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Vietnam Today

Vietnam encourages high tech-based Chinese investment

Released at: 09:58, 15/05/2017

Vietnam encourages high tech-based Chinese investment

President Tran Dai Quang (front, right) visits the Fuzhou Administrative Service Centre in Fuzhou city of Fujian province (Photo: VNA)

Vietnam and China target balanced trade of $100 billion in near future, State President Tran Dai Quang tells seminar in Fujian province.

by Nguyen Quoc

Vietnam encourages Chinese businesses, including those from Fujian province, to invest in projects using high technology, State President Tran Dai Quang told an economic-trade cooperation seminar held in Fuzhou city in China’s Fujian province on May 13 and attended by representatives from nearly 300 businesses from the two countries.

State President Quang, who is on a State visit to China, was quoted by the Vietnam News Agency as saying that with total registered investment capital of over $11.2 billion, China is one of the ten-largest foreign investors in Vietnam. It has remained its largest trade partner for more than ten years, with bilateral trade of approximately $72 billion in 2016.

Thanks to favorable sea, road, railway and air links, Vietnam is a gateway for Chinese products entering ASEAN markets and China’s largest trade partner in the bloc.

The Vietnamese leader added that aside from a number of famous destinations such as Ha Long Bay, Da Nang, and Nha Trang, the continuous opening of air routes will help attract more and more Chinese tourists to Vietnam.

Targeting a green economy, sustainable development, and average GDP growth of 6.5-7 per cent to 2020, Vietnam treasures all its resources, of which private enterprises and foreign investment are key driving forces for economic growth. It is also working to improve the investment environment and national competitiveness to attract more domestic and foreign resources, the President noted.

He asked enterprises from Vietnam and China to continue initiating innovative ideas in order to create new momentum for the bilateral economic partnership, especially in trade and investment.

He suggested Chinese companies invest in infrastructure building, logistics, electronics, and support industries while protecting the environment and actively engaging in social activities in Vietnam.

While the ASEAN-China Free Trade Agreement has already come into force, the two neighboring countries boast favorable transport connectivity and many consumption and manufacturing products the other does not possess. Based on that, the two countries target balanced trade of $100 billion in the near future.

State President Quang also asked the two sides to facilitate the access of strong products in each other’s markets.

Introducing Fujian province, Governor Yu Weiguo highlighted the close relationship between Fujian and Vietnamese people and the two sides’ economic links.

Trade between Fujian and Vietnam reached $3.4 billion in 2016, up 13.8 per cent year-on-year, and was $820 million in the first quarter of this year. Thirty-five businesses from Fujian invested $270 million in Vietnam during the quarter.

He emphasized that economic, trade, and investment relations with Vietnam are one of the driving forces of the province’s development. He described the establishment of the relationship with Quang Ninh province as a milestone in Fujian’s development.

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