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VIETNAM ROLLS OUT RED CARPET FOR CHINESE INVESTORS
The Vietnamese Government always welcomes Chinese firms to land investments in the country, Prime Minister Nguyen Xuan Phuc has affirmed. He made the statement while hosting a reception for leaders of major Chinese groups operating in finance, construction and infrastructure development on November 4 as part of his visit to China to attend the first International Import Expo of China (CIIE 2018) on November 4-5.
PM Phuc spoke highly of the Chinese corporations’ business achievements in China and many foreign countries.
The Chinese businessmen lauded Vietnam’s socio-economic development while affirming that they will continue investment and business expansion in finance, insurance, banking, energy and transport infrastructure in Vietnam.
They expressed their hope that the Vietnamese Government and relevant authorities will create favourable conditions for them to participate in large projects in the country.
Vice Chairman of Ping An Trust Song Chengli said that his corporation holds strengths in finance, insurance, banking and investment with total asset of 6 trillion yuan (US$870 billion).
The group is in the world’s top 500 enterprises and ranks 7th among the global leading financial giants, he said, adding that he is interested in Vietnam’s mechanisms in protecting foreign financial firms who join Vietnamese market, especially those investing in local credit organisations.
Chairman of China Greenland Zhang Yuliang expressed his pleasure to meet PM Phuc in Shanghai, saying that his firm has cooperated with many great groups in the world and it has a total asset worth US$150 billion.
He said that Vietnam is a potential market with great cooperation opportunities, especially in agriculture, adding Vietnamese farm produce and food are also positively welcomed in the Chinese market.
For his part, PM Phuc spoke highly of these groups’ plans to invest and expand investment in Vietnam.
He applauded the fields that Chinese firms want to pour cash into Vietnam, including agriculture, food production, finance and transport infrastructure development.
The PM asked representatives from Vietnamese ministries and sectors to collect opinions and proposals from Chinese firms and then arranging working sessions to discuss how to realise their business ideas.
With its current development pace, from now to 2020, Vietnam needs US$25 billion per year for infrastructure development, PM Phuc said, noting that this is a promising land for international investors, including China, to cultivate, as it is one of Vietnam’s priorities in the country’s socio-economic development.
He expressed his hope that Chinese firms will further promote imports of Vietnamese agro-forestry-fishery products in the coming time.
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The 18th edition of Vietnam International Textile & Garment Industry Exhibition (VTG) concurrent with Vietnam International Textile & Apparel Accessories Exhibition (VitaTex) will run on November 21-24 at Saigon Exhibition & Convention Center (SECC) again.
The Ministry of Industry and Trade has forecast that Viet Nam’s total export revenue will grow 10-12% to hit a record of US$ 239 billion for the whole year 2018, much higher than the set target of US$ 214 billion.
Viet Nam has become the 7th country to approve the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a move that is not only expected to bring about real economic benefits but also boost institutional reform underway.
With 434 votes of favor (equivalent to 89.48%), the 14th National Assembly on November 12 passed a medium-term public investment plan for the 2016-2020 period and a resolution on adjustments to the medium-term public investment plan.