BEIJING — Việt Nam attaches great importance to economic, trade and investment ties with China, President Trần Đại Quang stated at a seminar on Việt Nam-China economic and trade co-operation in Beijing.

The seminar on Friday attracted nearly 500 businesses from both countries. 

The President, who is on a five-day visit to China, expressed hope that the two countries will make long-term co-operation plans to bring into full play each country’s strengths and integrate deeply into the global value chain. 

He suggested that the two countries’ business communities drive their trade and investment ties, thus helping consolidate bilateral relations. 

In terms of investment, the State leader said Việt Nam hopes to receive more investment from China, especially in hi-tech projects in infrastructure, mechanics, electronics and pharmaceuticals, as well as support industry and agriculture. 

Việt Nam hopes Chinese enterprises and investors pay attention to environmental protection, labourers’ interests and social welfare in the country, he added. 

Aiming for US$100 billion in bilateral trade turnover, Việt Nam wants more of its processed agricultural products, seafood, electronic and consumer products to gain access to the Chinese market. The country will also facilitate China’s export of technological products, spare parts and consumer products. 

Quang affirmed that Việt Nam is willing to create favourable conditions for Chinese enterprises to do business and invest in Việt Nam. 

The President highlighted that in recent years, China has been the largest trade partner of Việt Nam, with two-way trade reaching nearly $72 billion in 2016. 

Việt Nam is a gateway for China to other markets and the top trade partner of China in ASEAN, he noted, adding that China is also one of the 10 largest investors in Việt Nam with total investment of $11.2 billion. 

Việt Nam has also become increasingly popular among Chinese tourists thanks to various air routes between the two countries, he said. 

China has expanded the scale of preferential credit for Việt Nam in industry, energy and infrastructure, the President added. 

As a founding member of the Asian Infrastructure Investment Bank, Việt Nam believes many infrastructure projects will be implemented in the country in the future. 

Quang underscored Việt Nam’s efforts in speeding up comprehensive reforms and its industrialisation and modernisation, efforts which have borne fruit. 

Following nearly 30 years of high and stable growth, Việt Nam has become an economy worth more than $220 billion, while running as an open economy with trade scale 1.6 times the GDP. 

The country’s international integration is also progressing with a network of new generation free trade agreements that help expand its development. 

Việt Nam aims to continue improving its investment environment and enhance national competitiveness, with the private and foreign-invested sectors important drivers of development, he stated. 

The State President underscored that Việt Nam will use all resources while building a firm foundation for its value chain to become a modern industrial country, paving the way for green growth and sustainable development. 

Opening the event, Chinese Vice Premier Wang Yang lauded economic, trade and investment achievements and potential between the two countries. 

He affirmed that China will continue encouraging its businesses to invest in Việt Nam and will support Vietnamese investors in China. 

He also proposed the two sides strengthen connections for development, while deepening economic, trade and investment ties, and promote collaboration in increasing production capacity. 

During the event, the two countries’ enterprises signed several co-operation agreements in milk distribution, rice plant construction and tourism. — VNS