Vietnam-China trade value to reach US$25 billion

“Vietnam and China plan to increase their two-way trade value to US$25 billion in 2010,” announced Deputy Minister of Industry and Trade Nguyen Thanh Bien at the Shaanxi – Hanoi investment and trade seminar in Hanoi on March 31.

Mr Bien said that the trade value has increased by 20-25 percent in recent years, and the target for US$25 billion can be fulfilled as the two countries are both members of the WTO, APEC, ASEM and many other international economic forums. Now with the China-ASEAN Free Trade Agreement coming into effect there will be more favourable conditions to promote investment and trade co-operation in the near future, he said.

Shaanxi is a western Chinese province with an area of 205,800sq.km and a population of 37 million. In 2009, its growth rate reached 13.9 percent, higher than the country’s average of about 8.9 percent. With potential in science, technology, tourism and natural resources, Shaanxi and Hanoi can further strengthen and boost the annual trade value to a higher level than US$48 million last year.

At the seminar, businesses from the two countries signed 3 co-operative agreements in automobile manufacturing, mechanics, and import-exports worth US$25.5 million.

Tags: Vietnam China cooperation, Vietnam China trade value