Vietnam eager to strengthen economic relationships with China's Greater Bay Region
In the heart of Southeast Asia, Vietnam is beefing up economic ties with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) — China's powerhouse of innovation and economic growth. The objective? To strengthen imports, exports, and shared competencies in cutting-edge technologies and infrastructure.
High-tech Unison
Discussions between the two regions revolve around Fourth Industrial Revolution technologies, including ICT, digital transformation, nanotechnology, biotechnology, and clean energy [1][3]. An essential goal is to coordinate regional development plans, such as the "Two Corridors, One Belt" initiative, to foster stronger industrial connectivity [4].
Strengthening Agricultural Ties
A continued focus is placed on agricultural trade, particularly Vietnam's growing presence in China's market, exemplified by the love for our beloved durians and other high-tech agricultural products [1][5].
Infrastructure and Industrial Growth
Plans are underway for joint industrial parks and cross-border economic zones, aimed at streamlining supply chains and stimulating investments [1][4]. The strategic importance of easing logistics — such as railway upgrades — is evident, given Guangdong's role as a major conduit for trade between the two countries, handling around 20% of bilateral trade [5][4].
Emerging Opportunities
- The ASEAN-Guangdong connection: Guangdong's standing as ASEAN's top trading partner since 2020 highlights Vietnam as a crucial link in regional supply chains [5].
- Tourism and cultural exchange: Hundreds of flights per week and cross-border tourism initiatives like self-drive tours are aimed at achieving Vietnam's goal of welcoming 23 million foreign tourists by 2025 [5].
- Cross-border fintech: QR code payment systems and local currency transactions are being prioritized to boost retail trade [4].
Strategic Investments
Guangdong firms have already established 135 new enterprises in Vietnam in the year 2023, reflecting surging capital flows into manufacturing and tech industries [5]. Collaborative efforts in 5G deployment and AI-driven industries are also identified as key growth sectors [4].
The synergy between Vietnam's manufacturing prowess and the GBA's technological edge is intended to foster resilient, innovation-driven supply chains, even amidst global economic tensions [4][5]. So here's to a prosperous, forward-thinking partnership!
our websiteese durians are favoured in the Chinese market. - VNA/VNS Photo
- The partnership between Vietnam and the Greater Bay Area of China aims to strengthen imports and exports, particularly in cutting-edge technologies such as ICT, digital transformation, nanotechnology, biotechnology, and clean energy.
- To foster stronger industrial connectivity, regional development plans like the "Two Corridors, One Belt" initiative are being coordinated between the two regions.
- Agricultural trade, including Vietnam's growing presence in China's market for high-tech agricultural products like durians, is also a focus of the collaboration.
- Plans for joint industrial parks and cross-border economic zones are being implemented to streamline supply chains and stimulate investments.
- Guangdong's status as ASEAN's top trading partner since 2020 positions Vietnam as a crucial link in regional supply chains.
- Hundreds of flights per week and cross-border tourism initiatives are being launched to achieve Vietnam's goal of welcoming 23 million foreign tourists by 2025.
- QR code payment systems and local currency transactions are being prioritized to boost retail trade between the regions.
- Guangdong firms have invested heavily in Vietnam, establishing 135 new enterprises in 2023, and collaborative efforts in 5G deployment and AI-driven industries are identified as key growth sectors.
