Huge potentials for Vietnam-Guangdong-Hong Kong economic cooperation

Wednesday, 2017-07-19 14:40:00
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The Vietnam-Guangdong-Hong Kong business symposium attracted nearly 300 government delegates and business representatives from 12 provinces and cities in Vietnam, China’s Guangdong province and Hong Kong. (Credit: NDO)
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NDO – With their own potentials and strength, Vietnam, Guangdong province of China and Hong Kong could enhance their cooperation regarding investment and trade for economic development and common interests, heard a business symposium in Hanoi on July 19.

Held jointly by the Vietnamese Ministry of Foreign Affairs, Vietnam Chamber of Commerce and Industry, Department of Commerce of Guangdong Province and Hong Kong Trade Development Council, the Vietnam-Guangdong-Hong Kong business symposium attracted nearly 300 delegates from government agencies, businesses and authorities from 12 provinces and cities of Vietnam and China’s Guangdong and Hong Kong.

Speaking at the opening, Deputy Minister of Foreign Affairs Le Hoai Trung affirmed that Vietnam and China have taken significant steps to promote their comprehensive strategic cooperative partnership, with bilateral trade turnover hitting US$72 billion last year, accounting for one fifth of Vietnam’s total import-export. Last year, China also ranked 8th among the ten largest foreign investors in Vietnam, with total investment worth US$11 billion.

Deputy Minister Trung affirmed that the consistent policy of the Party and Government of Vietnam is to attach importance to friendly relations and comprehensive cooperation with China, in which cooperative relations with Guangdong and Hong Kong is especially important.

In 2016, bilateral trade turnover between Vietnam and Guangdong reached US$17 billion, while the figure for Vietnam-Hong Kong was US$6 billion. In March, Hong Kong was the sixth largest investor in Vietnam with a registered capital of US$1.7 billion; meanwhile Guangdong has committed US$1.2 billion in investments to the country.

In recent years, cooperation between Vietnam and Chinese localities has recorded significant results in various fields, including trade, construction, transportation and tourism. The two sides ought to make use of their advantages to further promote cooperation in the future, added the diplomat, saying that as a large-scale market with high purchasing power, Vietnam would be a promising market for high quality products from Guangdong and Hong Kong, as well as international brands based in the two Chinese localities.

Deputy Minister of Foreign Affairs Le Hoai Trung speaks at the event. (Credit: NDO)

Noting that Vietnam is gradually becoming a key player in the global value chain, particularly in electronics, garment and textile and agro-forestry and fishery products, Deputy Minister Trung called for foreign investment in hi-tech and capital intensive sectors, which are the strength of Chinese businesses, such as energy, logistics, manufacturing, infrastructure development and tourism.

Economic and Commercial Counsellor of the Chinese Embassy in Vietnam Hu Suo Jin said that thanks to a range of similarities, Vietnamese and Chinese localities could extend cooperation for common development.

As two of the most developed localities in the region, Guangdong and Hong Kong play a key role in extending China’s investment abroad, Hu Suo Jin said, adding that the Chinese invested An Duong Industrial Zone in Hai Phong, thanks to its modern technology and environmentally friendly projects, will become a new area for cooperation between the two sides.

Praising socio-economic achievements of Vietnam in recent years, Lin Shaochun, Vice Governor of Guangdong Province affirmed that Vietnam is a good environment for Chinese enterprises to do business, while acting as a bridge for Chinese investors entering the ASEAN market. On the contrary, Guangdong also offers a wide range of favourable fields that Vietnamese enterprises could invest in.

Lin Shaochun used the example of the huge demand for food consumption of 100 million Guangdong locals, saying that the Chinese locality needs 45 million tonnes of food a year but it can only produce 15 million tonnes, offering a huge chance for food exporters with quality agricultural products like Vietnam.

In addition, strength in energy, environmental protection, transportation, infrastructure development and management capacity from Chinese enterprises could be a supplement for the Vietnamese side, Lin Shaochun added.

At the seminar, delegates were offered information on the investment direction of Guangdong and Hong Kong’s enterprises in Vietnam, as well as the important role of the two localities in promoting the Vietnamese-Sino investment partnership.

On the side lines of the event, dozens of enterprises from both sides made exchanges seeking cooperative opportunities in various fields, including food and agricultural products and sectors with hi-tech and high added value.

TRUNG HUNG