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.

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.

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.