Vietnam, China boost trade ties

Hong Van -

Tuesday, November 6, 2018 | 18:12:00

(VOVWORLD) - Prime Minister Nguyen Xuan Phuc and a Vietnamese government delegation concluded a trip to attend the first China International Import Expo (CIIE 2018) in Shanghai at the invitation of Chinese President Xi Jinping. The trip has promoted Vietnam-China trade ties.

Vietnamese Prime Minister Nguyen Xuan Phuc (L) and Chiense President Xi Jinping (photo: VOV)

The Expo is one of the 4 most important diplomatic events in China this year.

Important agreements

During the two-day trip, which ended Monday, Prime Minister Nguyen Xuan Phuc had many meetings with senior leaders of China’s Party and State and localities to discuss bilateral cooperation and inform them of Vietnam’s socio-economic development priorities and international integration.

Prime Minister Phuc met with Party General Secretary and President Xi Jinping and Shanghai Mayor Ying Yong, delivered a speech at the Hongqiao International Economic and Trade Forum, attended the opening ceremony of a Vietnamese trade promotion office in Hangzhou city, and hosted meetings with Chinese economic groups.

Prime Minister Nguyen Xuan Phuc talked to Chinese top economic groups. (Photo: VOV)

President Xi said that China will continue to address Vietnam’s trade deficit, promote bilateral trade growth, and expand markets and distribution channels for Vietnamese commodities, particularly agricultural products favoured by Chinese consumers. Shanghai Mayor Ying Yong said he will support Vietnamese businesses to participate in trade fairs in Shanghai and promote Vietnamese commodities in Shanghai and the East China region.

Chinese businesses praised Vietnam’s improved investment environment and said they want to expand their business in Vietnam in environment-friendly tech sectors.

Prospects

China is the world’s 2^nd biggest economy and Vietnam’s biggest trade partner. Lát year’s trade turnover between Vietnam and China is 94 billion USD, contributing one-fourth of Vietnam’s total import-export revenue. China is Vietnam’s biggest importer of agro-forestry and fishery products, generating 30 billion USD in revenue in 9 months of 2018. Vietnam is reducing exports of raw materials and minerals to China.

Prime Minister Phuc’s trip has strengthened the Vietnam-China comprehensive strategic partnership and created new momentum for trade and business expansion.

Hong Van