potential market

On the afternoon of June 1, the Trade Promotion Department of the Ministry of Industry and Trade coordinated with the Trade Promotion Committee of China’s Shandong Province to organize a “Vietnam-China Trade Promotion, Investment and Trade Relations Conference.” (Shandong)”.

In the opening speech, Mr. Hoang Minh Chien, deputy director of the Department of Trade Promotion, said that after more than 30 years of implementing innovation and opening-up policies, Vietnam has actively and deeply integrated into the world economy.

Joining the global economic community and signing new generation Free Trade Agreements (FTAs) have created a favorable legal framework for the development of Vietnam-Vietnam economic and trade relations. countries around the world.

Despite the difficulties posed by epidemics, geopolitical conflicts and climate change, Vietnam has gradually returned to a stable growth path. In 2022, gross domestic product (GDP) will increase by 8.02%. Vietnam’s total import-export turnover will reach US$732.5 billion in 2022, Vietnam’s trade surplus with foreign markets will reach US$11.2 billion, almost four times larger than the trade surplus of 2021. In particular, foreign direct investment capital in reached Vietnam in 2022 $22.4 billion, up 13.5% from the same period last year. This is the highest amount of foreign direct investment realized in the last 5 years.

Internationally, China remains Vietnam’s largest trading partner and largest import market. Vietnam’s total import-export turnover with China reached US$175.6 billion, up 5.5% from the same period in 2021.

By the end of 2022, China has invested in 3,567 projects in Vietnam, with a total capital of US$23.48 billion. Currently, China ranks 6th (up one place from 2021) out of 140 countries and territories investing in Vietnam. In 2022 alone, China ranked 4th among the top investment partners in Vietnam, with 283 new projects worth US$1.35 billion (over US$2.51 billion in total registered capital).

In line with the stable and sustainable development of trade flows between the two countries, trade cooperation between Vietnam and Shandong Province has also developed. In 2022, the trade turnover between Vietnam and Shandong reached nearly US$14 billion, an increase of 35.1% compared with 2021, accounting for 2.79% of Shandong’s total import-export turnover with the world and 14.14% % of Shandong’s import and export turnover with ASEAN.

With a gross domestic product (GRDP) ranked 3rd and a population ranked 2nd in China with a population size of 101.62 million people, Shandong is considered a rich market by the heads of the Trade Promotion Bureau. This is also a place that plays a fundamental role in industry, with 41 major key industries and an important connecting point in the economic development strategy of the northern region of China.

In order to promote economic and trade cooperation between Vietnam and Shandong Province, Mr. Hoang Minh Chien proposed two themes. First, both sides actively encourage and organize companies to participate in large and prestigious fairs and exhibitions to help companies promote products and brands, network and trade.

Second, it is proposed that the Shandong side create conditions for Vietnamese companies to promote the export of agricultural and aquatic products with Vietnam’s strengths to the Chinese market through official channels, especially products such as durian. Separately, purple yam, bird’s nest.

“The Trade Promotion Department is willing to coordinate with the Trade Promotion Committee of Shandong Province and localities of Vietnam to create favorable conditions for enterprises in Shandong Province to establish contacts, trade and cooperate to promote mutual complementarity in economy and trade to promote cooperation,” Chien stressed.

Signing of 7 cooperation agreements

To Ngoc Son, deputy director of the Asia-Africa market department, said he and a delegation from the Ministry of Industry and Trade and a number of Vietnamese companies visited and worked in Shandong province in mid-May.

“The delegation saw with their own eyes a beautiful, rich and hospitable province of Shandong, and learned about the province’s outstanding strengths such as population, economy, resources and culture,” he said.

However, according to Mr. Son, the trade turnover between Vietnamese places and Shandong Province is still modest and not up to its potential, accounting for less than 6% of the total import-export turnover between Vietnam and China. Country.

Ms. Phan Thi Men, general director of SUTECH Science and Technology Consulting Co., Ltd., a Vietnamese company that attended the conference, said that information about the Chinese market is currently mainly sought by companies. understanding by partners.

In recent years, China has seen many changes in its import and export policy. Desiring to properly comply with the regulations of the billion-euro market, Ms. Men proposed that the Ministry of Industry and Commerce and the relevant ministries, departments, branches and municipalities accompany and strengthen the guidance for enterprises to properly and fully comply with the requirements fulfill . Requirements for export product standards.

At the conference, Mr. Lam Nguyen, vice chairman of Shandong Provincial Trade Promotion Committee, expressed his delight at the attention and supervision of more than 200 companies. He said that this conference will help further deepen Vietnam-China economic and trade cooperation in the spirit of the findings of Party Secretary-General Nguyen Phu Trong’s visit to China in November 2022.

With this in mind, last year China officially opened its doors and allowed many kinds of agricultural and aquatic products to be exported to the Chinese market with Vietnam’s strengths, while lifting the measures to prevent Covid-19 from April 1, 2020. On January 8, 2023, Mr. Lam requested that companies from both sides seize this opportunity.

Delegates attending the conference witnessed the signing ceremony of seven cooperation agreements between Vietnamese companies and Shandong. At the same time, more than 200 companies from both countries have joined forces in 5 sectors: agricultural products – food, machinery, rubber tires – auto parts, construction – building materials and other industries. trade connection.

Shandong is an east coast province of China and an important hub in the economic development strategy of the north region of China. Shandong is also a major food and crop-growing area of ​​the billion-people nation, and is also known as the “storehouse of grain and cotton oil, home of fruit and seafood.”

In 2022, Shandong’s GDP will reach about US$1,264.96 billion. Agriculture reached 91.13 billion US dollars, which corresponds to a share of 7.2%; The industry reached US$506.56 billion, accounting for 40.04% share. According to China’s statistics, the total import and export turnover of Shandong-Vietnam will reach US$13.56 billion in 2022, accounting for 2.79% of Shandong’s total import and export turnover with the world and 14.14% of the total import – and export sales of Shandong. Shandong’s import and export turnover with ASEAN.

Shandong’s main exports to Vietnam are mechanical machinery, electrical equipment, metals, industrial chemicals, textile products, plastics, rubber, stone materials and glass. Major imports from Vietnam include: timber and wood products, mechanical machinery and electrical equipment, plastics and rubber, vegetables, minerals, animals and animal products, and textile products.