Vietnam encourages Chinese businesses, including those from Fujian province, to invest in projects using high technology in the country, President Tran Dai Quang said at an economic-trade cooperation seminar on May 13.

President Tran Dai Quang (front, right) visits the Fuzhou Administrative Service Centre in Fuzhou city of Fujian province

The seminar was held in Fuzhou city of Fujian province, attracting representatives of nearly 300 businesses of Vietnam and China.

President Quang, who is on a State visit to China, stressed that with total registered investment capital of over 11.2 billion USD, China is one of the 10 biggest foreign investors in Vietnam. It remains the biggest trade partner of Vietnam for more than 10 years with bilateral trade approximating 72 billion USD in 2016.

Thanks to favourable sea, road and air connectivity, Vietnam is a gateway for China’s products to enter ASEAN markets and is the largest trade partner of China in ASEAN.

He added aside from a number of famous destinations like Ha Long Bay, Da Nang city and Nha Trang city, the continuous opening of air routes will help attract more and more Chinese tourists to Vietnam.

Targeting a green economy, sustainable development and average GDP growth rate of 6.5-7 percent by 2020, Vietnam treasures all resources, of which private businesses and foreign investment are important driving forces for economic growth. It is also working to improve the investment environment and national competitiveness to attract more domestic and foreign resources, he noted.

The Vietnamese leader asked enterprises of Vietnam and China to continue initiating innovative ideas in order to create a new momentum for bilateral economic partnership, especially in trade and investment.

He suggested Chinese companies invest in infrastructure building, logistics, electronics and support industries while protecting the environment and actively engaging in social activities in Vietnam.

While the ASEAN-China Free Trade Agreement already came into force, the two neighbouring countries boast favourable transport connectivity and many products for consumption and manufacturing that the other country does not have. Basing on that fact, they targets balanced trade at 100 billion USD in the near future.

President Quang asked the two sides to facilitate their strong products’ access to each other’s markets.

Giving an introduction of Fujian, Governor of the province Yu Weiguo highlighted the close relationship between Fujian and Vietnamese people and the two sides’ economic links.

Trade between Fujian and Vietnam reached 3.4 billion USD in 2016, up 13.8 percent year on year, and 820 million USD in the first quarter of 2017. In the last three months, 35 businesses of Fujian invested 270 million USD in Vietnam.

Yu emphasised that economic, trade and investment relations with Vietnam are one of the driving forces of the province’s development. He described the establishment of the friendship relationship with Vietnam’s Quang Ninh province during President Quang’s State visit as a milestone in Fujian’s development.

VNA