The conference takes place in Lao Cao on November 10, gathering representatives from 167 Vietnamese firms and 80 Chinese businesses. (Photo: VNA)

Lao Cai (VNA) – A conference on trade exchange between Lao Cai provin♈ce of Vietnam and Yunnan province of China was held in Lao Cai city on November 10 as part of the 2023 Vietnam-China Int💜ernational Fair.

The event gathered representatives from 167 Vietnamese firms, including 62 enterprises of Lao Cai, and 80 Chinese businesses.

In his opening remarks, Director of the Lao Cai Department of Industry and Trade Nguyen Truong Giang described Lao Cai as as a "bridge" and a "gateway" for Vietnam and ASEAN countries to get access to the markets of Yunnan province and the southwestern region of China. He also highlighted Lao Cai's advantages as the province boasts a diverse system of border gates and a convenient network of logistics centres.

He said imports and exports via the two provinces’ border gates posted an average annual growth rate of over 20% between 2010 and 2019. During the 2020-2023 period, due to the impact of the COVID-19 pandemic, the import-export activities have slowed down. However, customs clearance operations at the two sides’ border gates have been well maintained, with their annual trade value averaging around 3.5 billion USD.

Giang affirmed Lao Cai’s commitments to tackle hurdles facing enterprises, ensure order and security, and create a favourable business climate towards becoming an attractive destination for import-export firms and investors in Vietnam and from abroad.

Deputy Director of Yunnan’s Department of Commerce Hao Yishan stated that the province is ready to collaborate with Vietnamese authorities and business community to implement the important consensus reached by Vietnamese and Chinese leaders, strengthen bilateral economic, trade, and industrial exchanges, and create a large market and development opportunities for firms from both sides.

Hao proposed the two sides encourage business cooperation in industrial and supply chain development, and the expansion of industrial clusters.

Data showed that trade between Vietnam and Yunnan reached only 3.2 billion USD last year, representing a modest proportion in the overall Vietnam-China trade volume, meaning that there is tremendous room for further growth.

Le ♔Hoang Tai, Deputy Director of the Trade Promotion Agency under the Vietnamese Ministry of Industry and Trade, recommended coordinating the implementation of a memorandum of understanding signed between the Yunnan Department of Commerce and the agency and the industry and trade departments of 12 Vietnamese localities by developing specific plans and organising trade promotion activities./.