At the Belt and Road Forum for International Cooperation in Beijing in May 2017, Mr. Xi announced that China would host CIIE as from 2018, with the aim of opening its market to the world while offering opportunities for countries to access the Chinese market. This initiative was welcomed by all participants at the forum, including Vietnam.
CIIE 2018 is hosted by China's Ministry of Commerce and Shanghai municipal government, with the assistance from the World Trade Organization (WTO), the United Nations Conference on Trade and Development (UNCTAD), and the United Nations Industrial Development Organization (UNIDO).
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At Mong Cai International Border Gate in the Northern province of Quang Ninh. Photo: mongcai.gov.vn |
According to the organizing panel, the expo is expected to attract businesses from over 130 countries and territories and to receive more than 150,000 visitors. Notably, China has invited Vietnam to be one of the 12 guests of honor at the event.
CIIE 2018 consists of two parts: Country Pavilion for Trade and Investment and Enterprise and Business Fair. Particularly, the country pavilion will feature the participating countries’ trade and investment achievements, as well as its typical goods, services and products of industry and tourism. Meanwhile, the 210,000 square meter fair covers two main business sectors: trade in goods (high-end smart equipment; consumer electronics and appliances; automobile; apparel, accessories and consumer goods; food and agricultural products; and medical equipment and medical care products) and trade in services (tourism services, emerging technologies, culture and education, creative design, and service outsourcing).
Over the past time, in line with the development of the bilateral relationship, Vietnam-China economic ties have enjoyed sustainable and strong growth. The two countries’ trade turnover has seen a strong average growth rate of more than 20 percent a year in the past five years.
According to statistics released by the General Department of Vietnam Customs, the Vietnam-China total trade turnover reached US$ 93.69 billion in 2017, a year-on-year increase of 30.2 percent. By the end of September 2018, the number was US$ 76.06 billion, an increase of 18.7 percent over the same period last year. China remains Vietnam’s largest trading partner and second largest export market, after the US.
Vietnam and China share many similarities in culture, customs, and geography, and the two countries also have other favorable factors, such as connected infrastructures and support policies for enterprises of one country to invest in and do business in the other. Hence, Vietnam sees CIIE 2018 as a good chance to popularize its image and promote its trade, investment and tourism.
Vietnam serves as a gateway to China and a bridge connecting the Association of Southeast Asian Nations (ASEAN) and China, facilitating the ASEAN-China Free Trade Area (ACFTA). CIIE 2018 is seen by the country as an important trade, investment and tourism promotion event in order to promote its links with regional countries, maximize benefits generated by the ACFTA, and foster the export of Vietnamese goods and services to China and other ASEAN member countries and the shipment of ASEAN goods to China via Vietnam’s border gates.
In addition, the expo gives an opportunity for Vietnam to popularize its enterprises’ trademarks and image to China and other countries worldwide so as to draw more foreign investment and to help Vietnamese businesses expand export markets, whereby they will increase competitiveness and gradually win more added values in the global supply chains.
The participation of PM Phuc in CIIE 2018 demonstrates that Vietnam takes interest in the expo and attaches importance to the stable and sound development of the Vietnam-China relations. Vietnam always wants to, with China, boost the sustainable economic and trade cooperation; encourage their ministries, sectors and localities to increase win-win cooperation; and support each other in hosting major events.
PM Phuc’s presence in CIIE 2018 will open new opportunities to develop economic and trade cooperative activities between Vietnam and China as well as with other regional countries, making contribution to further deepening the Vietnam-China comprehensive strategic cooperative partnership.
Written by Editorial Board
Translated by Van Hieu