The information was revealed at an April 14 seminar discussing ways to strengthen economic and trade cooperation between Vietnam and China’s Guangdong province in Hanoi.
At the seminar, Deputy PM Pham Binh Minh spoke highly of economic and trade cooperation which have played a crucial role in the comprehensive relations between Vietnam and China.
The seminar gave both sides a good chance to connect and strengthen trade exchange and mutual understanding between the business communities and bolster cooperation in economics, trade and investment between Vietnam and China in general and among Vietnam’s localities and China’s Guangdong province in particular.
The Vietnamese leader also emphasised that despite the global economic downturn, two-way trade turnover saw an average growth rate of nearly 30% per year over the last decade.
Deputy Minister of Industry and Trade, Nguyen Cam Tu also appreciated potential, cooperative advantages in the field of economics, trade and investment between Vietnam and Guangdong province. Last year, two-way trade turnover between Vietnam and Guangdong reached nearly US$12.3 billion, up 40% against 2012’s figure.
Until February 2014, bilateral trade turnover was US$1.7 billion including US$720 million from Vietnamese exports to Guangdong, up 19.4% and US$995 million worth of its imports from the Chinese locality, up 7.5% against the same period last year.
Vietnam accounts for 11.6% of the total trade turnover between ASEAN countries and Guangdong.
Hu Chunhua, Politburo member and Secretary of the Guangdong provincial Party Committee, said that Vietnam and Guangdong have strong demands for enhanced cooperation with advantages in geography, natural resources and solid foundations in economic and trade cooperation.
During the event, Guangdong province proposed some solutions to expand bilateral trade, accelerate the development of economic cooperative zones and transport infrastructure, and increase cooperation in agriculture and fisheries as well as building an effective cooperative exchange mechanism.
Leaders witnessed the signing of cooperative agreements and contracts valued at over US$200 million in the field of farm produce, electronics, telecommunications, and training.
