Fostering trade cooperation between Vietnam and China

Prime Minister Nguyen Xuan Phuc arrived in China on November 4 to attend the first International Import Expo of China 2018 (CIIE), held in Shanghai, on November 4-5, at the invitation of Chinese President Xi Jinping. The PM’s visit will contribute significantly to promoting the image of Vietnamese enterprises to China and other countries in the world, as well as boosting the trade relations between Vietnam and China.

Prime Minister Nguyen Xuan Phuc
Prime Minister Nguyen Xuan Phuc

The Chinese people have gained considerable achievements in the cause of national development while maintaining political and social stability over the past few years. China’s economy has maintained a high average growth rate and the national gross domestic product (GDP) jumped from US$8.13 trillion in 2012 to US$12 trillion in 2017, ranking second in the world and contributing over 30% to global GDP growth.

The economic structure has been constantly improved with the strong development of emerging industries in addition to the massive construction of infrastructure, including high-speed rail, roads, bridges, seaports, airports, and others. China’s science and technology sector has also seen tremendous growth, particularly in the areas of aerospace, information technology, new materials, oceanography and military technology.

Regarding external relations, China attaches significant importance to developing relations with powerful and neighbouring countries, while playing the leading role in cooperative mechanisms established by China.

The relationship between Vietnam and China continues to develop positively. The two countries regularly maintain high-level bilateral meetings and exchanges in order to enhance the political trust between the two sides. High-ranking leaders of the two countries have reached a common perception of continuing to promote the comprehensive strategic cooperative partnership between Vietnam and China in a sustainable and healthy manner.

The bilateral economic and trade cooperation has also made remarkable progress with strong and stable growth in two-way trade revenues. The bilateral trade revenue reached US$66 billion in the first eight months of 2018. China is currently the largest trading partner, the largest import market and the second largest export market of Vietnam. Vietnam continues to be China's largest trading partner in ASEAN and China's eighth largest trading partner in the world.

CIIE 2018, the first of its kind, will be held in Shanghai from November 5-10. The expo will be organised annually and be an important trade promotion event of the Chinese government with the aim of opening the Chinese market and creating opportunities for countries to access the large market of China. The fair includes exhibition areas of national pavilions and corporate exhibitions with the participation of businesses from more than 130 countries and territories worldwide.

Vietnam's participation in CIIE 2018 is expected to promote the brands and images of Vietnamese enterprises to China and other countries in the world, as well as attracting foreign investment and creating conditions for Vietnamese enterprises to seek and expand their business markets.

The presence of Prime Minister Nguyen Xuan Phuc at the CIIE 2018 affirms Vietnam's interest in this event and expresses Vietnam’s appreciation of developing a stable and healthy relationship with China. Vietnam also wishes to work with China to promote sustainable economic and trade cooperation and encourage ministries, sectors and localities of the two countries to foster cooperation for mutual benefit, as well as for peace, stability, cooperation and development in the region and the world.