Chinese firms seek to boost operations in Vietnam

06-Aug-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Enterprises from China’s Zhejiang Province want to expand their investments and operations in Vietnam, especially HCM City, as the country’s economy is developing significantly, said Li Jianliang, Commercial Consul at the Chinese Consulate general in HCM City.

At the opening ceremony of the Zhejiang International Trade Expo 2019, held at the Saigon Exhibition and Convention centre (SECC) in HCM City’s District 7 on August 1, Li noted that bilateral trade between China and Vietnam exceeded $100 billion last year. China was Vietnam’s largest trade partner, while Vietnam was also China’s largest trade partner in the Asean.

The expo will help enterprises from Zhejiang seek more business opportunities in Vietnam, especially HCM City, which is the country’s economic hub, Li remarked.

To Ngoc Son, deputy director of the Department of Asia-Africa Markets, under the Ministry of Industry and Trade, pointed out that in the first half of the year, the two countries’ bilateral trade reached $52.36 billion, up 11.8 percent year-on-year. China was the largest supplier of products to Vietnam and the second-largest buyer of Vietnamese goods.

The trade between Vietnam and Zhejiang Province alone totalled $9.39 billion last year, up 18.4 percent over 2017. The Chinese province exported some $7.22 billion worth of products to Vietnam and spent nearly $2.18 billion on Vietnamese goods.

As for investment, Vietnam had developed 29 projects in Zhejiang as of last year, with total registered capital of $21.53 million. Meanwhile, 228 enterprises from Zhejiang with combined investment of $2.57 billion are operating in Vietnam.

The Zhejiang International Trade Expo 2019, which will last until August 3, has attracted 106 exhibitors displaying building materials, electronic products, textiles and garment materials and consumer goods.

On the same day, the 19th edition of the International Medical, Hospital & Pharmaceutical Exhibition (Vietnam Medi Pharm Expo) also opened at the SECC. The expo attracted 400 enterprises, including 200 foreign firms from 20 countries and territories.

These exhibitors introduced pharmaceutical products, medical equipment, hospital furniture and pharmaceutical manufacturing and packaging machines.

The expo also included a seminar on new regulations governing the management of medical equipment, from the Ministry of Health, and another on Vietnam’s pharmaceutical market.

https://english.thesaigontimes.vn/70284/chinese-firms-seek-to-boost-operations-in-vietnam.html

 

Category: Business, Vietnam

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