PM calls for stronger business partnership between Viet Nam and China

Pham made the call while addressing the Viet Nam-China Business Seminar in Chongqing city on November 8 as part of his ongoing tour to China to attend the 8th Greater Mekong Sub-region (GMS) Cooperation Summit and related summits.

Stronger business partnerships would contribute to concretizing the agreements, commitments and common perceptions reached by the two countries' senior leaders, Pham said.

Both countries are working to deploy smart customs system in order to simplify customs procedures while competent authorities of the two sides have built policies to improve logistics infrastructure, provide financial support, foster technical cooperation, and develop emerging industries such as digital economy, green economy and circular economy, the Vietnamese Prime Minister said.

For the Vietnamese side, Pham said the country is accelerating the implementation of three strategic breakthroughs of institutional building, strategic infrastructure development and high-quality human resource development.

The Southeast Asian nation is also doubling efforts to build an open, transparent, fair and healthy business and investment environment, he added.

Viet Nam has established diplomatic relations with nearly 200 countries, signed 17 free trade agreements involving 65 partners around the world, thus opening up huge opportunities for foreign investors.

The country has also been attractive to foreign investors as evidenced by increasing inflows of foreign direct investment (FDI) over years.

Last year, the total FDI volume neared US$36.6 billion, up 32.1 percent from 2022 while disbursement reached all-time high of US$23.2 billion.

As of October 2024, China poured almost US$30 billion in investment capital in nearly 5,000 projects in Viet Nam, according to the Vietnamese Prime Minister.

Trade between Viet Nam and China stood at US$172 billion last year and US$190.9 billion in the first nine months of 2024, a year-on-year increase of 14.5 percent, he added.

Earlier the same day, Prime Minister Pham met with Yuan Jiajun, Politburo member of the Chinese Communist Party and Secretary of the Chongqing Municipal Party Committee./.