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Vietnam eyes stronger economic cooperation with China’s Guangdong province

The Vietnamese General Consulate in Guangzhou has exerted efforts to push up economic diplomacy in order to contribute to promoting the bilateral cooperation between Vietnam and Guangdong province – the largest locality with the strongest economy of China.

According to Consul General Vu Viet Anh, Guangdong’s economy focuses on manufacturing, processing agricultural products and food, and microbiological and telecommunications technologies. The locality boasts huge potential for cooperation with Vietnam.

In addition to agreements signed between the two nations, Vietnam and Guangdong province also have a mechanism to organise conferences reviewing economic, trade and investment cooperation between ministries, sectors and localities of Vietnam and Guangdong authorities, which was established in 2009.

Economic, trade, and investment cooperation between localities of Vietnam and Guangdong has recorded many achievements.

Statistics from China Customs showed that the trade turnover between Vietnam and Guangdong in 2022 reached 47 billion USD, accounting for 20.1% of the total import and export turnover between Vietnam and China. The figure hit 10.2 billion USD in the first three months of this year.

Businesses in Guangdong have invested billions of USD in Vietnam. The Shenzhen – Hai Phong Economic and Trade Zone invested by Shenzhen Shen Yue Joint Investment Company is one of the typical investment projects of Guangdong in Vietnam.

Anh said his office has worked hard on looking for Chinese partners and investors who use advanced technologies in production, and those interested in investing in Vietnam, and encouraged them to invest in areas where Vietnam has high demand such as green and sustainable development sustainability, new energy, and biomedical technology. It has also supported Vietnamese localities, ministries, and businesses to access the Chinese market.

In 2022, the Consulate General hosted or jointly organised a series of seminars and trade promotion conferences in order to stimulate economic, trade, and investment cooperation with Guangdong province, Anh said.

It also directed its units to proactively coordinate with the Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, the People’s Committees of Ho Chi Minh City and Hanoi, and Lam Dong, Phu Tho, Nghe An, Ba Ria – Vung Tau provinces, in connecting and promoting multi-faceted cooperation with Guangdong province, he added.

Nguyen Duy Phu, head of the Vietnam Trade Office in Guangzhou, said that the agency has always worked closely and actively with the economic department in the Vietnamese Consulate General in Guangzhou to promote economic diplomacy with the Chinese side.

The trade office regularly consults, provides market information and business opportunities, and promotes demand-supply connections between Vietnamese enterprises and companies in Guangdong, thus boosting Vietnam’s exports, Phu noted, adding it will coordinate to organise activities within Vietnam’s participation in the 18th China International Small- and Medium-sized Enterprises Fair (CISMEF) and the 2nd China International Small And Medium Enterprises Forum in Guangzhou from June 27-30, 2023.

Within the framework of the events, Vietnam will organise a Vietnam – China investment promotion conference to attract investment to Vietnam’s industrial parks. A memorandum of understanding (MoU) to promote bilateral cooperation between the Ministry of Industry and Trade and the Ministry of Industry and Information Technology of China is expected to be inked.

The office has been coordinating with the Vietnam National Trade Fair and Advertising Company (Vinexad) to organise a delegation of Vietnamese businesses to Guangzhou to attend the 2013 Guangdong 21st Century Maritime Silk Road International Expo (MSRE) from June 2-4, and many other international fairs in Guangzhou.

Phu said Guangdong is a large market with diverse demand. In addition to machinery, equipment, and accessories, Guangdong also has demand for Vietnamese rice, seafood, fruits and processed foods.

He underlined the need for Vietnamese enterprises to pay attention to improving the quality of exports to increase competitiveness, and strengthening trade and investment promotion activities in the Guangdong market, towards expanding bilateral economic, trade, and investment cooperation between Vietnam and the Chinese locality.

Source: Lao News Agency