Recently, the Economic and Commercial Counsellor of the Chinese Embassy in Vietnam Hu SuoJin said that trade relations between Vietnam and China are rapidly developing and Vietnam surely  will become the biggest ASEAN trade partner of China in 2016.

Talking to reporters in Hanoi, Hu said although the global economic slowdown continued in 2015, the two country’s trade relationship grew stably and fast. Vietnam is currently the second largest ASEAN trade partner of his country, following Malaysia, while China is the biggest exporter to and the fourth largest importer of Vietnamese goods.

China’s statistics show that their bilateral trade revenue hit 95.8 billion dollars in 2015, a year-on-year increase of 14.6 %. That included 66.1 billion dollars in China’s exports to and 29.7 billion dollars in its imports from Vietnam, up 3.8% and 49.1% from 2014 respectively.

Vietnam - China trade now accounts for 2.4% of China’s total trade turnover, rising by 1.4 percentage points from five years previously.

In January 2016, 7.8 billion dollars worth of goods were traded between the two neighbors.

Based on those facts, he forecast that they can reach the targeted trade value of 100 billion dollars this year, one year ahead of schedule, and turn Vietnam into China’s biggest ASEAN trade partner. 

Regarding the imbalance in bilateral trade, Hu said that the problem is being improved, citing his country’s data that Vietnam’s deficit in trade with China last year declined 7.4 billion dollars from 2014.

However, he also admitted that such an imbalance cannot be solved in a short period of time.

To help their trade develop more sustainably, the nations have employed various measures to re-balance trade, he said, adding that Vietnam has shipped a number of electronic products, machinery and high added-value goods to China, which in turn has boosted imports from Vietnam.

Regarding cross-border trade, the official said cross-border trade is an important part in their trade relationship.

Because it has direct affects on the lives of locals in the two countries’ border areas, the governments pay much attention to this area. The two countries are negotiating a bilateral cross-border trade agreement.

The group on border trade cooperation will hold a meeting in China’s Yunnan province from March 23 – 24 during which they will review the agreement and strive to sign it in 2016.

In terms of the investment environment in Vietnam, Hu said that in 1988 Vietnam announced its Law on Investment which was considered the most open one in the Southeast Asian region. Vietnam has revised the Law several times. 

He considered Vietnam’s revised Law on Investment, announced in July 2015, as relatively flexible which aims to create an equal, fair and open environment for foreign invested businesses.

At present, China ranks ninth among countries and territories pouring direct investment into Vietnam.

 



A Chinese delegate addresses the international workshop entitled “Policy and Resolutions
on Supporting Agricultural Exports to China through Cao Bang Province”. Photo: Quoc Dat/VNA


Chinese businessmen learn about Vietnamese tea products. Photo” Quoc Dat/VNA


Chinese tourists at MongCai Border Gate. Photo: Van Duc/VNA


Containers at Tan Thanh Border Gate in Lang Son Province are waiting for procedures to export goods to China.
Photo: Thai Thuan/VNA


Trade activities on the Ka Long River, Mong Cai, QuangNinh Province. Photo: Kim Phuong/VNA

Chee Wah (a 100% Chinese-invested Corporation) at Phu Nghia Industrial Zone, Chuong My District,
Hanoi specialises in making toys for export to Europe and South Africa. Photo: Danh Lam/VNA

 

VNA/VNP