Prime Minister Phạm Minh Chính speaks at the Việt Nam-China Trade and Investment Cooperation Forum held in Beijing on June 28. Photo chinhphu.vn

 HÀ NỘI — At the Việt Nam-China Trade and Investment Cooperation Forum held in Beijing on June 28, Prime Minister Phạm Minh Chính called on Chinese investors to continue to invest in Việt Nam.

This forum was organised by Việt Nam's Ministry of Planning and Investment and the China Council for the Promotion of International Trade on the occasion of PM Chính's official visit to the People's Republic of China.

The event saw participation from Chinese Vice Premier Liu Guozhong, alongside leaders of ministries, branches and more than 350 enterprises of Việt Nam and China.

Prime Minister Chính stated that Việt Nam attracts foreign direct investment (FDI) projects meeting criteria on efficiency, sustainable manner, quality, technology and environmental protection.

Việt Nam prioritises FDI on projects in the fields of high technology, innovation, and research and development. It also gives priority to projects that promote develop the circular economy in Việt Nam and create favourable conditions for Vietnamese enterprises to participate in the value chain.

Việt Nam also calls on Chinese investors to participate in the development of strategic infrastructure projects, such as railways and highways. 

To improve the quality and efficiency of investment activities in Việt Nam, Chính said that Việt Nam will continue to improve the business investment environment to be more transparent, favourable and internationally competitive. It will also perfect mechanisms, policies and laws, and reduce and simplify administrative procedures and business conditions.

Speaking at the forum, Chinese Vice Premier Liu Guozhong thanked the business communities of Việt Nam and China for making important contributions to promoting economic cooperation between the two countries.

Vice Premier Liu said that the China-Việt Nam political trust is being enhanced, and economic, trade and investment collaboration is maintaining steady growth.

He said the cooperation in trade and investment between Việt Nam and China maintains growth. Việt Nam is China's 4th largest trading partner. Bilateral trade turnover reached US$175 billion in 2022.

Meanwhile, China is the largest trading partner of ASEAN, including Việt Nam, which accounts for a quarter of the total trade turnover between China and ASEAN. More and more Chinese enterprises are investing in Việt Nam and the nation is still one of the top destinations receiving large investment from Chinese enterprises in ASEAN.

The world is changing fast, China and Việt Nam need to promote trade cooperation to a higher and new level, Vice Premier Liu Guozhong said. China is willing to work with Việt Nam to fully promote the China-ASEAN Free Trade Agreement. China also promotes bilateral trade balance.

According to the Vice Premier, China and Việt Nam still have a lot of room for cooperation in development of supply chains. China will encourage and create conditions for enterprises with strong potential, good reputations and high technology to invest in Việt Nam.

He said the community of traders and investors is the main force in promoting economic cooperation between Việt Nam and China. They are also the main beneficiaries of the development of the comprehensive strategic cooperation between Việt Nam and China. Therefore, businesses should continue to enhance investment and trade activities.

Prime Minister Chính said the authorities of the two countries continue to review and perfect the legal framework and policies, and improve the business environment to create favourable conditions for the two countries' businesses in increasing investment and trade activities.

He said that it is necessary to have an exclusive working group on trade and investment to promote the efficiency of these activities.

At present, Việt Nam focuses on implementing three strategic breakthroughs in institutions, human resources and infrastructure. It continues to ensure socio-political stability; strengthen national defence and security; and build an independent and self-reliant economy associated with active international integration.

Việt Nam also continues to implement the goals of maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring balance in the economy. 

In the current global context, Việt Nam still controls inflation effectively and is focusing on promoting economic growth drivers such as consumption, investment and export, as well as removing hurdles for businesses.

To help Vietnamese products gain a firm foothold in the Chinese market, Chính asked Vietnamese firms to exert more effort in improving the quality of exports.

It is necessary to have specific mechanisms and policies to strongly promote the two countries' trade activities, especially the import of agricultural products from Việt Nam.

Regarding trade promotion, it is necessary to have specific mechanisms and policies to promote bilateral trade in a more balanced direction; encourage border trade and study the formation of appropriate border trade zones; as well as develop logistics systems; connect supply chains; promote e-commerce; and strengthen cooperation against smuggling and trade fraud, the Việt Namese PM stressed.

He also welcomed the building of a smart border gate model between Lạng Sơn Province of Việt Nam and Guangxi Province of China. VNS