Chinese leading firms plan investment expansion in Vietnam

Representative from 19 leading Chinese enterprises confirmed their plans to expand cooperation and investment in Vietnam during a meeting with Prime Minister Pham Minh Chinh  in Hanoi on May 14.

They stressed that the business and investment environment in Vietnam has been continuously improved with appropriate development strategies and orientations, particularly in digital economy, green economy and emerging sectors.

PM Chinh confirmed that the Vietnamese Government always encourages foreign-invested enterprieses, including those from China, to expand their investment in the areas where they have strengths and Vietnam has demand.

The PM suggested that the Chinese groups  transfer technologies to Vietnam and help their Vietnamese counterparts to join regional and global value and supply chains.

He proposed 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 programs and projects within Vietnam’s national strategies on green growth and digital transformation. 

The government leader noted his support for the roll-out of sustainable business models, especially those in green economy, digital economy, knowledge-based economy, circular economy and sharing economy.

He asked Vietnamese ministries and agencies to quickly clear up concern raised by Chinese enterprises, suggesting the establishment of a working group to handle relevant issues.

Two-way trade between Vietnam and China reached $172 billion in 2023.

China ranks sixth among the 146 countries and territories investing in Vietnam, with 4,418 valid projects worth more than $27.6 billion as of March 2024.