Vietnam, key trade partner of China’s Guangzhou in ASEAN

7/6/2017 - 2:53:52 PM

Vietnam is a leading trade partner of China’s Guangzhou city, Guangdong province, in ASEAN, said Luo Zheng, director of the Comprehensive Division of the Commission of Commerce of the municipal government, on July 4.

In a press conference on the development of Guangzhou, Zheng said two-way trade between Vietnam and Guangzhou rose by 10.2% to US$2.8 billion in 2016.

Guangzhou shipped to Vietnam US$1.83 billion worth of commodities last year, a year-on-year increase of 12.3%, doubling Vietnam’s exports to the city which was estimated at US$970 million, up 6.5%.

It made Vietnam the second largest trade partner of Guangzhou in ASEAN, after Malaysia who reported US$3.48 billion in trade with the Chinese city.

The future is even brighter for the two sides when the bilateral trade hit US$1.83 billion in the first five months of 2017, up 82.2% year-on-year, surpassing Malaysia. Guangzhou continued to enjoy a trade surplus of US$970 million, with exports to Vietnam worth US$1.4 billion, during the period.

According to Zheng, Guangzhou established four new enterprises in Vietnam last year; and by May 2017, the city has had 21 new businesses, bringing its total investment in the country up to approximately US$50 million.

Meanwhile, as of May, Vietnam has established nine companies in Guangzhou, raising the total investment in the city to US$6.48 million.

Guangzhou and Guangdong have closely coordinated with Vietnam’s localities, businesses and business associations to build foundation for the bilateral trade and cooperation between the two sides, Zheng affirmed.

Source: VNA

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