A conference on trade and investment promotion and economic cooperation between Việt Nam-Sichuan (China) was opened in Hà Nội on April 3. — VNS Photo Hoàng Hà

HÀ NỘI — A conference on trade and investment promotion and economic cooperation between Việt Nam-Sichuan (China) opened in Hà Nội on April 3.

About 120 companies, including manufacturing and import-export groups from many different fields of Việt Nam and China, attended the event organised by the Việt Nam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade and China Council for the Promotion of International Trade (CCPIT)'s Sichuan Sub Council, on the occasion of the CCPIT's business trip to Việt Nam.

Three memoranda of understanding on promoting investment and trade cooperation between Vietnamese enterprises and Sichuan enterprises (China) were signed at the conference.

At the conference, Lê Hoàng Tài, deputy head of Vietrade, said the conference created chances for enterprises of Việt Nam and Sichuan to connect and promote cooperation for boosting the official import and export of agricultural and aquatic products, machinery and equipment between the two sides.

Therefore, Việt Nam's enterprises could take opportunities to increase export activities to China, especially in the context that China has officially opened on January 8, allowing many kinds of Vietnamese agricultural and aquatic products to be exported to China, Tài said.

Meanwhile, Huang Li, head of CCPIT's Sichuan Sub Council, said this conference would open up new opportunities and continue to create favourable conditions for businesses of Việt Nam and Sichuan (China) in further strengthening exchanges and cooperation in trade and investment, contributing to promoting the stable and sustainable development of Việt Nam - China economic-trade relations.

Also at the conference, representatives of agencies and businesses in Sichuan Province (China) introduced the potential and opportunities in trade and investment cooperation between Việt Nam and China enterprises.

With a large population and strengths in tourism, heavy industry, manufacturing, mining and modern transportation facilities, Sichuan Province (China) is a potential partner of many localities of Việt Nam.

In recent years, the cooperation between Việt Nam and Sichuan (China) has continuously expanded in many fields thanks to the Regional Comprehensive Economic Partnership (RCEP) and operation of the China-Việt Nam intermodal railway.

Many large enterprises of Sichuan Province have invested in Việt Nam, contributing to localities' economic development in Việt Nam, Tài said. However, Sichuan's economic and trade cooperation with Việt Nam is still not commensurate with the two sides' potential.

He said there is still plenty of room for trade and investment cooperation between Việt Nam and Sichuan (China).

Especially, the operation of international air-railway model and the opening of the Chengdu – Lạng Sơn – Hà Nội freight train will further improve the transport network in western China, helping the enterprises strengthen international trade connections between China and ASEAN countries, including Việt Nam.

In 2022, the trade turnover between Việt Nam and Sichuan only reached over US$11 billion, accounting for a very modest proportion of the total trade turnover between Việt Nam and China. Moreover, this trade turnover decreased by about 20 per cent on year due to the impact of the COVID-19 pandemic. — VNS