Vietnam boosts trade with China to 100 billion USD/year

President Tran Dai Quang set a goal of increasing import-export turnover with China from 72 billion USD to 100 billion USD/year.

President Tran Dai Quang speaks at the Vietnam-China Economic and Trade Cooperation Forum 2017. Photo: VNA

President Tran Dai Quang today stated that China has always been Vietnam's largest trade partner over the years, in his speech at the 2017 Vietnam - China Economic and Trade Cooperation Seminar in Beijing.

In 2016, the import-export turnover between the two countries reached nearly 72 billion USD. President Tran Dai Quang set the goal of soon increasing the bilateral import-export turnover to 100 billion USD towards balancing the trade balance.

Vietnam hopes that processed agricultural and aquatic products, electronics, and consumer goods will have easier access to the Chinese market. At the same time, Vietnam will also create conditions for Chinese technology products, input components for production, and consumer goods to access the Vietnamese market with increased purchasing power.

China is one of the 10 largest foreign investors in Vietnam with more than 11.2 billion USD in total registered capital. China also increased the scale of preferential credit for Vietnam in the fields of industry, energy, and infrastructure.

The President welcomed and is ready to create all favorable conditions for Chinese enterprises to cooperate, invest, and do business effectively and stably in the long term, associated with Vietnam's sustainable development. The President also hopes that Chinese enterprises and investors will pay special attention to environmental protection, care about the interests of workers, and participate more actively in social security activities in Vietnam.

At the conference, Chinese Vice Premier Wang Yang said he would continue to encourage businesses to expand investment in Vietnam and strongly support Vietnamese businesses to invest in the Chinese market, promoting trade balance.

Within the framework of the discussion, businesses of the two countries signed a number of cooperation agreements in the fields of milk distribution, establishment of rice seed production plants, cement production, and tourism.

President Tran Dai Quang is on a state visit to China and will attend the Belt and Road Forum for International Cooperation from May 11 to May 15.

According to VNE