Relations between the two countries are developing finely with an annual average increase of 20 percent in two-way trade turnover. In 2007, they fulfilled the target of raising their two-way trade turnover to more than US$15 billion.
A conference on Vietnam-China economic and trade cooperation was held in Hanoi on September 9 in the presence of Deputy Prime Minister and Foreign Minister Pham Gia Khiem.
Mr Khiem described the conference as a practical activity to promote the friendship, neighborliness and economic development between Vietnam and China. This is a good opportunity for enterprises from both countries to exchange views on their potential areas and needs for business cooperation, he said.
China has so far invested more than US$1.8 billion in Vietnam and will increase their investment in order to become one of the 10 largest investors in Vietnam.
In recent years, Vietnam’s cooperation in investment and trade with China’s Guangdong province has been constantly expanded. In 2007, Quangdong-Vietnam export-import turnover reached US$2.45 billion, up 53 percent over 2006 with major products such as coal, rubber, engines, electronics, footwear, motorbikes and air conditions.
Secretary of China’s Guangdong provincial Party Committee Wang Yang said his province will cooperate with Vietnam in a preferential principle for mutual benefit to help Guangdong businesses invest in Vietnam’s processing, transport and telecommunication sectors.
Guangdong will increase its import of highly competitive products from Vietnam and promote the advertisement of Vietnam’s tourism products, said Mr Wang.
For his part, Mr Khiem believed that Vietnam-Russia relations will see more positive development in the near future under the motto of "Friendly neighbourliness, comprehensive cooperation, long-term stability, and future-oriented vision"., Mr Wang said.
He also expressed his hope that stronger investments by the two countries’ businesses will make a practical contribution to consolidating the relations of comprehensive cooperation and partnership between Vietnam and China.
On the occasion, 22 investment and trade cooperation projects worth US$1.575 billion were signed between the two countries. Of these, the biggest one aims to set up a Vietnam-China economic and trade cooperation area.
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