Econ
Vietnam – “new tiger” in Asia
Vietnam is an important economy and is among those with the fastest growth rates of the world.
Vietnam is recognized by the world's prestigious organizations as the new economic tiger of Asia, said Secretary General of the Baoao Forum for Asia Li Baodong at the Vietnam – China Economic Promotion Forum in Hanoi on December 20.
The forum was held by the Baoao Forum for Asia (BFA) in coordination with the Chinese Embassy in Vietnam, the Vietnam Ministry of Foreign Affairs and the Hanoi People’s Committee.
Li Baodong said that Vietnam is an important economy, among those with the fastest growth rate in the world. “The country has a stable political environment, infrastructure and business environment are increasingly perfect, attracting international investors,” Li said.
Addressing the forum, Deputy Minister of Foreign Affairs Le Hoai Trung said that Vietnam has become a dynamic, fast-growing, stable and attractive destination for foreign investors. With a population of nearly 100 million, a golden population structure with 60% of the people in the working age, Vietnam is a fast growing potential market. Vietnam's Nikkei Purchasing Managers' Index (PMI) in November 2018 reached 56.5 points - the highest level in seven years, leading Southeast Asia.
Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc pointed out that the biggest issue in the bilateral relation now is the trade deficit which is pending radical solutions. Vietnam incurrs a trade deficit from China every year. Therefore, Vietnam requests China to increase buying Vietnamese spearhead commodities to improve the bilateral trade balance.
On the cooperation between Hanoi and Chinese localities, Chairman of the Hanoi People's Committee Nguyen Duc Chung said that Chinese enterprises have invested in 425 projects in Hanoi with total registered capital of US$517 million.
Hanoi encourages Chinese investment in infrastructure, agriculture, high technology, logistics, finance and banking, and tourism. Hanoi's authorities pledged to facilitate investments, especially those from China so that they would be beneficial for both sides, said Chung.
Cooperation between Hanoi and other Chinese localities is another focus of the capital city’s authoritiy, Chung pointed out, adding that the cooperation should focus on strengthening administrative reform, building a favorable business environment of equality and transparency for Vietnamese and Chinese enterprises; promoting the cooperation to the grassroots level, jointly participating in investment promotion programs, trade fairs and tourism fairs held in both countries.
At the forum, the participants agreed that China and Vietnam need to grasp new cooperation opportunities for mutual development, including taking advantages of geographical location, building roads and seaports for smooth circulation of commodities of both countries, reviewing the regulations and administrative procedures to ensure the interests of both parties.
The forum was held by the Baoao Forum for Asia (BFA) in coordination with the Chinese Embassy in Vietnam, the Vietnam Ministry of Foreign Affairs and the Hanoi People’s Committee.
Delegates at the forum. Photo: Ha Phuong
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Addressing the forum, Deputy Minister of Foreign Affairs Le Hoai Trung said that Vietnam has become a dynamic, fast-growing, stable and attractive destination for foreign investors. With a population of nearly 100 million, a golden population structure with 60% of the people in the working age, Vietnam is a fast growing potential market. Vietnam's Nikkei Purchasing Managers' Index (PMI) in November 2018 reached 56.5 points - the highest level in seven years, leading Southeast Asia.
Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc pointed out that the biggest issue in the bilateral relation now is the trade deficit which is pending radical solutions. Vietnam incurrs a trade deficit from China every year. Therefore, Vietnam requests China to increase buying Vietnamese spearhead commodities to improve the bilateral trade balance.
Chairman of Hanoi People's Committee, Nguyen Duc Chung. Photo: Ha Phuong
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Hanoi encourages Chinese investment in infrastructure, agriculture, high technology, logistics, finance and banking, and tourism. Hanoi's authorities pledged to facilitate investments, especially those from China so that they would be beneficial for both sides, said Chung.
Cooperation between Hanoi and other Chinese localities is another focus of the capital city’s authoritiy, Chung pointed out, adding that the cooperation should focus on strengthening administrative reform, building a favorable business environment of equality and transparency for Vietnamese and Chinese enterprises; promoting the cooperation to the grassroots level, jointly participating in investment promotion programs, trade fairs and tourism fairs held in both countries.
At the forum, the participants agreed that China and Vietnam need to grasp new cooperation opportunities for mutual development, including taking advantages of geographical location, building roads and seaports for smooth circulation of commodities of both countries, reviewing the regulations and administrative procedures to ensure the interests of both parties.
