Nov 05, 2018 / 13:56

Vietnam PM touts Chinese investment in hi-tech, infrastructure

The Hanoitimes - PM Nguyen Xuan Phuc noted that Vietnam needs US$25 billion annually for the infrastructure sector until 2020.

Vietnam’s Prime Minister Nguyen Xuan Phuc has called on Chinese investors to spend money on hi-tech industries, infrastructure and environmentally-friendly projects which are Vietnam's priorities in attracting foreign investment, according to the government portal.
PM Phuc meets with Chinese investors at CIIE. Photo:
PM Phuc meets with Chinese investors at CIIE. Photo:
The Chinese investors will improve their image and prestige in Vietnam once they follow the above criteria, the prime minister said in an interview with China’s Xinhua News Agency at China International Import Expo (CIIE) held in Shanghai. 

On the occasion of CIIE, the PM met with a number of Chinese leading finance and construction firms, including Ping An Insurance Group and Greenland Group.  

The PM encouraged their investment plans in Vietnam which will focus on finance, banking, insurance, infrastructure, energy, agriculture, and food industries. He said that Vietnamese senior officials will facilitate the groups’ investment.

In the meeting, the PM highlighted potential investment in infrastructure sector in Vietnam, saying that it is one of the country’s priorities in socio-economic development. Vietnam needs around US$25 billion annually for the infrastructure sector until 2020. 

In the interview, Phuc said that Vietnam and China in 2017 signed a Memorandum of Understanding on the linkage between “Two Corridors and One Economic Circle” and “Belt and Road Initiative” to promote the cooperation in five fields namely policies, infrastructure, finance, trade, and the people. 

The PM noted that Vietnam supports the economic cooperation in the framework of the Belt and Road Initiative for the sake of global peace, development, and prosperity on the ground of mutual respect, equality, and benefit, in respect of independence and sovereignty of each partner. 

He also called on the Chinese government to facilitate the import of Vietnamese products, mostly farm produce, seafood, and home appliances. Currently, 74% of Vietnam’s exports of veggies and fruits are from China.

In the first half of this year, Vietnam-China trade rose 17% to US$46.82 billion. The two-way trade may reach US$100 billion by the year-end.