President attends Vietnam-China Economic and Trade Cooperation Seminar

The President stated that Vietnam encourages Chinese enterprises to invest in projects with high technology content.

Within the framework of his State visit to China and participation in the Belt and Road Forum for International Cooperation, on the afternoon of May 13, in Fuzhou City, Fujian Province, China, President Tran Dai Quang attended and delivered a speech at the Vietnam-China Investment and Trade Cooperation Promotion Seminar. The seminar was co-organized by the Ministry of Planning and Investment of Vietnam and Fujian Province.

Also attending the Dialogue were Politburo member, Deputy Prime Minister Vuong Dinh Hue and members of the Vietnamese high-ranking delegation; on the Chinese side were Chairman of Fujian Province Yu Weiguo, Chinese Ambassador to Vietnam Hong Xiaoyong and nearly 300 Vietnamese and Chinese enterprises.

President Tran Dai Quang speaks at the seminar.

At the seminar, Chairman of Fujian Province Yu Weiguo gave an overview of Fujian - one of the pioneering localities in implementing China's reform and opening-up policy. Fujian's economy has continuously achieved high growth rates in recent years.

In 2016, the province's GDP reached 439 billion USD (ranked 10th in China), with GDP per capita reaching over 11,000 USD... Fujian's main economic sectors are electronics, petrochemicals, machinery and equipment manufacturing; competitive sectors such as agriculture are developing strongly, with the value of aquatic product production ranking second in China.

Fujian Province Chairman Yu Weiguo also said that in 2016, bilateral trade turnover between Fujian and Vietnam reached 3.4 billion USD (up 13.8% compared to 2015). In the first quarter of this year alone, bilateral trade turnover reached 820 million USD and is maintaining a good growth trend. In the past 3 months, 45 Fujian enterprises invested 270 million USD in Vietnam. Fujian Province Chairman Yu Weiguo emphasized that economic, trade and investment cooperation between Fujian and Vietnam is one of the driving forces for the province's development.

Fujian Province Chairman Yu Weiguo affirmed that Fujian Province's establishment of friendly relations with Vietnam's Quang Ninh Province on the occasion of President Tran Dai Quang's state visit to China is an important milestone in the province's development.

Fujian Provincial Governor speaks.

Speaking at the seminar, President Tran Dai Quang said that China is currently one of the 10 largest foreign direct investment partners in Vietnam with a total registered investment capital of over 11 billion USD. For more than 10 consecutive years, China has been Vietnam's largest trading partner with import-export turnover in 2016 reaching nearly 72 billion USD. With convenient connections by sea, road and air, Vietnam is the gateway and also China's largest trading partner in ASEAN.

The President stated that, with the orientation of promoting green economic growth and sustainable development, striving to achieve an average GDP growth of about 6.5 - 7% by 2020, Vietnam focuses on effectively promoting all resources, in which the private enterprise sector and foreign investment are important driving forces for economic development. At the same time, it continues to strongly reform institutions, improve the investment environment, enhance national attractiveness and competitiveness to more effectively attract domestic and foreign resources.

President Tran Dai Quang said: “With a consistent policy of being friends with all countries, Vietnam is determined to integrate and cooperate internationally on the basis of equality, respect for sovereignty and interests of each country, and prioritize promoting economic, trade and investment cooperation with China. Based on the good results of cooperation in recent times, we hope that the two countries will proactively develop specific orientations, plans, solutions and areas of cooperation with a long-term strategic vision, maximizing the strengths of each country, especially in the current period of rising protectionism.”

In that spirit, President Tran Dai Quang said that the business communities of the two countries, with their inherent intelligence, dynamism and enthusiasm, will continue to play a role in initiating creative ideas and creating new impetus in economic cooperation, especially in trade and investment. Thereby, contributing to consolidating and enriching the traditional friendship between the two nations.

Regarding investment, the President stated that Vietnam encourages Chinese enterprises in general and Fujian province in particular to invest in high-tech projects, prioritizing the fields of infrastructure construction, logistics, electronics, supporting industries, etc., focusing on environmental protection and participating more actively in social security activities in Vietnam.

Regarding trade cooperation, the President said that the two neighboring countries have relatively developed sea, road, air and waterway routes. In addition, the ASEAN-China Free Trade Agreement (ACFTA) has come into effect and many products are complementary in both consumption and production.

President Tran Dai Quang visits the Fuzhou City Administrative Service Center.

“Our two countries are aiming to soon increase bilateral import-export turnover to 100 billion USD towards a balanced trade balance. We hope that processed agricultural, aquatic and seafood products, electronic goods, consumer goods, etc. of Vietnam will have more favorable access to the Chinese market. At the same time, Vietnam welcomes and creates conditions for technological products, input components for production, as well as agricultural and consumer goods of China to access the market with Vietnam's increasing purchasing power,” the President emphasized.

The President emphasized that Vietnam welcomes and is ready to create all favorable conditions for Chinese enterprises in general and Fujian province in particular to cooperate, invest and do business effectively in Vietnam.

Also this afternoon, President Tran Dai Quang and the high-ranking delegation visited the Fuzhou Administrative Service Center and the old quarter in Fuzhou city, Fujian province.

According to VOV