Ho Chi Minh City and China’s Chongqing City are launching a new international trade corridor meant to enhance trade routes by both road and sea.

This initiative is expected to lower logistics costs and create various opportunities for economic collaboration between the two localities, allowing Vietnamese businesses to expand their markets.

The corridor will facilitate the transportation of well-known Vietnamese products such as rice, coffee, natural rubber, and fruit.

These goods can then be distributed throughout China and to European markets, promoting market expansion and sustainable growth for Vietnamese enterprises.

The new international trade corridor was discussed during a conference on promoting cooperation for the new international land-sea trade corridor, which was held in Ho Chi Minh City on Tuesday.

At the conference, Vo Van Hoan, vice-chairman of the Ho Chi Minh City People’s Committee, underlined the city’s role as a multifaceted economic hub with an integrated transportation system that includes air, waterway, maritime, land, and rail routes.

Hoan also announced plans for Ho Chi Minh City to build 180 kilometers of urban railway by 2035 and invited Chongqing to collaborate on this urban rail system.

He expressed ambitions to transform outlying Can Gio District into a logistics hub by developing the Can Gio transshipment port, which is currently in the planning stages.

Once completed, the port will connect with Chongqing Port, expanding trade opportunities for Chinese goods in southern Vietnam.

Zheng Xiangdong, Vice-Mayor of Chongqing, discussed the potential of this new trade corridor.

He noted that Chongqing is a strategically important economic center in southwest China and has developed various logistics models including rail intermodal transport and maritime transport.

This extensive network connects with 72 cities and 154 train stations across 18 provinces in China and reaches 538 ports in 125 countries globally.

Such connectivity will enable effective collaboration between Ho Chi Minh City and Chongqing in supply chain development and international competitiveness.

During the conference, many businesses expressed optimism about the new trade corridor’s potentialities to reduce logistics costs and foster economic cooperation between Vietnam and China.

This initiative is expected to enhance the possibility of Vietnamese businesses to access larger markets while boosting their global competitiveness.

The event also featured the signing of a cooperative agreement between businesses and associations in eight sectors including investment, trade, and logistics from both countries.

Notably, statistics shared at the conference indicated that trade between Vietnam and China reached US$112.2 billion in January-July, marking a 25-percent increase compared to the same period in 2023.

China remains Vietnam’s second-largest trading partner, while Vietnam ranks as China’s largest trading partner in ASEAN and fifth globally.

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