Chinese firms were urged to foster co-operation with Vietnamese counterparts in producing engineering specialities and construction machinery during a business conference held yesterday in Ha Noi.
HA NOI —
Viet Nam's social and economic development plan for 2011, which emphasised the need for increased public infrastructure investment, would allow enterprises from the two countries to exploit wider business opportunities and provide more opportunities for co-operation, said Chinese Shanxi 6 Construction Group chairman Li Du Wen.
Viet Nam had experienced increasing demand for engineering products and construction machinery over recent years due to its fast economic growth, said deputy head of the Viet Nam Chamber of Commerce and Industry's International Relations Department Pham Quang Thinh.
More co-operation opportunities in these sectors were awaiting the two countries' businesses, especially after the ASEAN-China Free Trade Area agreement took effect this year, resulting in strong tariff reduction particularly for agricultural and industrial products.
The engineering industry had drawn great attention from the State over the past decade, said the Viet Nam Mechanical Engineering Association chairman Nguyen Van Thu.
The Key Mechanical Industry Development Programme with a vision towards 2020 has been set up. It has identified eight key mechanical fields including agricultural equipment, mechanical tools, construction engineering, ship engineering, automobile engineering and electrical equipment.
The chairman called on Chinese enterprises to establish customer-care centres in Viet Nam to facilitate Vietnamese clients as well as better ensure their prestige. He also suggested the establishment of future factories supplying components for these centres in Viet Nam.
Bilateral trade ties witnessed a significant growth of over 30 per cent annually in the 2000-10 period. Despite the global economic downturn, two-way trade still increased by five per cent to reach US$21.35 billion last year and $17.8 billion in the first eight months of this year, up 46 per cent year -on-year. It is expected to hit $25 billion this year.
Chinese foreign direct investment in Viet Nam now totals over $3 billion, putting the country 15th among 92 countries and territories investing in Viet Nam. —VNS