China Provides Exposure For Vietnamese Products In Shanghai
SIAL China 2019 has paved the way for stronger business ties between Chinese entrepreneurs and Vietnamese food producers. Various food products from Vietnam are currently on show at the Shanghai exhibit.
According to Viet Nam News, Vietnamese products highlighted at the exhibit include coconuts, dried fruits, dairy products, and various beverages made from fruits. Over 100,000 visitors are expected to drop by the exhibit that wraps up today.
Consul General Ninh Thanh Cong said during the conference for the exhibition that business ties between the two countries should be improved further as expectations in terms of trade have yet to be reached if not exceeded.
The Vietnamese coffee industry has been trying to expand globally and one of its target markets in China. Chairman of the Viet Nam Coffee and Cocoa Association, Luong Van Tu, said he is hoping the exhibition will allow for increased understanding of China's market needs and Vietnam's business goals.
China recently imposed inspection on exported goods but it remains the world's largest importer of agriculture products. Vietnamese food manufacturers are looking to penetrate the Chinese market further through increased exposure in exhibitions like SIAL China 2019.
The Vietnamese government previously reaffirmed its good relationship with Beijing. During the Belt and Road Forum last month, Vietnam's Prime Minister Nguyen Xuan Phuc promoted cooperation with China.
Nhan Dan News reported that Nguyen has been maintaining a stable relationship with the Chinese government. Both countries have held frequent meetings to discuss the development of trade and investments.
In 2017, Chinese President Xi Jinping made a state visit to Vietnam wherein he signed a Memorandum of Understanding (MoU) with the Vietnamese government to promote trade and bilateral ties with the country.
Trade between Vietnam and China reached $106.7 billion last year and capital investments from Chinese investors to the Vietnamese market hit $14.2 billion. Vietnam currently recognizes China as its largest trading partner.
Also last month, President of the China National Textile and Apparel Council, Sun Rui Zhe, congratulated Vietnam for catching up with the Chinese textile industry in exporting products. Both countries are recognized as leaders in global textile markets.
Industry analysts said the positive reaction of Chinese businesspeople towards Vietnam's gradual success is a sign of strong ties despite a history of diplomatic disagreements and differences.
In the textile sector, China supplies Vietnam with most of its fabric needs while the latter supplies its counterpart with its needs in the labor segment. Experts said the two countries complement each other very well in trade.