BEIJING, June 19 (Xinhuanet) -- On invitation from President Xi Jinping, Vietnam’s President Truong Tan Sang will kick off a three-day visit to China starting tomorrow. Analysts say, both China and Vietnam face similar risks and challenges at home and abroad and that both nations have great potential in boosting trade cooperation.
China and Vietnam not only share a similar cultural background, but the two countries also share the same commitment to boosting market based economic reforms.
"Vietnam has been applying market-based economic reforms for nearly three decades now. We are also trying to restructure our economy, a major focus currently for China as well. The two nations should share experience, learn from each other and find more ways to cooperate," Do Tien Sam, Dir. of the Inst. of Chinese Studies, Vietnam Academy of Social Science, said.
Sino-Vietnam trade volume reached 41 billion U.S. dollars in 2012. That target is boosted to 60 billion US dollars by 2015. Analysts say Vietnam is a great external market for Chinese goods. Similar economic conditions and consumer cultures coupled with low transportation costs are all factors that contribute positively to Sino-Vietnam trade.
China’s chief exports to Vietnam currently consists of machinery, computers, chemicals and textiles...while it imports mostly major fruit and farm products from its southern neighbor.
"Though trade cooperation between the two countries have seen remarkable progress in recent years, the quality of trade has much room for improvement. Potential exchanges on culture, education and technology are especially ripe for the picking. The achievements are there, but much more can be done," he said.
President Truong Tan Sang’s visit presents a chance for both China and Vietnam to reinvigorate bilateral relations and seek more effective ways to deepen mutual understanding.
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