Hainan FTP promoted in Vietnam with 19 joint projects signed

By David Janke / HICN / Updated: 22:04,22-February-2023

On February 21, a Hainan Free Trade Port (FTP) Promotion Conference was held in Ho Chi Minh City, Vietnam, to further promote the deepening of cooperation between Hainan and Vietnam and share open development opportunities.

The ink was flying at the conference as 35 Chinese and Vietnamese enterprises signed off on 19 cooperation projects. The projects covered the purchase of goods, including coffee beans, coconut milk, dried fruits and vegetables, metals, automobiles, rubber, and steel, as well as bilateral tourism and factory investments. The total value of import and export and foreign investment projects reached RMB 3.4 billion (USD 493 million).

"The Hainan FTP currently has the highest level of openness in the world, and it is a new highland for China's opening up to the outside world. This conference will promote the Sino-Vietnamese economic and trade cooperation and drive stronger and more stable development to benefit our nations' peoples," said Wei Huaxiang, Consul General of China in Ho Chi Minh City.

Hainan Rubber signed a RMB 1 billion (USD 145 million) rubber purchasing deal with a Vietnamese firm. “The signing of this agreement represents a significant boost to Hainan and Vietnam’s cooperation in the rubber industry and is mutually beneficial to both parties,” said a representative of Hainan Rubber, who explained that in recent years, Vietnam’s natural rubber industry has seen rapid development, with a variety of product categories. Thanks to geographical proximity, importing these products into China is quick and easy. 

Vietnam is the world's second largest coffee exporter. Hainan State Farms Tropical Products Industry Group Co., Ltd.  (HSF Tropical Products) signed an agreement with coffee tech firm ProfilePrint to jointly build a standardized international coffee supply chain system covering coffee bean import, sorting, testing, grading, warehousing, and logistics.

ProfilePrint, a coffee bean supply chain management company invested by Swiss coffee firm Socofina Speciality, is a market leader in AI processing in the coffee industry providing a digital hub to facilitate global trade in foodstuffs from farm to end-buyers.

"Our cooperation with ProfilePrint will help Hainan to create an international professional coffee market," said Li Yu, Chairman of HSF Tropical Products.

Haima, a Hainan-based automotive manufacturing company, signed a memorandum of strategic cooperation with Vietnamese car trading platform CarVivu. The memorandum includes a sales order for 10,000 units valued at approximately RMB 1 billion (USD 145 million) over the next three years, and an expression of intention to carry out joint final assembly of Haima-produced new energy vehicles in Vietnam.

Hainan United Airlines Travel Group (HUA) signed an agreement with Vietnam Bamboo Airways to jointly promote the opening of direct flights between Hainan and Vietnam. "In the future, Hainan United Airlines will open more direct flights between Hainan and ASEAN countries to boost cooperation," said Ding Jiabin, Chairman of HUA.

Hainan and Vietnam, which face each other across the Beibu Gulf, are closely-linked neighbors and have a long history of cooperation. In 2022, the import and export volume of goods trade between Hainan and Vietnam increased by 60% compared with 2021.

The Hainan FTP Promotion Conference, co-organized by the Hainan Provincial Department of Commerce and the Bureau of International Economic Development, aimed to improve the Vietnamese business community's understanding of the Hainan FTP and tap cooperation potential to achieve mutual benefit and win-win results.



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