HA NOI — Viet Nam will continue to create the most favourable conditions for Chinese firms to conduct business in the country, Deputy Minister of Planning and Investment Dang Huy Dong told a business conference yesterday.
During the conference, with the participation of over 500 enterprises from the two nations, Dong spoke highly of the effective contribution of Chinese enterprises to Viet Nam's socio-economic development.
He encouraged Chinese firms, especially those from Yunnan Province, to speed up co-operation with their Vietnamese counterparts to cement the bilateral relations.
China's Yunnan Province Governor Li Jiheng called for further improvement to transport infrastructure linking facilities Yunnan and Viet Nam, along with increased exports of quality Vietnamese goods to the province and further investment by Chinese firms in Viet Nam.
Six contracts worth a combined US$724,000 were also inked between businesses from Viet Nam and Yunnan yesterday in the areas of agricultural products, food, fertilisers, wood processing, chemicals and beverages.
China is one of Viet Nam's leading partners in trade and investment. Two-way trade has increased significantly recently, reaching $35.7 billion last year, a year-on-year increase of 31 per cent. Of the sum, $11.1 billion came from Vietnamese exports, up 52 per cent against last year.
Chinese firms have to date pumped $4.3 billion into 842 projects in Viet Nam, ranking China 14th out of 96 countries and territories investing in the country. Most Chinese investment is focused on industry and real estate.
Viet Nam has invested only $13 million in 10 projects in China, mainly involved in the trade and services sectors.
In addition to traditional areas such as agriculture, trade and tourism, Chinese and Vietnamese firms are seeking more co-operation opportunities in the manufacture of machinery and equipment.
Shantui, one of the leading construction machinery manufactures in China, has appointed the Ha Noi-based Viet-Nhat Construction Machines and Trading Co as its sole distributor in Viet Nam in an attempt to enhance its market presence.
"Viet Nam is a promising market for construction machinery manufacturers due to its significant economic growth rate and increasing demand for construction machinery," said Shantui Vice General Manager Wang Feng during a press conference late last week.
During the event, Shantui also introduced several new product lines, targeted at clients looking for high performance, reasonably priced machinery, and good after-sales service. — VNS