Improving economic cooperation between Vietnam and China

Ways to improve development and promote trade and investment opportunities between Vietnam and China topped the agenda at the seminar. Speakers at the seminar dilated on the economic advantages and disadvantages of establishing a single free trade area, much like the European Union, between the countries. They also discussed some rather novel and practical ideas on enhancing economic cooperation.

Speaking at the seminar, Vietnam Ambassador to China Nguyen Van Tho expressed his hope that those in attendance would submit practical suggestions to the Party and State leaders for consideration.

The benefits of free trade between the two nations would manifest itself in better jobs for employees, higher wages and improves peoples all around livelihoods, but would only come about as a result of thoughtful and concerted efforts, Tho said. Delegates were in general agreement that there are many bright spots for future economic cooperation between Vietnam and China on the horizon.  

Bilateral trade has been forecast to surpass US$55 billion in this year alone, which amounts to 116% of last year’s value, a leading expert from the Chinese Academy of Social Sciences (CASS) said. Over the next five years China’s imports are cumulatively forecast to exceed US$10 trillion, which opens up vast opportunities for Vietnamese entrepreneurs who are up to the challenge, the expert said.