Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), Pham Tan Cong, spoke at the conference.

Over the past decade, trade between the two countries has increased more than fourfold, making China Vietnam's largest import market and Vietnam China's largest trading partner in ASEAN. Bilateral trade volume in 2023 reached nearly USD 172 billion. In the first four months of the year, import-export turnover reached nearly USD 60 billion.

Regarding investment, China has become the sixth largest investor out of 146 investing partners in Vietnam. In 2023, there was a breakthrough in investment cooperation. China has emerged as the leading partner in terms of the number of new investment projects in Vietnam. As of March this year, China has over 4,400 active projects with a total registered capital of more than USD 27.6 billion.

Speaking at the Vietnam-China Business Opportunity Connection Conference, Mr. Pham Tan Cong, Chairman of VCCI, noted that Vietnam and China's joint participation in signing the Regional Comprehensive Economic Partnership (RCEP) - the largest-scale new-generation FTA in the world, holds great expectations to become a new driving force for the economies and businesses of both countries.

Chairman of VCCI emphasized that Vietnam consistently encourages Chinese enterprises to expand cooperation and increase investment in areas where China has strengths, while prioritizing fields such as innovation, green growth, digital transformation, renewable energy, clean energy, smart cities, high-quality manufacturing industry, and infrastructure development in roads, railways, healthcare, and education.

However, amidst global economic challenges and uncertainties, Chairman of VCCI believes that enterprises from both countries not only need to quickly adapt to changes but also seize opportunities to expand markets, develop new products and services, and seek innovative solutions to enhance competitive capacity.

"With the goal of joining the group of developed countries with high income by 2045, the Vietnamese government is determined and has strategies for developing a green economy, circular economy, implementing digital transformation. This is a great opportunity for Chinese enterprises to leverage and succeed in Vietnam," Chairman of VCCI stated.

Vietnam-China Business Opportunity Connection Conference

With a shared perspective, Mr. O Quoc Quyen, Minister Counselor, Embassy of China in Vietnam, affirmed that China and Vietnam are important economic and trade partners to each other. Economic and trade cooperation is a crucial part of the comprehensive strategic partnership between China and Vietnam.

Under the strategic guidance of the highest leadership of both parties, the scale of trade between China and Vietnam continues to expand, and industrial investment continues to be optimized. Economic and trade cooperation has also witnessed explosive growth in recent years.

China has maintained its position as Vietnam's largest trading partner for many years, while Vietnam is China's largest trading partner in ASEAN and the 5th largest trading partner globally. In the first four months of this year, the bilateral trade turnover reached USD 80.31 billion, an increase of over 20%. During the same period, Chinese companies implemented 278 new investment projects in Vietnam, leading among 145 countries and territories investing in Vietnam.

Mr. Pham Tan Cong, Chairman of VCCI (right), and Mr. Hua Ninh Ninh, Chairman of the RCEP Industrial Cooperation Committee of China

The RCEP agreement is a milestone achievement in regional integration. After more than two years in effect, the agreement has effectively reduced regional trade costs, strengthened production and supply chain relationships within the region, and brought tangible benefits to all participating parties, including both China and Vietnam. It has also contributed to the global economic recovery efforts.

Mr. Dao Trong Khoa, Deputy Chairman of the Vietnam Logistics Business Association, and Ms. Ma Li, Director of the Commerce Bureau of Baozhou City, signed the MOU.

The Chinese Minister Counselor expects that local authorities, business associations, and communities on both sides will maximize the high-quality platform provided by the RCEP agreement; exploit cooperation potential, expand connections, and enhance mutually beneficial cooperation. This will promote the deepening of the amicable cooperation between China and Vietnam, contributing to building a strategic China-Vietnam community and sharing a common future.

Mr. Nguyen Quoc Hiep, President of the Vietnam Contractors Association, and Ms. Ma Li, Director of the Commerce Bureau of Baozhou City, Anhui Province, China signed an MOU.

At the conference, representatives from the association and Chinese businesses also indicated that opportunities for business cooperation and investment between Vietnam and China are gradually becoming richer and expanding in fields such as agriculture, electronics, construction materials, energy, industrial parks, and rubber. The conference also witnessed the signing ceremony of the MOU between the Vietnam Contractors Association, Vietnam Logistics Business Association, and representatives from Baozhou City, Tuyên Thành.