Minister Nguyen Chi Dung speaking at the Seminar. Photo: Foreign Investment Agency
(MPI) – Within the framework of the State level visit of H.E. Tran Dai Quang, State President of Socialist Republic of Vietnam to People’s Republic of China, on May 12th 2017, Vietnam - China economic and trade cooperation seminar 2017 was held in Beijing by Vietnamese Ministry of Planning and Investment in collaboration with China Council for the Promotion of International Trade and Chinese General Chamber of Commerce in Hong Kong.
Speaking at the Seminar, Minister of the Vietnamese MPI Nguyen Chi Dung said that Vietnam has been innovating and opening to become a developing economy with stable growth and deeply and widely integrating into international economy now. Economic relations between Vietnam and other countries in the world have been increasing by 12 signed FTAs. Vietnam is a gateway for partners to access ASEAN market and doing its utmost to perfect new growth model, improve competitiveness, towards green economy and sustainable development on the basis of knowledge, creativity and labor productivity. Vietnam Government has been carrying out many solutions and policies synchronously to improve investment and business climate and support enterprises.
Vietnam has been restructuring the economy, including public investment, SOEs and credit institutions in combination with three strategic breakthroughs on market economy institution, high quality human resource and modern infrastructure system. Thereby, it creates many cooperative opportunities in terms of economy, trade and investment for private sector and foreign businesses to develop.
In the last years, Chinese investors and businesses in Vietnam has been contributing to economic development. China ranks 8th among nations and territories investing in Vietnam with total registered capital of US$ 11.2 billion and over 1,600 projects. Chinese projects have been expanded continuously with tendency of using high technology, significantly contributed to socio-economic development of Vietnam and the bilateral relations between the two countries.
With US$ 350 billion of GDP and 100 million of expected population in 2020, non-stop improvement of business climate, competitive input cost and favorable international connection, Vietnam is a strategic destination for investment and business.
Minister Nguyen Chi Dung said that the collaboration between foreign firms, including Chinese ones, and Vietnamese ones is one of strategic orientations being implemented by Vietnam Government. China’s firms are encouraged to invest in industry, particularly supportive industry, electricty, electronics and consumer good production… with high-tech, environmentally friendly projects. These are advantageous fields of Chinese businesses with many international brands and good position in global value chains. They are also suitable for demands, cooperative ability and help to improve production capacity of Vietnamese businesses.
In the coming time, Vietnam attracts private capital to priority, major projects on road and railway infrastructure, urban infrastructure in the form of PPP. Vietnam will announce list of priority projects in the form of PPP and desires to call investment funds, economic groups of China to research, invest or raise new projects. With potentials and priority policies for developing solar and wind energy, Vietnam continues promulgating mechanisms and policies attractive enough for developing renewable energy and facilitating investors to research and carry out projects in this area.
This Seminar is an occasion for State agencies and businesses of the two countries to discuss and share new ideas, solutions in order to make use of opportunities, advantages and promote economic, trade and investment collaboration between Vietnam and China./.
Ministry of Planning and Investment