In fact, China has become the nation’s largest trading partner for many years. Last year saw total Vietnamese import-export turnover with China reaching US$175.6 billion.

During the 11-month period, China remained as the country’s second largest export market with turnover reaching US$55.98 billion, up 6.2%, becoming a bright spot amid exports to most major markets enduring a decrease.

To date, Chinese financiers have injected over US$27 billion in 4,161 projects across Vietnam, ranking sixth out of 144 countries and territories investing in the country.

Most notably, there are more high-tech projects on a larger scale. At the end of October, the northern province of Quang Ninh granted an investment registration certificate for the Jinko Solar Hai Ha Vietnam photovoltaic cell technology complex project capitalised at US$1.5 billion.

The main investor for the project is Jinko Solar Holding, the world's largest and most advanced solar panel manufacturing corporation from China.

Furthermore, the northern province of Hai Duong recently attracted two more projects from Chinese enterprises namely Deli Group and BoWay Group, with total investment capital reaching nearly US$400 billion.

Meanwhile, the central province of Nghe An also proved to be a locality popular among many Chinese investors due to the launch of several new projects.

For example, the Innovation Precision Vietnam Company plans to build an aluminum alloy factory with a total capital of US$165 million in VSIP Nghe An industrial park, while Solar power titan Runergy announced a US$293 million investment into a silicon and semiconductor manufacturing facility in the locality.

There remains plenty of room for further Chinese investment into the Vietnamese market, especially through key projects in the field of high technology, according to industry insiders. 

The Hanoi Supporting Industry Business Association (HANSIBA) and the N&G Group recently signed a memorandum of understanding with a Shanghai business delegation on establishing the Techno Park production complex between both nations.

Nguyen Hoang, chairman of HANSIBA and executive chairman of N&G Group, stated that with growing infrastructure, an abundance of labour, and a capability to adapt to advanced technology, Vietnamese businesses are qualified to participate in the global production chain, including the micro-semiconductor chip industry.

Earlier on December 6, HANSIBA and N&G Group inked an agreement with CMA, the association of Vietnamese, Indian, and Chinese mobile phone companies, to strengthen Vietnam’s electronics sector.

Nguyen Van Toan, vice chairman of the Association of Foreign Invested Enterprises (VAFIE), said Chinese FDI projects in the country have been more selective, adding that the Vietnamese side should learn how China attracts foreign investment.

He revealed that instead of encouraging foreign investors to build research and development (R&D) hubs, the northern neighbour has urged domestic enterprises to build its own R&D centres and create new technologies.

Source: VOV