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Vietnam Officials: Chinese Investment Welcomed

More Chinese companies are welcomed to invest in Vietnam, especially in machine manufacturing, mining, metallurgy, export, food and high-tech industries.

Vietnam Deputy Prime Minister Nguyen Tan Dung told a Sino-Vietnamese trade and economy seminar in Beijing Thursday that foreign direct investment had played an important role in boosting Vietnam's economy, and more Chinese investors would be welcome in Vietnam.

Truong Van Doan, Vietnamese Minister of Planning and Investment, said the Vietnamese government was making efforts to improve its investment environment and promised to create more favorable conditions for foreign investors.

Vice-president of China Council for the Promotion of International Trade Gao Yan said there was great potential in trade between China and Vietnam in energy, agricultural products and textile areas.

More investment between the two countries should go to heavy industries, food processing, farming, fishing, infrastructure construction, culture and education, said Gao.

Statistics show that by Sept. 15, there were 231 Chinese-invested projects in Vietnam, with registered capital of US$424 million, ranking 17th among over 70 countries and areas investing in Vietnam.

Gao said China was Vietnam's second largest trade partner, with the total trade volume accounting for ten percent of Vietnam's total trade volume.

In 2002, bilateral trade between Vietnam and China topped US$3.2 billion, and in the first eight months this year, the figure reached US$2.97 billion, surging 60.25 percent year-on-year.

(Xinhua News Agency October 17, 2003)

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