Three cooperation agreements were inked between businesses from Việt Nam and Yunnan province (China) during a conference on trade promotion and economic cooperation in Hà Nội on Wednesday.

Under the agreements, these firms would foster their cooperation in the field of farm produce and food.

During the event, the two countries' businesses also learned more about each other's import and export needs, identified potential partners, and then built appropriate production and business plans.

In his speech at the event, the deputy head of the Việt Nam Trade Promotion Agency Lê Hoàng Tài said that Việt Nam's participation in new-generation free trade agreements (FTAs) created favourable legal frameworks for its economic and trade ties with countries worldwide to grow further.

He cited statistics by the General Department of Customs showing that trade between Việt Nam and the neighbouring country reached US$175.6 billion last year, an increase of 5.5 per cent from 2021. Over the past 11 months of 2023, the bilateral trade was estimated at $155.8 billion, and the whole year’s value was expected to be equal to that of 2022.

However, he noted that economic and trade relations between Việt Nam and Yunnan had yet to match the potential of both sides, as two-way trade stood at only $3.2 billion last year, and $2.2 billion over the past 10 months of this year.

According to the Yunnan Department of Commerce, Yunnan mainly exports coking coal, fertiliser, electricity, electrical machinery and equipment, chemicals and agricultural products to Việt Nam, while importing yellow phosphorus, tropical fruits, wood products, peeled boards, medicinal herbs, fresh cassava, cassava starch, and agro-aquatic products from the Southeast Asian nation. — VNS