Vietnam-Guangxi Economic and Trade Cooperation Forum: Forging Cooperation between China and ASEAN

 

As many as 54 trade, investment and credit cooperation projects with a total value of US$1.9 billion were signed at the event. These projects are involved in mechanical engineering, machinery, cement, urban infrastructure, commercial centre, wind power, irrigation and hydropower.

 

Addressing at the forum, VCCI President Vu Tien Loc said the bilateral trade between Vietnam and China has continuously expanded in the past years, with an average annual growth of 32 % in the 2000-2010 period. In 2009, in spite of being affected by the global financial crisis and economic recession, the two-way trade turnover still reached US$21.35 billion, up 5.04 % from 2008. In the first six months of 2010, Vietnamese exports to China valued at US$2.8 billion, a rise of 45 % year on year while Chinese exports to Vietnam reached US$9.1 billion, up 32 %.

 

In the first seven months of 2010, the trade turnover between Vietnam and Guangxi province of China topped US$238 million, up 29.23 %. Vietnam spent US$175 million on Guangxi goods, up 31.84 %, and exported US$621,000 worth of goods to Guangxi, up 22.23 %.

 

To date, China has 743 investment projects with a combined registered capital of over US$3 billion in Vietnam, ranking 15th out of 92 countries and territories investing in the Southeast Asian nation. Most projects are going smoothly, bringing common mutual benefits. However, Dr Loc, said these results are still shy of the political relations and friendship cooperation, with potential and advantages, and with expectations of the Governments and peoples of both countries.

 

“The Vietnamese Government always attaches importance to developing the friendship with China and will do its utmost to foster the bilateral ties,” said Mr Loc. The VCCI President spoke highly of the dynamic cooperation between Vietnamese and Guangxi businesses, expressing his belief that Vietnam’s business environment which is getting more favourable and the country’s deeper economic integration will help ensure Guangxi investors’ success in Vietnam.

 

According to Chinese Ambassador to Vietnam Sun Guoxiang, the economic and commercial cooperation between Guangxi and Vietnam has rapidly developed in recent time. At present, Vietnam has become Guangxi’s largest trade partner with two-way trade reaching over US$4 billion in 2009. The figure exceeded US$2 billion in the first half of 2010, accounting for 15.8 % of the two countries’ trade turnover.

 

Together with four northern border-sharing provinces of Vietnam, namely Quang Ninh, Lang Son, Cao Bang and Ha Giang, Guangxi is actively advancing cooperation in trade, tourism, transport and other fields. It is considering the building of inter-border cooperation zones with Lang Son and Quang Ninh provinces to attract external investment capital to boost two-side economic development.

 

At the forum, Vietnamese Deputy Minister of Planning and Investment Nguyen The Phuong said in “Two Corridors, One Economic Belt” cooperation framework the two governments signed, Vietnam and Guangxi will be the overland, sea and air bridges for China and ASEAN. Mr Phuong expressed his strong belief that new investment cooperation will bring in high economic value.

 

Governor of the Guangxi Zhuang Autonomous Region, Ma Biao, stressed that Guangxi always attaches importance to developing its economic-trade ties with ASEAN, including Vietnam. He suggested the two sides speed up the building of the Nanning-Hanoi expressway, develop infrastructure and strengthen coordination, facilitate exchanges and cooperation between Guangxi and Vietnam’s border localities. Besides, the two sides also need to enhance cooperation in trade, culture, tourism, education, health, customs, testing, quarantine, etc.