(VOVworld) – Prime Minister Nguyen Xuan Phuc is on a working visit to China to attend the China-ASEAN Trade and Investment Summit and the 13th China-ASEAN EXPO. VOV comments on cooperative opportunities for ASEAN members and China.
Prime Minister Nguyen Xuan Phuc (center) |
Since Vietnam and China normalized relations in November, 1991, bilateral trade and investment have developed rapidly.
Impressive figures
Over the past 25 years, trade revenue between Vietnam and China increased 2,000 fold, from 30 million USD in 1991 to 66 billion USD in 2015. By July, 2016, bilateral trade revenue had reached 38 billion USD, up 1.2% from the previous year. China has always been Vietnam’s biggest trade partner and Vietnam is China’s key partner in Southeast Asia. Both countries have applied effective measures to increase bilateral trade with trade revenue targeted at 100 billion USD in 2017. China has 1,500 investment projects in Vietnam with total registered capital of nearly 11 billion USD, ranking 9th among 116 countries and territories investing in Vietnam. China’s investment in Vietnam has grown in number and scale of projects, and number of project sites.
New opportunities
The Chinese economy has grown to become one of the world’s leading economies. The establishment of the ASEAN Community in 2015 has motivated ASEAN-China relations. Vietnam has also accelerated its integration process by participating in a number of free trade agreements. Vietnam has become a signatory of 12 Free Trade Agreements and is negotiating 4 more trade pacts, including the Regional Comprehensive Economic Partnership of ASEAN countries and China. Recently the World Bank raised Viet Nam's business environment from 8th to 5th among the 10 ASEAN members. Vietnam hopes to be in the top 4 by 2017.
As a neighbor of China and an active member of ASEAN, Vietnam has strengthened its relations with China for mutual benefit. Vietnam has participated in important cooperative channels, including the China-ASEAN trade and investment summit and the China-ASEAN Trade Fair.
Vietnamese Prime Minister Nguyen Xuan Phuc led the Vietnamese delegation to these events and met with Chinese business leaders.
He affirmed Vietnam’s consistent policy of seeking foreign investors, including investors from China. “We’ve built an open and transparent business environment for local and foreign enterprises and consider their successes our successes. We’re determined to build a facilitating, incorruptible government that acts aggressively and serves the people and businesses. Efforts should be made to fine-tune institutions and speed up administrative reforms to improve competitiveness. We will work to remove obstacles for enterprises, support businesses, and encourage start-ups.”
Hundreds of Chinese businesses have invested in Vietnam in infrastructure, garments and textiles, banking, transportation, telecommunications, IT, energy, and tourism. Prime Minister Phuc said Vietnam appreciates the technology potential of Chinese businesses and will reject backward technology to protect its environment.
Minister of Industry and Trade Tran Tuan Anh says: “China has advantages in technology related to renewable energy, improved efficiency, reduced production costs, and power generation. Vietnam hopes to increase the ratio of renewable energy to 20% by 2030 and there are abundant opportunities for foreign investors, particularly in the wind and solar energy sectors.”
As an active member of ASEAN, Vietnam has encouraged and supported China’s relations with ASEAN and its members. Together with other ASEAN countries, Vietnam will work for regional peace, stability, and prosperity, resolve differences between countries for mutual benefit, and promote harmonious trade and economic activities.