China, Vietnam See Surge in Bilateral Trade

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Last updated at: (Beijing Time) Saturday, December 28, 2002

China, Vietnam See Surge in Bilateral Trade

Trade between China and Vietnam has grown steadily over the past several years as the two countries enjoy better political, economic and cultural relations.

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Trade between China and Vietnam has grown steadily over the past several years as the two countries enjoy better political, economic and cultural relations.

As socialist neighbors undergoing reform and opening, China andVietnam have developed their relations according to the principlesof "long-term stability, looking toward the future, being good neighbors and full-range cooperation" for the past several years.

From 1991 to 2001, trade volume between the two grew nearly 100times, from 30 million US dollars in 1991 to 2.815 billion US dollars in 2001. From January to October of this year, bilateral trade grew by 5.1 percent to reach 2.46 billion US dollars, according to the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) of China.

China's exports to Vietnam, including motorcycles, gasoline, machinery, raw textile materials, fertilizer, garments and steel, totaled 1.55 billion US dollars in the first 10 months of 2002, up8.4 percent year-on-year.

China's imports from Vietnam, mostly crude oil, sea products, vegetables, fruit, rubber and pepper, reached 915 million US dollars from January to October, showing no change year-on-year.

Many Chinese businessmen were drawn to Vietnam's market potential. From January to October this year, there were several exhibitions of Chinese products in Vietnam. More than 100 Chinese firms displayed their products to local residents.

Chinese businessmen have been investing heavily in Vietnam. Forexample, as early as 1992, the TCL company, an electric appliancesgiant in China, established a plant in Vietnam. The company now has branches in Hanoi and several other cities, producing color TVsets, video compact disc players and other electric appliances.

By August of this year, the number of Chinese-invested companies in Vietnam reached 177, involving registered capital of 318 million US dollars. A total of 146 projects are currently running successfully.

Trade experts here say there are many favorable conditions for the expansion of bilateral trade and economic cooperation. Good relations, China's rapid economic growth, economic recovery in Vietnam, and a strong desire to develop trade and economic cooperation by the two governments combine to support the growth of trade and cooperation.

The two governments have set a trade volume target of 5 billion US dollars by the year 2005.

"In order to achieve the trade volume of 5 billion US dollars, we will have to coordinate our efforts better," said MOFTEC Minister Shi Guangsheng. "China firmly supports Vietnam's desire to join the World Trade Organization as early as possible and hopes to conclude bilateral talks on market accession at an earlier date."

China and the ASEAN (Association of Southeast Asian Nations) have decided to establish a free trade area by the year 2010. Experts say that the move will inject new energy into the growth of trade and economic cooperation between China and Vietnam as well as other ASEAN members.

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