May 15, 2024
HANOI – Green economy and the digital economy can play an important role in the investment and trade cooperation between Việt Nam and China, said Prime Minister Phạm Minh Chính during a meeting with a high-ranking delegation from large Chinese corporations on May 14 in Hà Nội.
China remains Việt Nam’s largest importer of a wide range of products and services while Việt Nam is China’s largest trading partner in Southeast Asia with bilateral trade reaching US$172 billion last year. China also ranks as the sixth largest investor in Việt Nam with 4,418 projects for a total registered capital of $27.6 billion.
As the two countries have been supporters of green, digital, circular and sharing economies, participants at the meeting said Việt Nam-China cooperation contributes to the common awareness by both ruling parties, as well as a community with a shared future.
Leaders from Vietnamese ministries, sectors and their Chinese counterparts exchanged ideas and agreed to greater cooperation in building stronger economic, commercial and investment ties, especially in developing green and digital economies.
Chinese energy companies have been showing great interest in participating in energy and energy storage projects in Việt Nam. They have asked for the issuance of implementation guidance from the Vietnamese Government, shorter and simpler bidding procedures in waste-to-energy projects and solutions to optimise the integration of renewable energy projects and other industries.
Chinese silicon companies and manufacturers of solar energy products suggested the Government provide solutions to improve infrastructure and services such as electricity, telecommunications and skilled workers to attract additional investment.
Chinese electric vehicle (EV) manufacturers like Chery and Yadea desire to invest in developing the EV industry in Việt Nam, a major part of the country’s neutral carbon objective. They expressed hope that Việt Nam may implement policies to encourage consumers such as tax exemptions and subsidies for EVs.
ZTE and Huawei said they hope to take part in the development of 5G industrial applications, asking for the Vietnamese Government’s support in building applications for 5G and establishing 5G application standards in various industries.
PM Chính addressed the issues raised by Chinese businesses and reaffirmed Việt Nam’s commitment to agreements formalised during an earlier meeting between Vietnamese Party General Secretary Nguyễn Phú Trọng and Chinese Party chief and President Xi Jinping to build a future-sharing community that benefits both countries.
Chính said the Vietnamese Government is willing to listen and help resolve all issues faced by foreign investors, including Chinese investors. He said the open exchange of opinions and dialogues between two countries reflects the commitment to cooperate in a spirit of “harmonised interests, shared risks.”
He ordered Vietnamese ministries and governmental agencies to take note of the Chinese issues and take a proactive approach to help them address issues in a timely manner.
Meanwhile, the PM said Việt Nam maintains its open door policy in attracting foreign investment, especially high-quality projects with numerous economic and industrial zones set up to strengthen the links among FDI businesses and domestic businesses, as well as to promote public-private partnerships in the development of a robust digital, green, circular, knowledge-based, and sharing economy.
He encouraged the Chinese side to find opportunities to expand cooperation and investment in Việt Nam, including areas in which Việt Nam has identified as priorities such as innovation, green development, renewable energy, smart city, high-quality manufacturing and large-scale project management.
Major areas of potential cooperation include infrastructure construction, road and rail transportation, metallurgy, healthcare and education, along with required technology transfer, human training and institutional development know-how. In return, he asked Chinese companies to support the participation and integration of Vietnamese companies in their supply chain and value chain.
PM Chính also stressed the need to speed up projects aimed at improving the two countries’ strategic connectivity, including the construction of cross-border railways and roads, upgrades of existing border gates, cross-border cooperation zones and promoting the digitalisation of commercial activities, especially tourism.
He suggested Chinese businesses back the removal of non-tariff barriers to Vietnamese goods, and the expansion of the importation of Vietnamese goods, and encouraged them to propose programmes and projects within Vietnam’s national strategies on green growth and digital transformation.