Arab Today, arab today vietnam to focus on developing industrial border trade cooperation with china
Last Updated : GMT 07:53:53
Arab Today, arab today
Arab Today, arab today

Vietnam to focus on developing industrial, border trade cooperation with China

Arab Today, arab today

Arab Today, arab today Vietnam to focus on developing industrial, border trade cooperation with China

Hanoi - XINHUA

Vietnamese Ministry of Industry and Trade recently approved a master plan on development of industrial and trade cooperation at the border area with China until 2020 with a vision to 2030. According to Decision 805/QD-BCT, the orientation for development of industrial sector at the border area with China will focus on potential fields, including mining and mineral processing on the basis of efficient exploitation of resources; mechanical engineering; processing of agricultural and forest products; construction materials and hydropower. Development will focus on small-scale and cottage industry together with restoring of handicraft villages, thus contributing to manufacturing of essential commodities, creating jobs and promoting tourism, according to the decision. Specifically, those projects will be set up to exploit the advantages of available materials from animal husbandry, farming and fisheries. Besides, the country will invest in upgrading technology for manufacturing of cement and other construction materials, as well as synchronizing power transmission and distribution, said the ministry. Regarding commercial sector, the country will develop modern forms of trade in urban area in association with traditional forms; increasing investment for infrastructure construction of border economic zones, upgrading logistics and warehouse systems to facilitate the supply of materials for production and border trade activities. According to the ministry, Vietnam will continue its construction and upgrading of border markets, especially ones at the border gates of Tan Thanh (Lang Son province), Mong Cai (Quang Ninh province) and Lao Cai (Lao Cai province). Vietnam plans to open four new economic zones along the border with China by 2020. In order to implement the plan, the Ministry of Industry and Trade has mapped out several key solutions, including the establishment of cross-border economic cooperation zones, and improving investment environment. Vietnam set a target to post an average growth of industrial production at 16.5-17.5 percent and 19.5-20.5 percent growth of retail sales of goods and services by 2020. The country also targets a border trade turnover of 16 billion U.S. dollars with China by 2015, according to Vietnam's Ministry of Industry and Trade. Vietnam currently has 11 border economic zones across the nearly 1,400 kilometer-long border line with China. Trade turnover via border economic zones accounts for some 15 percent of total trade turnover between Vietnam and China, said the ministry.

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