Secretary General of Boao Forum for Asia (BFA) Li Baodong makes a speech at the forum. â VNS Photo Phuong Thao
Viet Nam was one of the fastest growing economies in the world and had been recognised as the new economic tiger of Asia.
The statement was made by Secretary General of Boao Forum for Asia (BFA) Li Baodong at a forum on Viet Nam-China economic promotion held in Ha Noi on Thursday.
It was the first time the BFA has been organised in Viet Nam and acted as the first step for the BFA to promote economic and trade co-operation between Viet Nam and China.
Baodong confirmed that Viet Nam was a significant economy with political stability, infrastructure and a business environment that were improving and attracting international investors.
According to Deputy Minister of Foreign Affairs Le Hoai Trung, co-operation on economics, trade and investment continued to be the highlight of their relations.
In the first 11 months of this year, bilateral trade turnover between Viet Nam and China reached over US$97 billion, a year-on-year increase of 16.5 per cent.
Chinese tourists to Viet Nam hit more than 4.5 million people, up 27 per cent compared to the same period last year. There are over 500 flights between Viet Nam and China each week.
China continued to be the leading trade and tourism partner of Viet Nam. Meanwhile, Viet Nam is also Chinaâs biggest trade partner in the ASEAN bloc and Chinaâs 8th largest trade partner in the world, Trung added.
Viet Nam Chamber of Commerce and Industry (VCCI) Chairman Vu Tien Loc said by the end of November 2018, China had invested in 2,102 projects in Viet Nam with total registered investment of $13.05 billion, ranking 7th out of 129 countries and territories investing in Viet Nam. Chinese investors often focus on processing, energy, real estate and other products such as textiles, electronics and services.
However, Viet Nam still faced a trade deficit with China. âViet Nam wants China to increase its imports of Vietnamese goods with competitive advantages to gradually improve the bilateral trade balance,â Loc told Viet Nam News.
Speaking at the forum, Ha Noi Peopleâs Committee Chairman Nguyen Duc Chung said there were 425 Chinese foreign direct investment (FDI) projects operating in the city with total registered capital of $517 million. Chinese firms had registered to open 100 representative offices in Ha Noi.
Under the plan "two corridors, one economic belt", Ha Noi had actively participated in economic co-operation meetings in the two localities of the two countries.
However, according to Chung, economic, trade and investment co-operation between the two sides had not met its potential.
âHa Noi will focus on reviewing key items and products that meet export standards as well as the requirements of the Chinese market, while reforming export-import administrative procedures,â Chung told Viet Nam News.
The event was jointly organised by the BFA, the Chinese Embassy in Viet Nam, the Ministry of Foreign Affairs, Ha Noiâs Peopleâs Committee and the VCCI. â VNS