Vietnam will invest some 25 million US dollars in building a trade complex, including a national trade promotion center and office buildings in China's Guangxi Zhuang Autonomous Region.
Guangxi authorities have set aside a land plot in Nanning, the region's capital, for the 10-member Association of Southeast Asian Nations (ASEAN), South Korea and Japan to establish a common communication area, of which 40,000 square meters are designated for Vietnam, the Vietnamese Trade Ministry said on Thursday.
The ministry is selecting a local enterprise to constructing the complex with estimated investment of 25 million dollars. At least 4,000 square meters will be allocated for building the trade promotion center comprising exhibition sections, showrooms and liaison offices, and the remaining area for constructing residential houses, tenements, office building and commercial zones.
China and ASEAN, which groups Vietnam, Thailand, Indonesia, Malaysia, Singapore, Brunei, Myanmar, Laos, Cambodia and the Philippines, have seen remarkable improvements in trade and investment in recent years. In 2004, the two-way trade was over 100 billion dollars, more than doubling the figure in 2000.
Under a draft plan on boosting export to China recently worked out by the ministry, Vietnam is likely to increase exports to its neighbor country from 2.7 billion dollars in 2004 to 3 billion dollars in 2005, 3.4 billion dollars in 2006, 3.9 billion dollars in 2007, 4.4 billion dollars in 2008, 4.9 billion dollars in 2009, and 5.5 billion dollars in 2010.
To this end, Vietnam will maintain strong export of such key items as crude oil, coal, rubber and cashew nuts to China, approach major Chinese suppliers, processors and distributors of farm produce and seafood, and set up long-term sales networks in big urban areas and showrooms in such cities as Kunming, Nanning, Guangzhou and Shanghai, the ministry said.
The two-way trade of the two countries stood at more than 6.7 billion dollars last year. They are expected to realize their trade target of 10 billion dollars set for 2010 a couple of years ahead schedule.