Pudong, Vietnam strengthen economic ties through Silk Road e-commerce

The Investment Promotion Conference for Bac Ninh Province, Vietnam, takes place in Pudong on May 13. [Photo/WeChat ID: pdnews]

In a bid to bolster economic and trade relations, Shanghai's Pudong New Area and Vietnam are forging ahead with enhanced collaborations.

The potential for cooperation in the digital economy, particularly in cross-border e-commerce, between Pudong and Vietnam is immense. Shanghai is enhancing efforts in building a pilot zone for Silk Road e-commerce cooperation. This initiative, coupled with the signing of an e-commerce cooperation memorandum between China and Vietnam, positions Vietnam as a key partner in China's e-commerce expansion.

On May 13, the Investment Promotion Conference for Vietnam's Bac Ninh Province was held in Pudong, attracting Chinese investors who are seeking opportunities in Vietnam, particularly in Bac Ninh Province. At the event, an industrial blueprint was introduced, highlighting Bac Ninh as the "preferred destination for foreign companies to manufacture in Vietnam".

China has been Vietnam's top trading partner for years, with bilateral trade flourishing. For Pudong, Vietnam holds significant importance as a cooperative partner. Pudong's trade with Vietnam hit 72.5 billion yuan ($10.04 billion) in 2023, marking the highest growth among ASEAN countries during this period with a 12 percent year-on-year increase. Notably, Vietnam has invested over $60 million into Pudong, while Pudong companies have poured over $200 million into Vietnam across various sectors, such as integrated circuits, household appliances, and garments.

"The Vietnamese market has been growing rapidly in recent years. We have decided to further expand our investments in Bac Ninh Province," said Yang Chuande, chairman of SLP, GLP's asset investment and operational platform in Vietnam.

SLP was established in the second half of 2020 and has swiftly expanded its footprint in Vietnam with 12 industrial and logistics infrastructure projects. With a focus on modern logistics infrastructure, SLP's Vietnam Logistics Development Fund stands as one of Southeast Asia's largest, reflecting Vietnam's allure as a market that is ripe for investments.