Yen Bai leaders explore cooperation chances with China’s Sunwah Group

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Yen Bai leaders explore cooperation chances with China’s Sunwah Group

Saturday, August 19, 2023

YBO– During a recent working trip to China, a delegation of Yen Bai province led by Tran Huy Tuan, Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Committee, visited and had a working session with the Hong Kong-based Sunwah Group.

Chairman of the Yen Bai provincial People’s Committee Tran Huy Tuan talks to Jason Choi, a leader of the Sunwah Group.

The delegation was received by Jason Choi, member of the Board of Director of the Sunwah Group, General Director for the firm’s Greater Bay Area of Guangdong - Hong Kong - Macau, and General Director for the Southwest Area of China, along with other executives of the group.

Chairman of the Yen Bai People’s Committee Tran Huy Tuan said 37 foreign direct invested companies from 10 countries are operating in the province, with total registered capital of 478 million USD. They include 16 Chinese investors with combined investment of 90.89 million USD, equivalent to 18% of the total here, mainly in the fields of mineral processing and agro-forestry-fishery, stone powder, cinnamon, wood, paper, and tea production.

China is a major market of many exports of Yen Bai. Therefore, the reopening of its market on January 8 this year has generated big expectations for Yen Bai businesses and sectors, especially the plastics industry, he went on.

The Yen Bai delegation and Sunwah leaders pose for a group photo

Since 2019, Yen Bai’s exports to China have accounted for about 8% of its total overseas shipments (70 million USD). The turnover stood at some 5% in 2019 - 2020 and 12% (35 million USD) in 2022.

The shipment value of processed agro-forestry-fishery products to China has made up about 25%, and minerals 6%. The export of some farm produce like tea, cinnamon, and tapioca was limited due to the COVID-19 pandemic, statistics show.

Tuan noted that despite the annual increase in export revenue, it has yet to live up to his province’s potential and strengths. Some products can still be sold more to China such as minerals, plantation timber, and especially tea and cinnamon.

Meanwhile, Yen Bai’s main imports from China are machinery and equipment, including those for producing wood, plastic items, and minerals, he added.

For his part, Jason Choi said the Sunwah Group, set up in 1957, is a multinational based in Hong Kong. Its network spreads from mainland China, Macau to other countries and regions like Japan, Southeast Asia, North America, Europe, and Australia.

Starting its investment in Vietnam in the early 1970s, Sunwah is operating in such areas as seafood and food, real estate, financial services, coffee, farm produce and dried food, high technology, education - training, and most recently innovation.

Chairman of the provincial People’s Committee Tran Huy Tuan presents a gift to Jason Choi

Thanks to decades-long unceasing development with wholehearted efforts in multiple areas in Vietnam, the group has obtained considerable achievements. It has received attention and many favourable conditions from the State of Vietnam to develop and contribute further to the local economy, he went on.

The goal of Sunwah in Vietnam is to help promote the two countries’ friendship, foster business partnerships, and coordinate with and support entrepreneurs, associations, and businesses of both sides, Jason Choi noted, adding that the firm is stepping up cooperation with Lao Cai and Tuyen Quang provinces to develop the pu-erh tea to be exported to China and others around the world.

Yen Bai is working to attract investment to the production and processing of three key products, namely tea, cinnamon, and bamboo shoots, which are also the fields Sunwah is strong at.

Chairman Tuan invited a Sunwah delegation to pay a working visit to Yen Bai to explore investment and business opportunities.

Jason Choi said he will visit the province at a suitable point of time so that the two sides can discuss cooperation aspects.

B.T

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