Vietnamese PM urges PRC businesses to expand investment

16 Jun '20

2 min read

Pic: Shutterstock

Urging leaders of Chinese businesses engaged in garment, textiles, fibre, engine components and automobile tyres in Vietnam to expand investment in the country, the latter’s Prime Minister Nguyen Xuan Phuc recently said he will continue to facilitate entry and exit of foreign experts, business managers, investors and skilled workers, including those from China.

While hosting a reception for these business leaders in Hanoi recently, he said Vietnam will create optimal conditions for Chinese businesses.

Phuc said he had earlier held telephonic conversations with his Chinese counterpart Li Keqiang to discuss ways to step up cooperation and share experiences in combating COVID-19. Vietnam had also donated medical supplies to China, he was quoted as saying by a Vietnamese newspaper report.

China is currently Vietnam's largest importer and second biggest exporter. In return, Vietnam is the top ASEAN trade partner of China, with bilateral trade reaching $120 billion last year.

China has invested in nearly 3,000 projects worth nearly $21 billion in Vietnam so far, and this amount of capital is equivalent to 5.5 per cent of the total foreign investment registered in the country. As a result, China now ranks seventh among 136 countries and territories investing in Vietnam.

A number of Chinese enterprises are operating profitably in various sectors in Vietnam, the prime minister said, applauding many businesses’ decision not to lay off workers despite difficulties caused by the pandemic.

Fibre2Fashion News Desk (DS)

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