Participants at the 2019 China (Guangdong) - Việt Nam Import and Export Fair, held at the Hà Nội International Centre for Exhibition in the capital city. In 2018, the trade turnover between Việt Nam and Guangdong hit US$37.16 billion, up 34.2 per cent, accounting for 25.1 per cent of the Việt Nam-China trade turnover. — VNS Photo Linh Anh

HÀ NỘI — Guangdong wants to work with Việt Nam to improve infrastructure, production capacity enhancement and cross-border economic development, said Ouyang Weimin, Vice Governor of China's Guangdong province.

The statement was made during the opening ceremony of 2019 China (Guangdong) - Việt Nam Import and Export Fair, held at the Hà Nội International Centre for Exhibition in the capital city from Wednesday to Friday.

Việt Nam is Guangdong's largest trading partner in the ASEAN bloc.

It is the only Chinese locality that has a co-operation mechanism with ministries, sectors and localities in Việt Nam. In 2018, the trade turnover between Việt Nam and Guangdong hit US$37.16 billion, up 34.2 per cent, accounting for 25.1 per cent of the Việt Nam-China trade turnover.

According to Ouyang Weimin, Guangdong will increase imports of agricultural produce, fishery and electrical products from Việt Nam. The province welcomes Vietnamese businesses to make the most of trade opportunities when tapping into the Guangdong market. At the same time, Guangdong will promote the export of low-cost, high-quality goods favoured by Vietnamese people such as machinery, construction materials and electronics.

“Guangdong also wished to co-operate with Việt Nam in industrial production, helping the country accelerate its integration into the global industrial chain and become one of the most favoured investment destinations by foreigners in Southeast Asia,” he said.

First-ever fair

The 2019 China (Guangdong) - Việt Nam Import and Export Fair, the first of its kind in Việt Nam, attracts nearly 300 businesses from Việt Nam and China.

The event showcases machinery, electric equipment, electronics, LED and lighting technology, construction materials and furniture in addition, hi-tech products and accessories as well as garment, consumer goods and food into around 300 booths.

The event facilitates the trade and investment co-operation among Vietnamese enterprises and those from China’s Guangdong Province, Hong Kong and Macao, Johnson Choi, chairman and general director of Hongkong-based Sunwah Group Johnson Choi, told Việt Nam News.

“This will be a good chance for Vietnamese and Chinese enterprises, especially those in the Guangdong-Hong Kong-Macau Greater Bay Area, to enhance mutual understanding, foster bilateral co-operation, explore new markets, expand their export networks and introduce their products to the world,” Choi said.

According to the Vice Governor, the Guangdong-Hong Kong-Macau Greater Bay Area has a total area of ​​56,000 kilometre square and a population of 70 million people. Last year, the total economic output of the region reached $1.6 trillion, making it one of the most dynamic and internationalised economic zones in China.

“We look forward to promoting the strategic connection between the development of the Guangdong-Hong Kong-Macau Greater Bay Area and the formation of Việt Nam's modernised industry,” he said.

“We sincerely welcome Vietnamese enterprises to actively contribute to the development of this region, and at the same time encourage local businesses to invest in Việt Nam, enhance bilateral co-operation in industry, technological innovation and other fields,” he said.

A business conference will also be held featuring representatives from the two countries’ ministries and more than 100 Guangdong companies currently operating in Việt Nam.

More than 3,000 potential buyers will also join a business networking programme intended to open up new opportunities.

Economic and trade relations between Việt Nam and China have been developing in a positive direction, as shown by the continuous increase of bilateral trade turnover, said Deputy Minister of Industry and Trade Đỗ Thắng Hải at the opening ceremony.

Two-way trade reached $106.7 billion in 2018, up 14 per cent year-on-year, Hải said.

China invested more than $2.28 billion in Việt Nam in the January- June period, making it the country’s third largest source of foreign investment.

As of June 2019, the neighbour had 2,461 valid projects in Việt Nam with a total investment capital of more than $15.45 billion, ranking seventh among 132 countries and territories investing in the country. — VNS