China and Vietnam are accelerating the construction of an
economic cooperation zone in the two countries' bordering area,
aiming at promoting bilateral trades and the development of
China-ASEAN Free Trade Area (CAFTA).
The zone comprises a logistics park and a processing park, in
which commodities made in China and Vietnam will enjoy the
privilege of zero tariffs and no import linkage tax, said sources
with Pingxiang city government Wednesday.
With the completion of the project's first phase, four
enterprises have started operation in the processing park, and the
second phase is now under construction, said a spokesman of the
management committee of the zone.
The zone, initiated in 2004, at Pingxiang city, south China's
Guangxi Zhuang Autonomous Region and the bordering Lang Son
province of Vietnam, covers an area of 13.4 square kilometers in
Guangxi and a combined 1.17 billion yuan invested by the Chinese
part.
The project has also been listed in the aid program of United
Nations Development Program (UNDP), which promised to invest US$1.5
million in the zone and plans to set up an office to facilitate its
management.
China has been the largest trade partner of Vietnam for two
years in a row. In 2006, the trade volume between China and Vietnam
totaled US$9.95 billion, 21 percent up on the previous year and the
bilateral trades are expected to hit US$15 billion by 2010.
(Xinhua News Agency April 4, 2007)