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Opportunities abound for Vietnamese & Chinese enterprises

Released at: 12:56, 19/09/2017

Opportunities abound for Vietnamese & Chinese enterprises

Photo: Drink Lord 2011

Ms. Doan Thi Thu Thuy, Deputy Director of the Vietnam Trade Promotion Agency, tells VET's Hai Van about cooperation between enterprises from Vietnam and China.

by Hai Van

What potential is there for Vietnamese enterprises to cooperate with Chinese enterprises?

Vietnam is on the way to integrating into the global economy. It is involved in 16 free trade agreements (FTAs) and the ASEAN Economic Community, which boosts its strengths as well as trade and economic cooperation. Vietnam’s GDP grew 6.21 per cent in 2016. Total trade turnover was $351 billion, an increase of 6.63 per cent against 2015, which is evidence of successful integration.

What are the advantages for Vietnamese enterprises in cooperating with China?

Vietnam and China have strengths in terms of geography location, sharing a long border. The Chinese market has significant potential and bears certain similarities with the Vietnamese market, Vietnamese culture, and Vietnamese consumers. Trade turnover between the two countries has been rising significantly and sustainably. China has been Vietnam’s largest trading partner since 2004. Total trade turnover between the two stood at $71.97 billion in 2016, up 8.06 per cent against 2015. They are boosting cooperation in order to reach the targeted $100 billion in trade this year, according to both governments.

Notably, Guang Xi is an important province for Vietnam to export Vietnamese products into China and it’s also a gateway for China to export products to ASEAN. Convenient transport links, including road and sea, and cooperation between Vietnamese and Guang Xi authorities have provided a great foundation for development. Trade between Guang Xi and Vietnam reached $13.2 billion in the first seven months of this year, up 4.2 per cent year-on-year. Vietnam imported over $7.68 billion and Guang Xi $5.5 billion, increases of 0.2 per cent and 10.3 per cent, respectively.

Can you evaluate the quality of Vietnamese enterprises attending the China-ASEAN Expo (CAEXPO)?

Four sectors in Vietnam were represented at the recent CAEXPO 14: processed agricultural products, machinery, electronic products, and construction materials. There were more than a hundred Vietnamese enterprises taking part, introducing special Vietnamese products to international enterprises. At the same time, Vietnamese enterprises sought cooperation with Chinese enterprises and those from ASEAN. Trade is always one of the most important activities. Vietnamese enterprises connected with enterprises from China and Guang Xi, to effectively explore economic support and boost specific cooperation now and into the future.

What do Vietnamese businesses need to pay attention to when exporting to China?

In China as well as in all international markets, it is necessary to pay attention to product quality and price.

What opportunities do you expect to come the way of Vietnamese enterprises through this business exchange?

Business exchange is a necessary activity for both Vietnamese and Chinese enterprises, where they can carefully research partners. I expect that Vietnamese enterprises will have many cooperation opportunities to export their products to China.

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