HA NOI (Biz Hub) — A Viet Nam-Hubei economic and trade seminar was held in Ha Noi yesterday, luring more than 60 business representatives from the Chinese province.

Vietnam Chamber of Commerce and Industry (VCCI) Vice President Doan Duy Khuong said the seminar was designed to deepen mutual understanding between Viet Nam and China, while providing an excellent opportunity for Vietnamese businesses to directly meet potential Chinese partners and seek cooperation opportunities.

According to statistics from Vietnam Customs, trade volume between Viet Nam and China was US$31.9 billion in the first half of this year, up 17 per cent compared to the same period last year. Of that total, Viet Nam's exports to China were $7.7 billion, up 4.7per cent and imports were $24.2 billion, up 21.8 per cent.

Viet Nam exports crude oil, coal, computer, telephone, rubber, rice, fruit and vegetables, and seafood to China while imports consist of machinery, tools, electronic components, spare parts, garment, steel and fertilizer.

The Ministry of Planning and Investment (MPI) reports that as of March this year, China invested $8 billion in 1,112 projects in Viet Nam, ranking ninth among 100 foreign investors. Chinese businesses poured $253 million in 99 projects in the country just last year alone.

Khuong added that China sends the highest number of tourists to Viet Nam last year, with 1.9 million visitors. Around 700,000 Chinese people came to Viet Nam in the first half of 2015.

Gan Rong Kun, Vice Chairman of Hubei province, said Hubei businesses have run projects like Saigon international port, SSIT international seaport, Formosa Plastics Steel Complex, Tra Vinh seaport and Hai Duong thermal power plant in Viet Nam. — VNS