China Vietnam Photo: VCG

China's Ministry of Commerce (MOFCOM) said on Thursday that it will promote the upgrading of economic and trade cooperation between China and Vietnam, following the important consensus reached by the top leaders of the two countries.

Efforts will be made to expand trade in high-quality agricultural products and industrial manufactured goods, cultivate new momentum for investment, deepen supply chain cooperation, and promote regional economic integration, He Yadong, the MOFCOM spokesperson, told a press conference on Thursday.

He said that the MOFCOM will support companies from both countries to fully utilize platforms such as the China International Import Expo, Canton Fair and China-ASEAN Expo to expand trade in high-quality agricultural products and industrial goods. 

It will also promote mutually beneficial cooperation in areas such as the digital economy and green development, and support both sides in strengthening cooperation in industrial parks and local areas.

Additionally, it will accelerate negotiations on the version 3.0 of the China-ASEAN Free Trade Area and continue to unleash the benefits of the Regional Comprehensive Economic Partnership.

In recent years, bilateral trade between China and Vietnam has developed rapidly, with significant achievements in investment cooperation, He said.

China is Vietnam's largest trading partner, with bilateral trade exceeding $200 billion for three consecutive years. In the first seven months of this year, bilateral trade reached $145.07 billion, a 20.9 percent increase year-on-year, according to the MOFCOM.

China is also Vietnam's largest export market for agricultural products, with Vietnamese products such as durian and dragon fruit being popular among Chinese consumers. China's imports of agricultural products from Vietnam account for about one-fifth of its total agricultural imports from ASEAN members.

Regarding investment cooperation, Vietnam is an important overseas investment destination for China, He said.

Chinese enterprises invested $1.84 billion directly in Vietnam from January to July this year, maintaining rapid growth. The China-built metro line project has provided a convenient travel experience for local people. Chinese enterprises have also invested in a number of photovoltaic and wind power projects in Vietnam, becoming a model of cooperation in the green economy between the two sides.

Global Times