As many as 24 projects capitalised at US$723 million were signed between Vietnamese and Guangdong businesses at a trade forum in Hanoi on October 20.

Speaking before almost 1,000 senior Government officials and business executives from the two sides, Deputy Prime Minister Pham Gia Khiem reaffirmed the Vietnamese Government’s respect for relations with China.

“Vietnam will do its best to further develop this relationship, including efforts to boost economic, commercial and investment ties with Guangdong province,” Khiem said.

He expressed satisfaction at the recent fruitful development of bilateral relations in economy, investment, education, culture and tourism.

In reply, Chinese Ambassador Sun Guo Xiang said his Government has always encouraged Guangdong businesses to operate and invest in Vietnam. He also pledged to help businesses from the both sides achieve their targets in the coming period.

Guangdong Mayor Huang Hua Hua unveiled a plan to work with the Vietnamese side in the making of a dialogue mechanism for commercial co-operation, first of all with the Ministry of Planning and Investment and the Ministry of Industry and Trade, to promote trade and investment, tourism and agriculture.

The province is also working on a plan to set up relations with Ho Chi Minh City, he added.

“Economic relations between Vietnam and Guangdong are of great potential,” said the mayor.

Vietnam and Guangdong province of China have enjoyed a huge leap in investment and trade. Their bilateral trade revenue was posted at US$3.35 billion last year, making up one-sixth of the total between the two countries. In the first eight months of the year alone, their two-way trade revenue surged by 26% year on year to US$2.6 billion.

As of August this year, businesses from Guangdong invested in 44 projects to the tune of US$560 million in Vietnam . A number of major businesses from the Chinese province, such as Media, TCL, Green, Huawei and ZTE, have built their workshops and sales networks in Vietnam. The two sides have been executing a project on the Shenzhen-Hai Phong economic and trade hub at a cost of some US$4 billion. (VNA)