Land-Sea Trade Corridor boosts China-Vietnam economic cooperation

A China-Vietnam corporate exchange meeting was held in Nanning, Guangxi Zhuang autonomous region on June 10, bringing together government officials and entrepreneurs from 10 provinces and cities in Vietnam to showcase to Chinese traders their leading products such as fruits, coffee, and aquatic products.

The exchange meeting was co-sponsored by the Trade Promotion Agency of the Ministry of Industry and Trade of Vietnam, the Consulate General of Vietnam in Nanning, and the Guangxi Department of Commerce.

"The New International Land-Sea Trade Corridor has made logistics and customs clearance costs drop drastically, and the number of fruits and foods exported to the Chinese market has grown rapidly," said a manager of a Vietnam company.

The Land-Sea Trade Corridor is an international channel that is jointly promoted by the western provinces of China and connects the ASEAN along the coast of Guangxi. At present, the Sino-Vietnamese cross-border direct trains in Guangxi operate 1-2 shifts per week, and cross-border trains from other cities such as Chongqing, Chengdu, Qingdao, Suzhou, Zhengzhou, and Wuhan running to Hanoi also pass through Guangxi, providing convenience for Guangxi to further expand trade and investment cooperation with Vietnam.

Vu Ba Phu, director of the Trade Promotion Agency of the Ministry of Industry and Trade of Vietnam, said that China has become Vietnam's largest trading partner and the second largest export market in recent years. At present, the Land-Sea Trade Corridor has effectively improved customs clearance efficiency and infrastructures such as ports and highways. It facilitates the further expansion of Vietnamese goods in the Chinese market, and provides a bridge for Chinese goods to be exported to ASEAN countries.

Vu Ba Phu expected that both Vietnam and China will give full play to the advantages of culture communication and convenient transportation to strengthen cooperation and promote economic development.

Hoang Ngoc Vinh, consul general of Consulate General of Vietnam in Nanning said that the Land-Sea Trade Corridor is driving Vietnam and Guangxi to cooperate steadily in trade, investment, interconnection and tourism, bringing great business opportunities.

Liang Yiguang, deputy director of the Guangxi Department of Commerce, suggested that Vietnam should make full use of the advantages of designated ports in Guangxi and mobilize enterprises to expand its import and export of agricultural products. Meanwhile, Guangxi will set up green channels for rapid customs clearance of agricultural products at border ports such as Dongxing and Pingxiang to improve trade facilitation.

During the meeting, Guangxi Department of Commerce and Trade Promotion Agency of Ministry of Industry and Trade of Vietnam also signed trade cooperation memorandums with the Ministry of Industry and Trade of 10 provinces and cities of Vietnam including Bac Giang province, Bac Ninh province, Cao Bang province, Ha Giang province, Hai Phong city, Hung Yen province, Lao Cai province, Lang Son province, Quang Ninh province, and Son La province.