China’s FDI into Vietnam crosses US$3 billion mark
In recent years, the friendship and comprehensive cooperation between Vietnam and China have been constantly evolving. In 2010, the bilateral trade turnover between the two countries reached $27.328 billion, up 29.8% over 2009′s figure. In particular, Vietnam’s import value was $20.019 billion and export turnover reached $7.309 billion.
The figure from GDVC also showed in July, Vietnam’s trade deficit from China was nearly $1 billion. Totally in Jan-Jul, the country’s import value from China was $13.03 billion while Vietnam’s export turnover to China reached only $5.56 billion, leading a trade gap of $7.46 billion in Jan-Jul, or 140% of the country’s trade deficit in the period.
From beginning of this year till July, 2011, Chinese investors have invested in 805 FDI projects with a total pledged investment capital of $3.184 billion.
In 2010, ASEAN – China Free Trade Area (ACFTA) officially applied a strong commitment on tax reduction from both China and the ASEAN countries. Accordingly, the ranges of goods will have import tariffs of 0-5%, including the agricultural and industrial products.
However, in fact, during the 2007-2010 cooperation period, Vietnam has been always providing raw materials and agricultural products, while China exports industrial products to Vietnam with bigger volume.
Vietnam Chamber of Commerce and Industry (VCCI) said it hopes that enterprises of the two partners should seek and take advantage of cooperation opportunities on trade, investment, production joint ventures.
