Vietnam, key trade partner of China’s Guangzhou in ASEAN

Update: 17:27 | 05/07/2017
Vietnam is a leading trade partner of China’s Guangzhou city, Guangdong province, in ASEAN, said Luo Zheng, director of the Comprehensive Division of the Commission of Commerce of the municipal government, on July 4.
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In a press conference on the development of Guangzhou, Director Zheng said two-way trade between Vietnam and Guangzhou rose by 10.2 percent to 2.8 billion USD in 2016.

Guangzhou shipped to Vietnam 1.83 billion USD worth of commodities last year, a year-on-year increase of 12.3 percent, doubling Vietnam’s exports to the city which was estimated at 970 million USD, up 6.5 percent.

It made Vietnam the second largest trade partner of Guangzhou in ASEAN, after Malaysia who reported 3.48 billion USD in trade with the Chinese city.

vietnam key trade partner of chinas guangzhou in asean
Street view in central Guangzhou city, China. (Photo: CitiesTips)

The future is even brighter for the two sides when the bilateral trade hit 1.83 billion USD in the first five months of 2017, up 82.2 percent year-on-year, surpassing Malaysia. Guangzhou continued to enjoy a trade surplus of 970 million USD, with exports to Vietnam worth 1.4 billion USD, during the period.

According to Mr. Zheng, Guangzhou established four new enterprises in Vietnam last year; and by May 2017, the city has had 21 new businesses, bringing its total investment in the country up to approximately 50 million USD.

Meanwhile, as of May, Vietnam has established nine companies in Guangzhou, raising the total investment in the city to 6.48 million USD.

Guangzhou and Guangdong have closely coordinated with Vietnam’s localities, businesses and business associations to build foundation for the bilateral trade and cooperation between the two sides, Director Zheng affirmed. 

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(Source: VNA)