At the Viet Nam-China Trade and Investment Cooperation Forum held in Beijing on June 28, Prime Minister Pham Minh Chinh called on Chinese investors to continue to invest in Viet Nam.

This forum was organised by Viet Nam's Ministry of Planning and Investment and the China Council for the Promotion of International Trade on the occasion of PM Chinh's official visit to the People's Republic of China.

The event saw participation from Chinese Vice Premier Liu Guozhong, alongside leaders of ministries, branches and more than 350 enterprises of Viet Nam and China.

Prime Minister Chinh stated that Viet Nam attracts foreign direct investment (FDI) projects meeting criteria on efficiency, sustainable manner, quality, technology and environmental protection.

Viet Nam prioritises FDI on projects in the fields of high technology, innovation, and research and development. It also gives priority to projects that promote develop the circular economy in Viet Nam and create favourable conditions for Vietnamese enterprises to participate in the value chain.

Viet Nam also calls on Chinese investors to participate in the development of strategic infrastructure projects, such as railways and highways.

To improve the quality and efficiency of investment activities in Viet Nam, Chinh said that Viet Nam will continue to improve the business investment environment to be more transparent, favourable and internationally competitive. It will also perfect mechanisms, policies and laws, and reduce and simplify administrative procedures and business conditions.

Speaking at the forum, Chinese Vice Premier Liu Guozhong thanked the business communities of Viet Nam and China for making important contributions to promoting economic cooperation between the two countries.

Vice Premier Liu said that the China-Viet Nam political trust is being enhanced, and economic, trade and investment collaboration is maintaining steady growth.

He said the cooperation in trade and investment between Viet Nam and China maintains growth. Viet Nam is China's 4th largest trading partner. Bilateral trade turnover reached US$175 billion in 2022.

Meanwhile, China is the largest trading partner of ASEAN, including Viet Nam, which accounts for a quarter of the total trade turnover between China and ASEAN. More and more Chinese enterprises are investing in Viet Nam and the nation is still one of the top destinations receiving large investment from Chinese enterprises in ASEAN.

The world is changing fast, China and Viet Nam need to promote trade cooperation to a higher and new level, Vice Premier Liu Guozhong said. China is willing to work with Viet Nam to fully promote the China-ASEAN Free Trade Agreement. China also promotes bilateral trade balance.

According to the Vice Premier, China and Viet Nam still have a lot of room for cooperation in development of supply chains. China will encourage and create conditions for enterprises with strong potential, good reputations and high technology to invest in Viet Nam.

He said the community of traders and investors is the main force in promoting economic cooperation between Viet Nam and China. They are also the main beneficiaries of the development of the comprehensive strategic cooperation between Viet Nam and China. Therefore, businesses should continue to enhance investment and trade activities.

Prime Minister Chinh said the authorities of the two countries continue to review and perfect the legal framework and policies, and improve the business environment to create favourable conditions for the two countries' businesses in increasing investment and trade activities.

He said that it is necessary to have an exclusive working group on trade and investment to promote the efficiency of these activities.

At present, Viet Nam focuses on implementing three strategic breakthroughs in institutions, human resources and infrastructure. It continues to ensure socio-political stability; strengthen national defence and security; and build an independent and self-reliant economy associated with active international integration.

Viet Nam also continues to implement the goals of maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring balance in the economy.

In the current global context, Viet Nam still controls inflation effectively and is focusing on promoting economic growth drivers such as consumption, investment and export, as well as removing hurdles for businesses.

To help Vietnamese products gain a firm foothold in the Chinese market, Chinh asked Vietnamese firms to exert more effort in improving the quality of exports.

It is necessary to have specific mechanisms and policies to strongly promote the two countries' trade activities, especially the import of agricultural products from Viet Nam.

Regarding trade promotion, it is necessary to have specific mechanisms and policies to promote bilateral trade in a more balanced direction; encourage border trade and study the formation of appropriate border trade zones; as well as develop logistics systems; connect supply chains; promote e-commerce; and strengthen cooperation against smuggling and trade fraud, the Viet Namese PM stressed.

He also welcomed the building of a smart border gate model between Lang Son Province of Viet Nam and Guangxi Province of China. — VNS