China-Vietnam cooperation seen bearing fruit

By Zhang Hongpei Source:Global Times Published: 2017/11/8 22:18:39

Efforts under way to build connection with B&R initiative

Dang Minh Khoi, Vietnamese Ambassador to China Photo: Courtesy of Vietnamese Embassy

The strategic partnership between China and Vietnam has seen progress in many areas over recent years, including trade, finance, technology and tourism, a top Vietnamese diplomat said on Wednesday.

Frequent visits between national and Party leaders of the two countries have played a key role in boosting the development of bilateral relations, Vietnamese Ambassador to China Dang Minh Khoi said in a document sent to the Global Times on Wednesday.

Under the joint efforts, China and Vietnam have made remarkable achievements in economic and trade cooperation, Dang Minh Khoi noted.

Vietnam has become China's largest trading partner among the Association of Southeast Asian Nations (ASEAN), with trade volume reaching $98 billion in 2016, and with a bilateral trade deficit that is dwindling fast.

"The trade figure is expected to break through the $100 billion mark this year based on the volume of $300 million per day on average, which is quite a big number," the ambassador said.

Furthermore, there were 1,747 effective Chinese direct investment projects in Vietnam as of the end of September 2017, worth $11.9 billion in total, with China becoming the eighth largest investor in Vietnam, according to the document.

Also, 195 additional Chinese investment projects with a total value of $1.73 billion were registered in Vietnam during the January-September period this year. China ranks fourth among more than 100 countries and regions that invest in Vietnam in terms of investment value, it noted.

"I hope that pragmatic cooperation in trade and investment will be strengthened further, especially in such areas as production capacity cooperation and infrastructure construction," Dang Minh Khoi said.

He added that Vietnam also welcomes Chinese entrepreneurs to enhance their investment in environmental protection in the country.

"Vietnam has advantages in such sectors as agriculture, aquatic products, dairy and fruit, where cooperation is expected to be enhanced. Also, the two sides can take effective measures to balance trade and widen investment, promoting a steady and sustainable cooperation relationship," Dang Minh Khoi remarked.

In addition, the two countries are actively promoting project connection between Vietnam's "Two Corridors, One Economic Circle" plan with the China-proposed "Belt and Road" (B&R) initiative.

"Organizations such as the bilateral cooperation guidance committee as well as work groups on infrastructure and finance cooperation have played an important role in strengthening the cooperation and realizing the connection of the two initiatives," he said.

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