A bilateral trade agreement would significantly boost trade, investment and tourism between Chinese Taipei and Viet Nam, a senior official said on Friday.

James Soong, representative of the Chinese Taipei delegation at the APEC CEO 2017 Summit in Da Nang, said he had visited Viet Nam three times and witnessed drastic growth in the country.

He said a trade agreement between the two APEC member economies and favourable conditions offered by Viet Nam would lure more investment from Chinese Taipei into the country.

He said Chinese Taipei has invested a lot in manufacturing industries (78 per cent of total investment projects), education, hi-tech agriculture and health care service, and will increase its investment in hi-tech industries and medical services in the coming years.

Soong also called for visa exemption for Chinese Taipei businesses and tourists in order to promote two-way trade, investment and tourism.

He said his government plans to exempt visas for Vietnamese management staffs and technicians participating in long-term education programmes in Chinese Taipei.

According to Viet Nam’s Planning and Investment Ministry, Chinese Taipei, with more than 2,500 projects worth US$30.8 billion, is the fourth biggest foreign investor in Viet Nam.

In the first nine months of this year, Viet Nam has attracted 87 new projects from Chinese Taipei, while 64 existing projects have increased their investment. Together, the new and existing projects have a total capital of $935 million.

The southern province of Binh Duong alone has attracted 688 projects from Chinese Taipei with a total investment of $2.6 billion.

Soong said he hoped Da Nang would soon emerge as the second favourite destination for Chinese Taipei investors.

Viet Nam exported farm produce and seafood worth $1.9 billion to Chinese Taipei in the first nine months of this year.

Chinese Taipei plans to import more agricultural and seafood products from Viet Nam in the years to come, Soong said. – VNS