The presentation attracted a large number of businesses and groups from Shenzhen City and Guangdong province, especially those specialising in electronics, high technology, and green energy. The Vietnam Consulate general in China’s Guangzhou province, in coordination with the Shenzhen Municipal Trade, Economic and Information Commission gave a presentation on Vietnam’s investment environment on November 6.

Many Chinese businesses inquired about Vietnam’s investment policy, tariffs on imports, labour forces and skills, profit transfer outside of Vietnam and other factors, such as children’s education, healthcare services and social environment.

Consul general To Quoc Tuan answered all their questions. He said Vietnam has been actively integrating into the world to promote economic development and will give priority to mobilising all domestic resources for completion of market economy mechanism, improving the quality of human resources and developing comprehensive and modern infrastructure.

Currently, Vietnam encourages businesses to invest in environmentally friendly and high-tech projects, Tuan said.

He pledged to coordinate with domestic relevant agencies to create the best possible conditions for Chinese businesses to invest in the country.

$24m to be invested in JV weaving, knitting plant

A joint venture agreement signing ceremony to establish Thien Nam Sunrise Textiles JSC was inked on Monday by Chinese Sunrise Shengzhou textile company and Vietnamese Thien Nam Investment and Development JSC in HCM City.

The project will cost a total of US$24 million to build a factory in Bao Minh Industrial Park in northern Nam Dinh Province with a production capacity of 1 million metres of woven fabrics and 300 tonnes of knitting fabrics a month.

Thien Nam is a leading spinning enterprise in Viet Nam, owning four spinning factories with a total of nearly 150,000 spindles and yarn production capacity of 25,000 tonnes per year.

Over 70 per cent of products are exported to overseas markets such as Turkey, Brazil, Indonesia, South Korea, and China.