China, Vietnam vow to bolster economic cooperation

Xinhua, February 20, 2023

A conference was held between China's Yunnan provincial department of commerce and the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade on Friday to strengthen cooperation in a wide range of economic, investment and trade issues.

As bilateral trade between Vietnam and China is well on the way to recovery from the COVID-19 pandemic, there has never been a better time to hold such a dialogue, said Vu Ba Phu, head of the Vietnam Trade Promotion Agency.

Since China is Vietnam's largest trading partner, there is a lot of potential ahead for local exporters and importers seeking opportunities in China, particularly in the bordering southwestern provinces, including Yunnan, the trade official said.

Li Chenyang, director-general of China's Yunnan provincial department of commerce, said both parties can create mutually beneficial relationships by facilitating trade, speeding investment, and promoting economic cooperation.

Vietnam would be a potential export market for Yunnan products such as fruits and vegetables, as well as solar energy products, meanwhile Vietnamese businesses have much room to boost exports of agro-aquatic products through official channels, he continued.

"The economic cooperation between the two countries has reached new heights," said Li Zhenmin, economic and commercial counselor of the Chinese Embassy in Vietnam.

As bilateral trade between Vietnam and China jumped to 234.9 billion U.S. dollars last year, Vietnam has become China's biggest trading partner among the 10 ASEAN countries, and its sixth largest partner in the world, he added.

The diplomat hoped geographic advantage between China and Vietnam will spur future growth in a wide range of fields, including trade facilitation, economic cooperation and infrastructure connectivity.