Vietnamese-Chinese contracts worth US $1.9 billion signed
(VNA): Vietnamese businesses accompanying President Tran Duc Luong on his current visit to China, have signed contracts with Chinese partners worth more than US $1.9 billion.
The figure, an all-time record value for economic contracts signed by businesses accompanying Party and State leaders during a foreign tour, was reported to President Tran Duc Luong at his meeting with the Vietnamese businesses in Nanning city, China's Guangxi province, on July 21.
Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry, said that the contracts are only a small part of the achievements in the tour, as many businesses have not won any contracts but have established relations with major potential partners. In fact, two thirds of Vietnam's major corporations have had business dealings with China, he added.
President Luong praised Vietnamese businesses, including major corporations, which have promoted trade with China - a big potential market - thus helping intensify friendship and far-reaching co-operation between the two countries.
The Vietnamese president asserted that leaders of the two countries are determined to boost bilateral economic and commercial co-operation to the same level with the fine political relations between the two sides. The two countries still have great potential for further co-operation, he said.
He said the deficit in trade with China is objective because Vietnam has to import machinery, equipment, petrol, and steel. To reduce the deficit, Vietnamese businesses should strive to improve the competitiveness of their products and increase the quantity of goods for exports to China.
In the context that the ASEAN-China free trade area is being established, Vietnamese businesses should immediately build effective business strategies to avoid failure in competition, President Luong said. He urged Vietnamese businesses to gain valuable experiences in business management, investment and market development from their Chinese partners.
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