VAFIE promotes Vietnam’s IP attractions at Guangzhou event

Vietnam’s attractions and advantages as an industrial park investment destination were strongly promoted at a conference held in China’s Guangzhou province last week.

The event was co-hosted by the Vietnam's Association of Foreign Invested Enterprises (VAFIE) and the Vietnamese Consulate General.

Vietnamese consul general in Guangzhou Nguyen Viet Dung noted that the comprehensive strategic partnership between Vietnam and China has developed continuously and recorded fruitful achievements.

Vietnam-China trade reached $77.3 billion in the first five months of this year, up 29.4% year-on-year, according to customs data. During this period, China’s direct investment in Vietnam reached $27.6 billion with 4,418 projects, the sixth-highest in terms of capital, Dung noted.

Referring to Guangzhou-Vietnam cooperation, he said bilateral trade had increased 24.8% year-on-year to $21.6 billion in the five-month period, accounting for 21.2% of Vietnam-China trade.

During the period, Vietnam’s exports to Guangzhou reached $8.7 billion and its imports from the Chinese province hit $12.8 billion, up 16% and 31.9% year-on-year, respectively, Dung said.

Also from January-May, Guangzhou approved 65 FDI projects worth $588 million in Vietnam, up 51.7% year-on-year, he added.

He noted that Vietnam’s Deputy Ministers of Foreign Affairs and Guangzhou’s Deputy Governor were holding regular talks on economics, trade and investment issues. The next dialogue, the ninth one, is set to take place later this year.

Speaking at the event, VAFIE standing Vice Chairman Nguyen Anh Tuan emphasized that many international institutions have recognized Vietnam as one of the most attractive investment destinations in the world.

Rating agencies Moody’s and S&P Global have recognized Vietnam as one of two Asian nations with consistent and positive improvements in long-term credit assessment. Nikkei Asia sees the country leading Southeast Asia in terms of post-pandemic recovery, Jetro rates it the second-most attractive investment destination in the world, while EuroCham sees it as a top 10 investment destination, Tuan said.

He also noted that investment from China to Vietnam has continuously increased and accelerated rapidly of late, thanks to advantages including high, stable economic growth, increasingly deep international integration, competitive production costs, abundant human resources per its “golden” demographic, and an open policy with many incentives.

Vietnamese businesses attending the conference, including Viglacera Vietnam, Kim Bang 1 Industrial Park, Shinec Vietnam, and Frasers Property Vietnam introduced their industrial parks to Chinese participants.

In their interactions, many Chinese investors told the VAFIE delegation that they would make exploratory visits to Vietnam soon.