DPM Pham Binh Minh attends CAEXPO 2014

The ceremony also saw the presence of Cambodian Prime Minister Hun Sen, Singaporean Prime Minister Lee Hsien Loong, Lao Deputy Prime Minister Buonnhang Vorachith and  the host country’s Deputy Premier Zhang Gaoli.

Themed “jointly build maritime silk road of the 21st century”, the annual CAEXPO and CABIS have drawn 2,500 businesses from ASEAN countries and China showcasing their products and services at 4,600 booths.

The expo has five areas specializing in goods trade, cooperation investment, trade and services, advanced technology and attractive cities.

Addressing the opening ceremony, Deputy PM Pham Binh Minh stressed that ASEAN and China have become top partners in trade and investment of each other.

China has become the largest trade partner of ASEAN since 2009 while ASEAN has been China’s third largest partner since 2010.

The regional comprehensive economic partnership (RCEP) between ASEAN, China and other partners, which is being negotiated, will facilitate freer flows of goods, services, investments and human resources as well, creating integration-driven value chains and contributing to maintaining peace and stability for economic development in the region.

The idea of a “maritime silk road of the 21st century” was initiated by Chinese Foreign Minister Wang Yi at the ASEAN-China joint cooperation committee’s meeting in March in Indonesia.

Once being established, the silk road will create an economic chain, connecting Southeast Asia, South Asia and even West Asia, North Africa and Europe, to create a common market of more than 3 billion people in population.

In such the process, DPM Minh stressed on closer coordination between the bloc and China to maintain peace, stability and navigation safety in the East Sea as well as implementing fully and seriously the Declaration on the Conduct of Parties in the East Sea (DOC) and quickening the creation of a Code of Conduct in the East Sea (COC), in line with international law, including the 1982 UN Convention on the Law of the Sea.

CAEXPO constitutes the fruits of the two sides’ strategic partnership, he said, adding that VietNam had taken part in the expo over last 10 years.

He confirmed Viet Nam’s long-term pledge to create favorable conditions for enterprises of ASEAN and China to invest and operate business in Viet Nam as well as consolidate the friendship and cooperation for mutual benefits between China and ASEAN countries.

The idea of CAEXPO was raised by former Chinese Premier Wen Jiabao at the seventh ASEAN-China Summit in Indonesia in 2003. The trade turnover of the last 10 expos has totalled $15,478 billion with investment projects capitalising at $66,436 billion.