Vietnam needs automobiles and motorcycles, which are mature businesses in Chongqing. Vietnam also needs construction materials, such as plaster, which small and medium-sized companies can provide, Song said.
The commission says that Chongqing enterprises have established 21 companies in Vietnam, and the total investment in Vietnam this year was nearly $50 million by August.
Chongqing Dongben Industry is one of the Chongqing companies that is setting up branches in Vietnam. Vietnam Dongben Automobile, established in 2001 with a $5 million investment, produces motorcycles, automobile parts and trucks, and sells them to locals.
The director of Vietnam Dongben Automobile, Zheng Dehong, offered three reasons to set up and continue business in Vietnam.
Vietnamese "have a great need for motorcycles. Our domestic company gets a tax deduction for investing overseas, and the Vietnamese government offers many incentives for us to invest there," he said.
He recalled that in 2001, when Chinese banks were not in Vietnam and the company lacked cash flow, Vietnamese banks helped out.
The company also received help from the Chongqing Foreign Trade and Economic Relations Commission.
"When the company first invested in Vietnam in 2001, the State had some restrictions for companies investing overseas. The commission gave us some favorable policies, including providing useful policy consultations and helping my company go through the procedures to go out to Vietnam," Zheng said.
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