Vietnam-China trade set to gain currency

PM Nguyen Tan Dung from April 26-May 1 will lead a Vietnamese delegation to visit Chinese economic hubs Shanghai, Jiangsu and Zhejiang and participate in the World Expo Shanghai 2010 exhibition. 

Nearly 200 golfers last week joined Vietnam Investment Review’s fourth annual charity golf tournament Swing for the Kids in Van Tri golf course, Hanoi. The tournament raised funds to assist poor students and children across the country.

Viet Nam, China target $25 billion in yearly trade< />

Nearly 200 golfers last week joined Vietnam Investment Review’s fourth annual charity golf tournament Swing for the Kids in Van Tri golf course, Hanoi. The tournament raised funds to assist poor students and children across the country.

“Vietnam attaches great importance to its trade and economic relations with Chinese provinces,” said Bui Trong Van, director general of the Ministry of Foreign Affairs’ North East Asia Department.

“Last year, PM Dung visited Guangdong, Hong Kong and Macau, attended the Western China International Trade Fair and visited Sichuan province and Chongqing city in October.

Permanent Deputy Prime Minister Nguyen Sinh Hung attended the China-ASEAN Trade Fair in Nanning and visited Guangxi. Prior to that, Vietnamese top leaders also toured other Chinese provinces,” he said.

Dao Tran Nhan, director general of the Ministry of Industry and Trade’s (MoIT) Asia-Pacific Market Policy Department, said Vietnam wanted to diversify its export markets and promote trade exchanges.

“China is our largest trade partner and despite the world economic recession, last year witnessed positive growth of more than 5.7 per cent in the two-way trade volume between the two countries.”
Nhan said the trade turnover between Vietnam and Shanghai reached $1.46 billion last year, of which Vietnam exported $431 million worth of goods, a 11.8 per cent jump compared to 2008.

The two-way trade volume between the country and Zhejiang stood at $1.43 billion and Vietnam exported $279 million worth of goods to the province, up 13.5 per cent compared to 2008.

China’s provinces have also established close investment ties with Vietnam. According to the Ministry of Planning and Investment (MPI), Shanghai enterprises won bids for large-scale projects in Vietnam, including the Son Dong power plant and My Dinh national stadium and the National Convention Centre.

By the end of 2009, Zhejiang had 134 direct investment projects worth of $287 million in Vietnam, focusing on light industry, textile and apparel and machinery. Vietnam also had more than 20 investment projects valued at $17.68 million, mostly in the manufacturing industry, in the province of Zhejiang. “About 80 Vietnamese enterprises will accompany PM Dung during his visit to the East China’s provinces [Shanghai, Jiangsu and Zhejiang],” Van said.

Vietnam Chamber of Commerce and Industry chairman Vu Tien Loc said the contracts signed between Vietnamese and Chinese corporations during Dung’s trip would hit $1.3 billion. The Expo Shanghai 2010, open from April 30 to October 31, 2010 with the participation of more than 190 countries and 50 international organisations, is one of the world’s largest non-trade exhibitions and one of China’s most important events this year.

Vietnam’s pavilion will focus on introducing Hanoi’s 1,000 year celebrations, exhibiting Dong Son, Sa Huynh and Oc Eo cultures and promoting the country’s natural and cultural heritages. 

Source: VIR

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