Chinese ministry to work on upgrading economic, trade cooperation with Vietnam

Responding to a question about the nations' economic and trade relations as well as measures they could take to further improve and enhance such ties in the future, particularly in light of the recent state visit to China by Vietnamese Party General Secretary and State President To Lam, He said trade between the nations has grown rapidly over the recent years, with noteworthy outcomes recorded in bilateral investment cooperation.

Vietnamese durian and dragon fruit are favored by Chinese consumers, with China’s import of these fruit from the Southeast Asian nation accounting for one-fifth of its total from the ASEAN region.

According to him, China is currently Vietnam’s biggest trade partner and the largest export market of Vietnamese farm produce. Vietnamese durian and dragon fruit are favored by Chinese consumers, with China’s import of these fruit from the Southeast Asian nation accounting for one-fifth of its total from the ASEAN region.

Meanwhile, Vietnam is an important investment destination for China. Chinese companies have channeled their capital into wind power and solar energy projects in Vietnam, manifesting the countries’ green economic collaboration.

He affirmed that in the time to come, the ministry will seriously implement important consensus reached between high-ranking leaders of the two Parties and the two countries. It will also take the upcoming 75th anniversary of the nations’ diplomatic relations as an opportunity to introduce various measures aimed at improving and upgrading the bilateral economic and trade cooperation.

The official said that the ministry will support the sides’ business communities in capitalizing on trade platforms such as the Chinese International Import Expo, Canton Fair, and China-ASEAN Expo to broaden their transactions of high quality agricultural and industrial products.

It will work on creating a new driving force for bilateral investment cooperation and stepping up win-win collaboration in the digital economy and green development. A boost to the sides’ supply chain cooperation is also necessary, with the ministry planning assistance for joint work within their industrial parks and between their localities as well as promoting smooth trade and industrial connectivity.

The ministry also eyes stronger regional economic integration through accelerating negotiations for the ASEAN-China Free Trade Area 3.0 upgrade and further leveraging benefits brought about by the Regional Comprehensive Economic Partnership (RCEP).

Source: VNA