When Vietnamese Deputy Prime Minister Nguyen Xuan Phuc met with Chinese Premier Li Keqiang and Vice Premier Zhang Gaoli separately in Beijing in mid-September, both sides agreed to align the initiative with the plan to promote cooperation in industrial capacity, trade and investment, and other areas.
"The implementation of the 'Belt and Road' initiative will definitely further facilitate trade relations between China and Vietnam and promote economic growth in the Southeast Asian region, " Yadea's Lv said.
Believing his company will continue to grow thanks to the initiative, Lv said that it is vital to ensure product quality so as to secure a place in the Vietnamese market.
"We are planning to expand our business to southern Vietnam and promote our products at big supermarkets in the country. Our goal is to export Yadea's products from Vietnam to the whole ASEAN market," Lv added.
Yadea is not the only Chinese company that is eager to seize the business opportunities brought over by the "Belt and Road" initiative. A growing number of Chinese firms are trying to explore new markets here, especially those in high-tech sector with high added value.
Vina Solar Technology Company, which engages in photovoltaic module manufacturing, is one of them.
Since its establishment in April 2014, Vina Solar has been expanded six times and is on the way to become China's biggest overseas company engaged in photovoltaic module manufacturing.
Yang Yongzhi, general manager of Vina Solar told Xinhua, that the production capacity cooperation do not mean the transfer of outdated technology.
"Bringing outdated technology to Vietnam is not a right long-term business strategy" as only high-quality capacity cooperation could ensure sustainable development amid throat-cutting competition, he said.
Ngo Thi Thuy, who works for Vina Solar, said that Chinese investment coupled with advanced technology create jobs for the Vietnamese and benefit her country.
China is ranked the 9th largest foreign investor in Vietnam with about 8.24 billion U.S. dollars invested in 1,193 projects in the Southeast Asian country. The prospect for capacity cooperation between the two countries are promising.
BUILDING INDUSTRIAL PARKS
Building industrial parks in Vietnam has been regarded as a mainstream and ideal way to promote China-Vietnam capacity cooperation as such parks can help lower costs and risks.
"Van Trung has great advantages in geographic location," Yang said when explaining why the company chose Van Trung Industrial Park as production base.
Being close to the Hai Phong seaport, the border with China and the Noi Bai international airport in Hanoi, Van Trung in Bac Giang province makes an ideal place for Vina Solar.
The construction of Van Trung industrial park started in July 2013. Since then, 30 standard factory buildings have been built in an area of 165,000 square meters.
Eight of the 13 companies operating in Van Trung are from China. Except for one garment factory, all the others are high-tech enterprises, said Yao Ziran, general director of Fu Hua company, the owner of the park.
Currently, 50 factory buildings are under construction in the fifth, sixth and seventh phases of the development plan as Vietnam is seeing an increasing influx of Chinese investors.
Fu Hua is also building another industrial park in northern Vinh Phuc province for high-tech companies from China.
"We stand ready to seize the opportunities brought over by the Belt and Road initiative and the Two Corridors and One Economic Circle plan," Yao said.
