Vietnam, Guangdong province boost trade ties

These businesses operate in the fields of agro-aqua-forestry, food, pharmaceuticals, and real estate.

In his report, Deputy Minister of Industry and Trade Nguyen Cam Tu noted Guangdong is one of the leading provinces in implementing China’s reform policy, but economic and investment ties between Vietnam and Quangdong have yet to match their great potential.

He suggested that Guangdong authorities should strengthen trade exchange and offer incentives to Vietnamese enterprises. He also encouraged Chinese enterprises to promote investment in Vietnam, primarily in the support industry, processing industry and energy, as well as enhancing import-export activities.

According to Zhao Yu Fang, Vice Governor of Guangdong province, Vietnam’s dynamic economy and developed trade will help foster mutually beneficial economic and trade ties between the two sides.

She said Guangdong province is currently planning to build a new highly competitive economy, and it always creates favourable conditions for foreign enterprises looking to invest in the province in priority areas such as information technology, electronics, architecture, transportation, environment, and transport.

Trade turnover between Vietnam and Guangdong reached US$8.83 billion in the first three quarters of this year, up 43.1% compared to the same period last year. Of this figure,Vietnam exported US$ 3.37 billion worth of goods to Guangdong (down 21.2%) and imported US$5.45 billion (up 61.1 %).

Currently, Guangdong province has 29 representative offices and 41 enterprises investing in Vietnam with a capitalization of over US$2.4 billion.