Twelve agreements on trade and investment cooperation were signed between enterprises from Vietnam and China's Shandong Province at the Vietnam-China Trade, Investment and Connectivity Promotion Conference in Hanoi on March 13.

The signing ceremony. Photo: VNA

The agreements are expected to open up opportunities for exchanges and cooperation to promote the official export of Vietnam's agricultural and aquatic and other competitive products to the Chinese province, as China has officially opened its doors to a variety of Vietnam's leading agricultural and aquatic exports.

At the conference, Vu Ba Phu, director general of the Vietnam Trade Promotion Agency, suggested that the provincial government help businesses from both sides to strengthen investment cooperation and exchange experience in developing the processing industries of farm produce, textiles, energy, electric vehicles, mechanics and electronics, where Shandong has advantages. 

He added that this would help enhance Vietnam's capacity and create favorable conditions for Vietnamese enterprises to promote and build their brands in the Chinese market, especially in large distribution systems in the Chinese locality.

"The Vietnamese Ministry of Industry and Trade is willing to work with relevant authorities in China and Shandong Province to effectively bridge the two business communities to carry out future cooperation activities," he stressed.

Song Junji, Vice-Governor of the Shandong Provincial People's Government, said that the two countries were important economic and trade partners, with close proximity and complementary industries, as well as significant potential for cooperation. 

He emphasized that strengthening economic and trade cooperation is crucial to deepening and enhancing China-Vietnam comprehensive strategic cooperation.

According to the Ministry of Industry and Trade, the trade turnover between Shandong Province and Vietnam reached US$10.9 billion in 2023. The province ranks 8th among Chinese provinces and cities in terms of trade with Vietnam, accounting for about 4.8% of the total Vietnam-China trade turnover.