Chinese infrastructure, aviation giants wish to expand investment in Vietnam

China Pacific Construction Group (CPCG) and Commercial Aircraft Corporation of China, Ltd. (COMAC) expressed their intention to expand operations in Vietnam while meeting with Prime Minister Pham Minh Chinh in Tianjin on Thursday.

Chinh was in China to attend the World Economic Forum's (WEF) 16th Annual Meeting of the New Champions.

During a separate meeting with the Vietnamese leader, Yan Jiehe, chairman of CPCG, which is currently working on Hanoi’s Tu Lien Bridge project, said that his firm had signed an MoU with Hanoi authorities on infrastructure investment and development over the next five years, with projects valued at billions of U.S. dollars.

Yan Jiehe expressed the group's interest in participating in other key infrastructure projects, especially expressways, with a commitment to making these projects models of efficiency by halving the expected construction time.

In response, Prime Minister Chinh encouraged the group to promptly complete ongoing projects and work closely with Hanoi authorities and relevant agencies to explore additional large-scale infrastructure initiatives.

He specifically mentioned several major projects, including the road connecting Gia Binh Airport in northern province of Bac Ninh with downtown Hanoi, Ngoc Hoi Bridge, the Van Cao-Hoa Lac urban railway (Hanoi), and the metro line from Long Thanh International Airport in the southern province of Dong Nai to Tan Son Nhat International Airport in Ho Chi Minh City.

Highlighting Vietnam’s push to rapidly develop its infrastructure, the PM encouraged the group to make long-term commitments, invest in training, establish a permanent presence in Vietnam, and compete fairly while ensuring rapid, high-quality, safe, and efficient project implementation.

He also called on the group to prioritize human resource development, establish a long-term operational base in Vietnam, and engage in fair competition with other enterprises.

CPCG ranks among the world’s top 500 corporations and is involved in investment, construction, operation, and management of infrastructure projects. The group has invested in more than 1,000 projects across China.

Meeting with the Vietnamese leader, vice chairman of COMAC Shen Bo stressed the corporation’s efforts to advance China’s commercial aviation sector. He noted that COMAC is known for its C919 aircraft, is developing the ARJ21, and has launched the C929 wide-body aircraft project with a planned investment of up to $20 billion.

He proposed that Vietnam continue to facilitate the operation of COMAC aircraft and support cooperation between the company and Vietnamese carrier Vietjet. He also expressed interest in expanding collaboration in aircraft maintenance and repair, as well as in manufacturing of equipment and spare parts in Vietnam.

Since April, COMAC aircraft have been operated by Vietjet on routes from Hanoi and Ho Chi Minh City to Con Dao Island.

PM Chinh highly evaluated COMAC’s achievements in researching and developing modern commercial aircraft, noting that these efforts have contributed to diversifying the global supply of commercial aircraft and played a significant role in developing China’s aviation industry and high-tech scientific achievements.

Congratulating COMAC on its initial trade relations with Vietnamese airlines, PM Chinh considered it a foundation for long-term cooperation. He noted that Vietnam is continuing to improve its institutions, mechanisms, and policies to better facilitate the aviation sector's development.

For sustainable, long-term cooperation, he welcomed and encouraged COMAC to partner with Vietnamese counterparts in launching aircraft maintenance and repair services, promoting aircraft purchase and leasing agreements with airlines, collaborating in human resources training, and expanding cooperation in other areas where the company has strengths.