National Assembly Chairman Vương Đình Huệ attended a forum on legal policies to promote trade and investment cooperation between Việt Nam and China in Shanghai city on Wednesday. VNA/VNS Photo Nhan Sáng

SHANGHAI — Chairman of Việt Nam’s National Assembly Vương Đình Huệ on Wednesday took part in the Legal Policy Forum in Shanghai as part of his official visit to China, aiming to enhance investment and trade cooperation between the two countries.

Joining Chairman Huệ were prominent Vietnamese officials and representatives from both countries, including Vietnamese Deputy Prime Minister Trần Lưu Quang and Shanghai City’s leaders along with 400 business delegates.

Addressing the forum, Huệ expressed his satisfaction at attending such a crucial event, deeming it an essential part of his official visit to China. He underscored the robust development of Shanghai City, highlighting its status as a leading global economic, financial and technological hub. He acclaimed Shanghai's role as a frontrunner in China's reform and opening-up endeavours, particularly along the banks of the Huangpu River.

Chairman Huệ lauded the flourishing relations between Việt Nam and China, emphasising notable advancements in economic and trade cooperation. He revealed bilateral trade turnover surged positively in 2023, exceeding US$170 billion, with China remaining Việt Nam's largest trading partner and import market, and Việt Nam ranking as China's fourth largest trading partner globally and the largest in the ASEAN region.

He noted China's substantial investment in Việt Nam, with over 4,400 active projects totaling more than $27.6 billion.

Acknowledging the potential for further collaboration, Huệ outlined several factors facilitating strengthened cooperation between Việt Nam and China. He highlighted their open economies, mutual compatibility, and participation in various multilateral cooperation mechanisms, including those between ASEAN-China, the Belt and Road Initiative, the Regional Comprehensive Economic Partnership (RCEP) and other investment protection agreements.

He stressed the need for enhanced legislative cooperation and urged for deeper connectivity in sectors including technology, green economy and infrastructure development.

Chairman Huệ also encouraged Chinese investors, particularly those from Shanghai, to explore opportunities in Việt Nam's burgeoning sectors such as technology innovation, digital economy and strategic infrastructure development. He stressed Việt Nam's commitment to fostering a transparent and conducive legal framework to facilitate foreign investment, particularly from Chinese businesses.

In response, Chen Yin, executive vice mayor of Shanghai City, extended a warm welcome to Chairman Huệ and the Vietnamese delegation. He highlighted Shanghai's achievements and reiterated the city's commitment to welcoming Vietnamese businesses, investors, students and tourists, fostering mutual development and cooperation.

The forum witnessed extensive discussions among leaders from ministries, branches, localities and businesses, focusing on socio-economic development policies and strategies to enhance bilateral cooperation. The event concluded with a renewed commitment from both sides to further deepen economic ties and promote mutual prosperity.

During the forum, Huệ and delegates commemorated the 10th anniversary of Vietjet's first flight to China (2014-2024) and disclosed plans for a direct flight linking HCM City with Xi An, China. — VNS