Vietnam, China’s Hainan province strengthen trade ties. Minister of Industry and Trade Nguyen Hong Dien and Secretary of the Party Committee of China’s Hainan province, Shen Xiaoming. (Photo: MOIT)

The Minister expressed his belief that as the world’s biggest free-trade port, Hainan will play an increasingly important role in trade between Vietnam and China, helping increase Vietnam’s exports and reduce the trade imbalance.

He suggested establishing a trade promotion office of Vietnam in Hainan’s Haikou city; accelerating the opening of the Chinese market to Vietnam’s agricultural products, especially fresh coconut which is in high demand in the province; and cooperating in agricultural processing.

Minister Dien asked Hainan to give assistance and preferential treatment to Vietnamese enterprises to capitalize on e-commerce incentives and take part in major international expos in Hainan.

For his part, Hainan's Party Secretary Shen voiced his support for Minister Dien’s proposals and affirmed that he will order relevant agencies and localities of Hainan to coordinate with the Vietnamese side to step up the establishment of a trade promotion office in Vietnam.

He also pledged to assign his province’s agencies to work with the Chinese General Administration of Customs to promote the market opening to fresh coconut from Vietnam.

Regarding the upgrade of a memorandum of understanding (MoU) on cooperation between the Vietnamese Ministry of Industry and Trade and the Hainan Administration, the Secretary showed his support for negotiations to sign the MoU to help facilitate Vietnam’s trade ties with Hainan and China as a whole.

In 2022, trade revenue between Vietnam and Hainan reached 1.35 billion USD, up 56% year on year. That comprised 695.2 million USD in Hainan’s exports and 658 million USD in Vietnam’s exports, respectively rising 171.9% and 7.5%, according to data from the Chinese province.