Trong’s visit to fortify China relations

October 10, 2011 | 07:00

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Vietnam Communist Party chief’s five-day visit to China this week will provide a cemented plaform for accelerated trade and investment between the two comprehensive strategic partners.

Communist Party General Secretary Nguyen Phu Trong’s visit, from October 11-15 at the invitation of China’s Communist Party General Secretary and President Hu Jintao, comes as the two neighbours are to celebrate the 20th anniversary of normalising relations.

During this visit, expected to bring the bilateral relationship to a new heigh, Trong and top Chinese leaders will discuss measures to fortify bilateral ties, with trade and investment high on the agenda, according to Vietnam Communist Party’s Central Committee Office.

In a meeting with new Chinese ambassador to Vietnam Kong Xuanyou, Trong stressed that the cemented relations between the two countries would create a firm foundation and momentum for further mutual benefits.

Vietnam’s trade with its largest partner reached $27 billion last year and is expected to mount to $30 billion in 2011.

Vietnam earned $6.6 billion from exports to its northern neighbour in the first eight months of 2011, comprising 10 per cent of the former’s total export turnover and representing a 62 per cent rise on-year. But Vietnam imported $15.2 billion in the same period, mainly in kinds of machineries, manufacturing components and materials.

By the end of September 2011, Chinese mainland ranked 14th in direct investors in Vietnam with 801 projects totalling $4.1 billion in registered capital. If taking the direct investment from Hong Kong into account, China has invested in 1,434 projects with nearly $15 billion committed.