Vietnam leader pledges to facilitate Chinese investors

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Prime Minister Nguyen Tan Dung said Tuesday that Vietnam would facilitate Chinese investment in Vietnam as the two countries target trade worth US$25 billion this year.

Speaking at a business forum in China's Jiangsu Province, Dung said bilateral trade grew 30 percent a year on average over the past decade, topping US$21 billion last year despite the global financial crisis, according to a government report Tuesday.

As of the end of March, Chinese investors, excluding those from Hong Kong and Macau, had more than 700 projects in Vietnam with a total registered capital of nearly $3 billion, he said.

But he said the results so far had not lived up to the countries' potential.

Trade between Vietnam and Jiangsu was only $2.2 billion last year and the province only had 66 enterprises investing in Vietnam. Dung said the province, a large market with a population of more than 77 million, still has great potential to boost trade and investment ties with Vietnam.

Several cooperation agreements between Vietnam and Jiangsu were signed Tuesday in the presence of Prime Minister Nguyen Tan Dung, including a memorandum of understanding to promote tourism and an agreement to build a $150 million bio-waste power plant in Vietnam.

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