China pledges to reduce trade deficit with Vietnam
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This was one of the themes of the PM’s talks with the Chinese leadership and business community in early November in Shanghai, where he attended the first of its kind China International Import Expo (CIIE) 2018, at the invitation of Chinese Communist Party General Secretary and President Xi Jinping.
Vietnam was invited to be the Country of Honor at CIIE 2018, from among more than 130 countries and territories participating in the expo. The visit opened new opportunities to increase bilateral cooperation and trade.
Towards balanced trade
At his meeting with President Xi Jinping, PM Phuc affirmed that China is one of the top priorities in Vietnam’s external relation policies.
He asked China to create favorable conditions for Vietnamese goods to enter the Chinese market, to take suitable measures to reduce Vietnam’s deficit in bilateral trade and strive for balanced and sustainable growth of bilateral trade. The PM also spoke about Vietnam’s willingness to welcome Chinese high technology investors.
President Xi Jinping emphasized that China does not pursue a trade surplus with Vietnam but would increase its imports from Vietnam, in an effort to achieve balanced and sustainable trade. China has already begun increasing imports from Vietnam with a view to gradually reducing Vietnam’s deficit.
Last year, Vietnamese exports to China grew 36.8 percent compared with 2016. China has pledged to maintain this trend in the future.
Agreement on fruit imports
During the visit, PM Phuc met the Mayor of Shanghai, Ying Yong, and attended the inauguration of the second Vietnam Trade Promotion Office in Hangzhou. The PM and his entourage met the leaders of major Chinese groups, discussing measures to promote bilateral cooperation in agriculture, finance, insurance, banking, construction, transport, energy and distribution.
Vietnamese Minister of Agriculture and Rural Development Nguyen Xuan Cuong held talks with Chinese farm produce, seafood, fruit and vegetable companies. He signed a memorandum of understanding with the Shanghai Fruit Import Group, under which China will import 120,000 tonnes of fruit and vegetables from Vietnam annually from 2018-2020.
Addressing participants of the expo, PM Phuc affirmed the Vietnamese government’s commitment to create a favorable business environment meeting international standards and strict requirements of new-generation free trade agreements. He said he hoped foreign businesses, especially those from China, would get to know Vietnamese products, as well as Vietnam’s development potential, and contribute to promoting Vietnam’s sustainable trade with the rest of the world for mutual benefit.
Vietnamese participants in CIIE 2018 included 25 companies with proven export capabilities in the fields of farm produce, processed food and information technology services. They met and discussed cooperation and investment opportunities with Chinese companies and those from other participating countries and territories.