Conference promotes Vietnam’s trade, investment cooperation with China’s locality

A conference on promoting trade, investment and economic cooperation between Vietnam and China’s Hainan province took place in the local Haikou city on April 10, attended by the sides’ officials and approximately 120 enterprises.

Co-chairing the event, Vietnamese Minister of Industry and Trade Nguyen Hong Dien highlighted the specially important position of China and its localities in Vietnam’s policy for economic, commercial, and industrial development as well as ample room for cooperation in such fields between Hainan and Vietnamese localities in the time to come.

In his remarks, the minister proposed the southern Chinese province’s authorities and the Chinese Ministry of Commerce assist the Vietnamese Ministry of Industry and Trade (MoIT) in completing procedures needed for the establishment of a Vietnam trade promotion office in Haikou in 2023.

His proposals also included the sides’ coordination in signing and implementing a memorandum of understanding on strengthening economic and trade cooperation between the MoIT and the people’s government of Hainan; and the promotion of market opening for Vietnamese fruits, firstly, fresh coconut, to meet consumption and processing needs in Hainan and support Vietnamese businesses to officially export fresh coconuts to the Chinese market.

It is also necessary for the sides to organise more trade promotion activities and exchange information on policy changes and arising problems and difficulties, the minister noted.

Dien recommended Vietnamese and Chinese firms actively learn about each other’s markets, and join trade fairs held in the nations.

The conference saw participating firms networking to boost the official export of Vietnamese goods to China. According to statistics of Hainan, the province’s import and export turnover with Vietnam’s localities stood at 1.35 billion USD in 2022, up 56% annually. Also last year, Vietnam was the 7th largest trading partner and the 8th largest import market of Hainan province.