Vietnamese, Chinese firms cooperate in $350 million border gate investment

Vietnam’s Thang Long Investment JSC and China’s Lirui Group have signed a $350 million business cooperation contract (BCC) for developing Lang Son province's Tan Thanh Border Gate.

Vietnam’s Thang Long Investment JSC and China’s Lirui Group have signed a $350 million business cooperation contract (BCC) for developing Lang Son province's Tan Thanh Border Gate.

Per the agreement signed Friday, the two sides will build commercial, tourism and financial-banking facilities at the border gate in the northern province, serving import-export and other activities.

Executives of Thang Long Investment JSC and Lirui sign a $350 million investment cooperation agreement in Lang Son province, northern Vietnam, January 26, 2024. Photo courtesy of Lang Son newspaper.

The investments aim to transform the Tan Thanh Border Gate into a modern, smart area, becoming a logistics center for trade in agricultural products and mechanical-electronic goods between the two countries.

The Tan Thanh Border Gate is a key portal for Vietnam-China trade, serving import-export worth $1.1 billion in 2023, up 59% year-on-year with over 80,000 customs declarations. In the first half of January, 7,469 vehicles delivered goods to the border gate with 4,380 filings for goods worth $66.7 million.

China is Vietnam’s biggest trade partner. In 2023, the U.S. remained Vietnam’s top export market with a value of $96.8 billion, followed by China with $61.7 billion, and the EU with $44.1 billion. Meanwhile, China remained Vietnam’s largest import market at $111.6 billion, followed by South Korea with $52.6 billion.