Economic Cooperation Between China, Vietnam Blossoms

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Last updated at: (Beijing Time) Monday, April 07, 2003

Economic Cooperation Between China, Vietnam Blossoms

Besides the smooth development of political relationship, the economic cooperation between Vietnam and China over the past few years has also blossomed.

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Besides the smooth development of political relationship, the economic cooperation between Vietnam and China over the past few years has also blossomed.

The two-way trade value has increased from 1.318 billion US dollars in 1999 to 2.4 billion dollars in 2000, 2.8 billion dollars in 2001, and 3.65 billion dollars in 2002. In the first month alone of this year, the value of two-way trade was 316.9 million dollars, a year-on-year increase of 76.3 percent, according to local newspapers.

Meanwhile, China's investment in Vietnam has increased. In the first three months of this year, Vietnam granted licenses to five more new Chinese investment projects with a total registered capital of 16.65 million US dollars, increasing nearly two times in term of capital over the corresponding period of 2002, and ranking the sixth among the 17 countries and regions with new investment projects in Vietnam.

By mid-March of 2003, China had funded 205 projects at a total cost of 385.05 million dollars, making it the 17th largest foreigninvestor in Vietnam. Of the total registered capital, 101.88 million dollars have been disbursed.

Chinese-funded projects have been run in all 35 of Vietnam's provinces and cities and have contributed to Vietnam's industrial and agricultural production, hotel services and exports.

The position of China in the field of foreign investment in Vietnam has remarkably improved as over the past two years, China has been always one of the 10 leading countries and regions in thefield of investment in Vietnam.

As for tourism cooperation, China has been the biggest tourism market of Vietnam, providing about 723,440 tourists to the countryin 2002.

Also worthy of note in the economic cooperation between the twocountries is the 36-million-dollars soft loan from China for the upgrading of the Thai Nguyen Steel Factory of Vietnam, which was completed in November, 2001, and an 18-million-dollars non-refundable grant to upgrade the Ha Bac Nitrogenous Fertilizer Mill.

Last year, China loaned 40.5 million dollars to the Sinh Quyen copper mine in Vietnam, and boosted implementing a number of largecooperative projects, such as the Cao Ngan hydro-electricity powerplant and aluminum production in Dac Lac province of Vietnam.

In total, Chinese-funded projects have employed 53,000 blue collar workers and grossed more than one billion dollars. China and Vietnam will bring the great development potential in the comprehensive cooperation, especially in the fields of economy andtrade, into full play.

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