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Chinese firms eye trade with HCM City
Guangzhou City's Panyu District in China plans to expand investment and trade co-operation with HCM City, according to the Deputy Chairman of the district's party committee.
"The Panyu District administration will create a favourable investment environment for various kinds of enterprises, effectively protect the legitimate rights and interests of investors and customers," said Li Wei Tang, speaking at a seminar on trade and economic cooperation between Viet Nam and China on Tuesday.
More than 150 companies from HCM City and Guang-zhou attended the seminar, organised by the district's Economic and Trade Promotion Bureau, Quangzhou City and Viet Trung Hoa Company.
Located in the centre of the highly industrialised Pearl River Delta, the Panyu district is oriented to become the new city, a transportation hub and advanced manufacturing cluster of modern Guangzhou.
By strengthening economic cooperation, Panyu and HCM City can complement the two sides' strengths, he added.
In addition, the China-ASEAN Free Trade Agreement that came into effective early this year will also offer new opportunities.
Direct flights from Guangzhou to HCM City will help promote trading, investment and tourism between the two regions, according to Chinese Consul General in HCM City Xu Mingliang.
Tran Vinh Nhung, Deputy Director of the HCM City Industry and Trade Department, said trade between Viet Nam and China has grown consistently in the past years.
Last year, bilateral trade value between Viet Nam and China reached US$19.46 billion, of which Viet Nam exported goods worth $4.34 billion to China and imported $15.12 billion in product value, Nhung said.
In the first six months of the year, export earnings from China was worth $2.8 billion, an increase of 45.2 per cent compared to the same period last year, while Viet Nam spent $8.8 billion to import Chinese products, up 30 per cent over the same period in 2009.
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