In a press conference on the development of Guangzhou, Zheng said two-way trade between Vietnam and Guangzhou rose by 10.2 percent to USD 2.8 billion in 2016.

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 Street view in central Guangzhou city, China. Photo: Worldtraveland.wordpress.com
Guangzhou shipped to Vietnam USD 1.83 billion worth of commodities last year, a year-on-year increase of 12.3 percent, doubling Vietnam’s exports to the city which was estimated at USD 970 million, up 6.5 percent.

It made Vietnam the second largest trade partner of Guangzhou in ASEAN, after Malaysia who reported USD 3.48 billion in trade with the Chinese city.

The future is even brighter for the two sides when the bilateral trade hit USD 1.83 billion in the first five months of 2017, up 82.2 percent year-on-year, surpassing Malaysia. Guangzhou continued to enjoy a trade surplus of USD 970 million, with exports to Vietnam worth USD 1.4 billion, during the period.

According to Zheng, Guangzhou established four new enterprises in Vietnam last year; and by May 2017, the city has had 21 new businesses, bringing its total investment in the country up to approximately USD 50 million.

Meanwhile, as of May, Vietnam has established nine companies in Guangzhou, raising the total investment in the city to USD 6.48 million.

Guangzhou and Guangdong have closely coordinated with Vietnam’s localities, businesses and business associations to build foundation for the bilateral trade and cooperation between the two sides, Zheng affirmed.

Source: VNA