Speaking at the ceremony, Minh emphasised CAEXPO is a highly effective cooperative model between ASEAN and China.

The Regional Comprehensive Economic Partnership (RCEP) which is currently being negotiated by ASEAN, China and other partners will bring about tremendous economic benefits for the parties, he said.

The RCEP will greatly facilitate circulation of goods and services through member economies and boost the formation of an integration chain of value in Asia. 

He took the occasion to call on ASEAN and China to work closely together to maintain peace, stability and security of navigation in the East Sea.

This year’s CAEXPO has attracted 2,330 businesses showcasing their products and services in over 4,600 pavilions.

Vietnam, the largest ASEAN exhibitor, has around 100 businesses displaying products and services in nearly 200 pavilions; nearly 100 others are participating in meetings and seminars.

China is the largest trade partner of ASEAN while ASEAN ranks third among China’s trade partners.

Last year, two way-trade turnover between China and the 10 ASEAN countries hit US$443.6 billion, a year-on-year increase of 10.9% and 5.7 fold the figure for 2003.