Vietnam, China firms sign contracts worth nearly $760 million at trade fair

Vietnamese enterprises signed with their Chinese peers 18 economic contracts worth US$758.9 million during the 20^th Vietnam – China border trade fair.

Overview of the contract signing ceremony. Source: Lao Cai Newspaper.

The signed contracts are in the fields of export-import of metal ores, chemicals, agro-forestry-fishery products, and fertilizer, among others.

The event, kicked off on December 12, was jointly held for the first time in a virtual platform due to the Covid-19 pandemic by Lao Cai province People’s Committee of Vietnam and the authorities of Yunnan province in China.

From the Vietnamese side, the trade fair was held at the Kim Thanh Trade Fair and Exhibition Center in Lao Cai province, while the other part of the fair took place at the Hekou International Exhibition Center in Yunnan province of China.

“Trade and economic cooperation between Lao Cai and Yunnan in 2020 have been growing strong despite the severe Covid-19 impacts,” said Vice Chairman of the Lao Cai Province People’s Committee Hoang Quoc Khanh.

During the border trade fair, visitors have opportunities to experience virtual booths, products and services under the 5G network, as well as key export products from two countries.

The 20^th Vietnam – China border trade fair is aimed at further promoting bilateral trade, investment and tourism between Lao Cai and Yunnan, contributing to a comprehensive strategic partnership between the two countries, stated Mr. Khanh.

Contracts with sizable economic values showcased the dynamism of both Lao Cai and Yunnan following the signing of the Regional Comprehensive Economic Partnership (RCEP) on November 15, with Vietnam and China both are members of the deal, according to experts.