A conference on economic cooperation between Vietnamese firms and their peers from China’s Shandong province took place in Hanoi on May 27.

The conference on economic cooperation between Vietnamese
and Chinese businesses in Hanoi on May 27 (Photo: VNA)

According to Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), the event was an occasion for Vietnamese enterprises to learn about opportunities for joint projects in agriculture, food, construction material, steel, electricity equipment, seafood, and furniture, among others. 

Speaking at the conference, Wang Liang, vice chairman of the Shandong people’s council, said Vietnam has become the biggest and most important partner of his province, with bilateral trade hitting 38 billion CNY (5.5 billion USD).

Shandong mainly imports crude oil and electronic goods from Vietnam; while exporting electronic equipment, apparel, and machinery, among others, to the country. Firms from the Chinese locality have so far increased their investment in garment and textile outsourcing and rubber production in Vietnam.

Wang said potential for bilateral win-win collaboration remains extensive, stressing the Shandong authorities’ support for both Vietnamese and local public agencies and firms to boost cooperation in trade, investment, finance, education, and health.

Phong said the VCCI will create favourable conditions for both sides to meet up and form partnership.

Trade Counsellor of the Chinese Embassy in Vietnam Hu Suojin said the embassy will work with the VCCI and relevant agencies to facilitate cooperation between the two business communities.

The Foreign Investment Agency under the Ministry of Planning and Investment stressed it will assist investors in terms of information supply, arranging meetings, and addressing investment difficulties.

After the conference, Vietnamese companies and their Shandong peers joined a business matching event.

According to the General Department of Vietnam Customs, Vietnam-China bilateral trade was close to 104.6 billion USD last year, up 11.75 percent from 2017.