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  Foreign Investment

Many Guangxi businesses to invest in Vietnam

Many businesses from Guangxi province of China, operating in areas of automobile manufacturing, agricultural machines, nonferrous metals, seafood and construction materials, are expected to invest in Vietnam.

China is viewing Vietnam as an important investment place, Cao Bochun, Secretary of the Guangxi Zhuang Autonomous Region Party Committee said at a workshop on trade and investment co-operation between Vietnam and China's Guangxi province held in Hanoi last weekend.

He said many Guangxi province’s businesses would boost investment in Vietnam with a greater scale in the coming years and this would become a bright example in the economic and trade co-operation between the two countries.

As many as 41 projects capitalised at US $181 million were signed within the framework of the workshop last Saturday.

Chinese Ambassador to Vietnam Hu Qian Wen said the Chinese Embassy does its best to support Guangxi province to co-operate with Vietnam in fields of trade, investment, construction bid and design consultancy.

Vietnam and China should guide businesses of the two countries to sign and implement long-term contracts in trading key products of the two countries such as rubber, vegetable, seafood, coal, crude oil and woodwork, said Do Nhu Dinh, Vietnamese trade deputy minister.

Mr Dinh said, in trade relations with Guangxi, Vietnam attaches much importance to both small and big volumes trade. Big volume trade plays a decisive role in strong and stable growth in trade turnovers between the two countries.

In 2005, Vietnam - China two-way trade turnovers reached US $8 billion. Vietnam is the biggest trade partner of Guangxi, with two-way trade worth nearly US $1 billion in 2005, an increase of 31% over 2004.

The investment co-operation between the two sides was also expanded with 49 investment projects worth US $21.24 million from Guangxi in Vietnam and 18 projects worth US $15.48 million by Vietnam in Guangxi by late 2005.

So far, China has invested in 357 projects in Vietnam with a total registered capital of nearly US $740 million, ranking 16th out of 75 countries and territories investing in Vietnam.

The workshop, held by the Vietnam Chamber of Commerce and Industry (VCCI) in co-ordination with authorised agencies of the Guangxi Zhuang Autonomous Region, aimed to introduce policies, opportunities and fields for investment and trade co-operation between Guangxi and northern provinces of Vietnam.

About 250 delegates attended the workshop, including more than 100 businessmen from Guangxi province of China.

Nhan Dan - (19/04/2006)

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