Vietnam and China see huge potential for cooperation in economy, trade and investment.

China is currently Vietnam’s biggest trade partner, while Vietnam is China’s largest trader in ASEAN. Two-way trade in 2017 was up 30 per cent year-on-year and accounted for 22 per cent of Vietnam’s total import-export turnover.

Vietnam posted a trade deficit of 28 billion dollars with China in 2016. The figure was down to 22.7 billion dollars last year, a positive sign in improving the bilateral trade balance.

Bilateral trade is forecast to exceed 100 billion dollars this year.

In terms of investment, Chinese enterprises are intensifying investment in such fields as garments-textiles and mineral exploitation-processing in Vietnam. Last year, Chinese investors opened 284 new projects and added capital to 83 existing projects in the southeast Asian nation with a total capital of over 12 billion dollars.

With its open trade policy, China welcomes foreign businesses, including those from Vietnam, to bring into full play market opportunities to increase exports of high-value products to the country.

Chinese firms want to seek cooperation opportunities in garment and textiles, seafood and farm produce processing for export.