South China's Hainan province held a presentation of its economic potential in Ho Chi Minh City. According to the Hainan Daily newspaper, the event included a signing ceremony for agreements on cooperation on the implementation of 19 projects.
The newspaper writes that the documents were signed by representatives of 35 Chinese and Vietnamese companies. According to the agreements, the sides will cooperate in such areas as trade of coffee beans, coconut and coconut milk, dried fruits and vegetables, metal products, automobiles, rubber and steel products.
Hainan and Vietnam are also planning to carry out joint projects in tourism and investment in the construction of production facilities. The total sum of the signed agreements exceeds 3.4 billion yuan ($495 million at the current exchange rate).
The Hainan free trade port has interested Vietnamese partners in a number of advantages associated with the specifics of the province's market, its resource base and industry structure. Mechanisms of the Regional Comprehensive Economic Partnership Agreement should play an important role in the implementation of these projects.
The presentation of Hainan's potential and opportunities was attended by about 350 people, including Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People's Committee, Consul General of China Wei Huaxiang, Director of the Ho Chi Minh City branch of the Vietnam Chamber of Commerce and Industry,Tran Ngoc Liem, Deputy Head of the Vice President at Ho Chi Minh City Investment and Trade Promotion Center Cao Thi Phi Van.
Vietnam traditionally maintains active trade and economic relations with Hainan. According to official statistics, their joint trade turnover in 2022 increased by 56%, exceeding $1.35 billion.