việt Nam, as well as collaborating on wood processing.

He proposed the Chinese government and the authorities of Yunnan Province continue to promote comprehensive cooperation and extensive connections in terms of economics, trade, and tourism between Yunnan Province and Vietnamese localities. This would enhance Yunnan's contribution to economic and trade cooperation between Việt Nam and China, as well as between China and other countries in the region.

On this occasion, Deputy PM Quang introduced Việt Nam's potential and strengths as a country with outstanding competitive advantages, which possessed the necessary conditions to become an ideal investment destination for foreign investors.

He highlighted the attraction of new-generation FDI capital and its potential as a destination in the process of shifting and restructuring global supply chains and production networks.

Quang noted that Việt Nam was assessed as a positive business environment with growth prospects in 2023.

To leverage its potential and strengths in the coming period, Quang expressed his hope that Việt Nam would bolster comprehensive relationships with China and other countries in the region to enhance trade and investment, boost infrastructural connectivity, expand people-to-people exchanges, and foster tourism.

These efforts were pursued for the prosperity and development of the region and to benefit the business community and citizens of each nation, he said.

The Deputy PM stressed that the role of the China-South Asia Expo should be further enhanced to diversify cooperation forms within the framework of the Expo, transforming this platform into an effective collaboration channel between China's Yunnan Province and other countries in the region, contributing to expanding the market for goods export and import and facilitate stronger connections in investment, transportation, and tourism.

He also suggested continuing to enhance the activities conducted by trade representation agencies, investment organisations, and business associations for more robust, efficient, and substantial cooperative relations.

Quang expressed confidence that this year's expo would provide an excellent opportunity for businesses to actively explore cooperative possibilities, and deepen mutual understanding, and unity.

The 7th China-South Asia Expo takes place from August 15 to 20, with the participation of 85 countries, territories, and international organisations, including all members of the Regional Comprehensive Economic Partnership (RCEP).

Trade between China and countries in the South Asia region has grown at an average rate of 8.3 per cent, from US$100 billion in 2013 to $197.4 billion in 2022.