Vietnam and China strengthen mutually beneficial cooperation, join hands to create the future

Over the past 10 years, trade between the two countries has increased more than 4 times, making China Vietnam's largest import market, Vietnam China's largest trading partner in ASEAN (bilateral trade turnover in 2023 reached nearly 172 billion USD; 9 months of 2024 reached nearly 150 billion USD, an increase of 22%, if including informal trade, this number is even higher).

China's investment in Vietnam has increased more than 7 times, becoming the 6th largest investor out of 148 in Vietnam. China has emerged as the leading partner in terms of the number of new investment projects in Vietnam in the past 2 years.

However, we also frankly admit that investment projects of Chinese enterprises are not yet commensurate with the partnership between the two countries; with the potential of Chinese enterprises; with the distinct potential, outstanding opportunities, competitive advantages and especially the role, position and scale of Chinese enterprises.

Over the past 10 years, trade between the two countries has increased more than 4 times, making China Vietnam's largest import market, Vietnam China's largest trading partner in ASEAN (bilateral trade turnover in 2023 reached nearly 172 billion USD; 9 months of 2024 reached nearly 150 billion USD, an increase of 22%, if including informal trade, this number is even higher).

Speaking at the opening of the seminar, Minister of Planning and Investment Nguyen Chi Dung emphasized that the economic, trade and investment sectors are pillars in bilateral relations, which the two countries wish to strongly promote.

Currently, Vietnam has become China's leading trading partner in the ASEAN region, and China has also become Vietnam's largest economic and trade partner. This rapid and strong economic development is a testament to the great potential for cooperation between the two countries.

This seminar is an important event to connect and strengthen the comprehensive strategic cooperation relationship between the two countries, realize the high-level common perception of the leaders of the two Parties and the agreements between the two countries, strongly promote important pillars of economy, trade and investment, thereby contributing to raising the level of economic relations in the new era, promoting sustainable and long-term development for both countries, contributing to stability and common prosperity in the region.

Scene of the Vietnam-China Business Dialogue (Photo: TRAN HAI)

With the theme “Strengthening mutually beneficial cooperation, joining hands to create the future”, the seminar focused on discussing 4 contents: infrastructure, energy, digital economy, finance and banking. These are all fields that are suitable for the development orientation of the two countries, and are the common trend of the world. This seminar opens up many new cooperation opportunities, helping businesses of the two countries to maximize each other's potential, adapt and develop together.

Speaking at the seminar, on behalf of the Vietnamese Government, Prime Minister Pham Minh Chinh warmly welcomed and thanked Comrade Li Qiang, Premier of the State Council of the People's Republic of China, and leaders of ministries, sectors, and typical corporations and enterprises of China and Vietnam for attending this seminar.

The Prime Minister stated that over the past time, with the joint efforts of both sides, especially the historic visits of the General Secretaries and Presidents of the two countries, the Vietnam-China relationship has developed increasingly deeper, more substantive, effective and comprehensive.

The top leaders of the two Parties and two countries agreed to elevate the Comprehensive Strategic Cooperative Partnership and build a Community of Shared Future of strategic significance (December 2023).

Prime Minister Pham Minh Chinh emphasized that businesses from both countries attended this seminar with a sincere spirit, wishing for effective cooperation, and aspiration to develop the two countries quickly and sustainably; hoping that what you said you would do, what you committed you would do, what you did you must be effective, "weighed, measured, counted".

The Prime Minister affirmed that the Party and State of Vietnam always attach importance to developing friendly relations with China - an objective requirement, a strategic choice and a top priority in Vietnam's overall foreign policy.

Sustainable economic development cooperation is one of the key factors to further strengthen the solidarity between the two brotherly countries and the relationship between the two close neighbors.

Prime Minister Pham Minh Chinh and Chinese Premier Li Qiang at the Vietnam-China Business Dialogue. (Photo: TRAN HAI)

The two sides were pleased to see that, in recent times, the social foundation of the bilateral cooperation has improved, mutual trust has increased, and public opinion of the two countries has become more positive. Vietnam feels that the sentiments of the two countries' people have become increasingly warmer. This has created very favorable conditions for economic, investment, trade, and business activities between the two countries in recent times.

However, economic relations are not yet commensurate with the stature of the good political-social relations between the two countries, especially the different potentials, outstanding opportunities, and competitive advantages of the two countries that can complement, perfect, and support each other in development. Therefore, we need to further promote the connection between the two economies, one of the focuses of which is connecting businesses.

To do this, the two governments need to further promote institutional connectivity; strategic infrastructure connectivity; smart governance and technology transfer connectivity; human resource training connectivity, especially high-quality human resources; capital connectivity, focusing on emerging industries; payment connectivity, especially cooperation in local currency payments; technology transfer connectivity, supply chains, and value chains.

The two governments create for development, build strategic infrastructure, train human resources; businesses must connect with each other, support each other on the basis of good relations between the two countries. Prime Minister Pham Minh Chinh hopes that the business communities of the two countries will actively connect with each other; the two governments always support this; we need to do it in the spirit of harmonious benefits and shared risks.

The Prime Minister stated that over the past time, the Chinese and Vietnamese business communities have contributed to making economic, trade and investment cooperation a bright spot and an important pillar in the relationship between the two countries.

The Prime Minister highly appreciated and sincerely thanked Chinese enterprises for their practical and effective contributions to Vietnam's socio-economic development in particular and the overall Vietnam-China relationship in general over the past time.

Regarding the orientation of attracting foreign investment, including high-quality investment from China: With the spirit of "harmonious benefits and shared risks", Prime Minister Pham Minh Chinh affirmed that the Vietnamese Government is committed to "3 guarantees", "3 communications" and "3 together".

Prime Minister Pham Minh Chinh, Chinese Premier Li Qiang and leaders of ministries, sectors and businesses of the two countries attended the seminar. (Photo: TRAN HAI)

Accordingly, the “3 guarantees” include: Ensuring that the foreign-invested economic sector is an important component of Vietnam’s economy; encouraging and being ready to create favorable conditions for this sector to develop long-term, stably, cooperate and compete healthily and equally with other economic sectors.

Ensure the legitimate rights and interests of investors, and do not criminalize economic and civil relations.

Ensuring political stability, social order and safety; stable investment policies that are positive according to the situation, beneficial to investors, production and business; constantly improving the investment and business environment to ensure investors feel secure in doing business and operating long-term in Vietnam.

Improve governance and institutional capacity, ensure "3 ways": smooth infrastructure, open mechanisms, smart governance to reduce input costs for production and business, reduce compliance costs, reduce effort for investors, and increase competitiveness of goods.

“Three together” includes: Listening and understanding between businesses, the State and the people; Sharing vision and action to cooperate and support each other for rapid and sustainable development; Working together, winning together, enjoying together, developing together; sharing joy, happiness and pride.

The Prime Minister hopes and requests that businesses from both countries continue to contribute so that the two countries, which have already been closely connected, will become even closer; the two countries, which have already been united, will become even more united; the two countries, which have already been trusted, will become even more trusted; the two countries, which have been effective, will become even more effective; together promote growth and support the two governments in achieving the socio-economic goals set.

In the current context, the more difficult it is, the more united the two countries must be, joining hands to support each other to overcome difficulties and challenges.

Businesses attending the seminar. (Photo: TRAN HAI)

The Prime Minister called on businesses of the two countries to focus on connectivity to make breakthroughs, take innovation as a driving force to rise up, contributing to helping the two countries raise their economic ties to the same level as their current good geography, history and political-social relations; contributing to helping the two countries fly high and far in the digital economy era, the green era, taking people as the center, the subject, and at the same time the goal and the driving force for development; asking businesses of the two countries to actively cooperate and exchange to advise the Governments, ministries, branches and localities of the two countries to remove barriers to production, business and trade, improve the investment environment; perfect institutions, mechanisms and policies...

Building and implementing specific cooperation projects within the framework of established bilateral cooperation mechanisms such as: Vietnam-China Community of Shared Future of strategic significance, Belt and Road Initiatives (BRI), Global Development Initiative (GDI), Global Security Initiative (GSI) and Global Civilization Initiative (GCI)... of General Secretary and President Xi Jinping that Vietnam has supported; and multilateral cooperation mechanisms that both sides participate in (ASEAN-China); RCEP,...

Continue to promote economic connectivity between the two countries, strategic connectivity in various fields, including transport infrastructure connectivity; promote cooperation in implementing railway projects connecting Vietnam and China; support preferential loans, technology transfer and human resource training, support Vietnam in building and developing a modern, long-term and sustainable railway industry; develop metro lines.

Further increase investment in Vietnam, especially large and typical projects in areas where China has strengths in high technology, digital transformation, cloud computing, artificial intelligence (AI), transport infrastructure construction, metallurgy industry, healthcare, education, clean energy, climate change response, electric vehicle ecosystem and rechargeable batteries, etc.; proactively invest in digital economy, green economy, and technology transfer.

Chairman of the Board of Members of VNPT Group To Dung Thai speaks at the seminar. (Photo: TRAN HAI)

Support and facilitate Vietnamese enterprises to participate in the value chain and supply chain of Chinese corporations and enterprises. Request Chinese enterprises to continue to facilitate the increase of bilateral trade; expand the import of Vietnamese goods and agricultural and aquatic products.

Prime Minister Pham Minh Chinh stated that in any cooperative relationship, “mutual benefit”, “mutual win”, and “shared risks” are the only sustainable goals, which are always the highest goals, and are even more meaningful to the close relationship between Vietnam and China, which are both comrades and brothers.

Therefore, the Prime Minister hopes and believes that businesses of the two countries will connect more closely to match the stature, significance and sentiment in the relationship between the two parties, two countries and two peoples of Vietnam and China.

The Vietnamese Government will continue to support and accompany foreign investors in general and Chinese investors in particular on the path of development in Vietnam.

With the close cooperation of the Government, businesses and organizations of the two countries, we will achieve even greater success in the future. Businesses of the two countries will strongly expand into the world, competing fairly with major countries.

On the occasion of October 13 - Vietnamese Entrepreneurs' Day, the Prime Minister wished businesses and entrepreneurs of the two countries prosperity on par with the Vietnam-China relationship.

For his part, Prime Minister Li Qiang expressed his delight at participating in this discussion; felt encouraged and motivated by Prime Minister Pham Minh Chinh's speech; and agreed on the support of the two governments for businesses of the two countries.

Prime Minister Li Qiang affirmed that China and Vietnam are good brothers, good partners, trustworthy, and can rely on each other; with unity, both sides will certainly overcome all challenges and risks; in sincere cooperation, as long as we persistently go in the same direction, bring mutual benefits, bring common prosperity and certainly "we will win together".

Economic and trade cooperation has always been a highlight of China-Vietnam cooperation, and also an important driving force for promoting bilateral relations. China has always been Vietnam's largest trade partner. Looking to the future, economic and trade cooperation between the two countries still has much room to be exploited and much potential for development.

Chairman of the Board of Members of Vietnam Railway Corporation Dang Sy Manh speaks at the seminar. (Photo: TRAN HAI)

In the coming period, we can focus on the following three key areas: Continuing to connect the two countries' development strategies: The two countries have similar development perspectives, broad common interests, creating favorable conditions for both sides.

We need to pay attention to connecting the two countries: Currently, the two countries are actively implementing the BRI, Two Roads, One Belt connectivity plan; actively connecting road, railway, border gate, port, and air transport infrastructure; promoting travel and people-to-people exchange; strengthening cooperation and coordination of industrial development policies. This creates a strong driving force for promoting economic and trade cooperation.

Continuously consolidate and complement each other's strengths: The two sides have their own special strengths in resources and industry structure, and have a need to complement each other in the long term; the two sides have strongly implemented technical and technological cooperation; coordinated the division of labor, promoted, and jointly improved competitiveness in the global value chain and supply chain.

China has strengths in wind power, solar power, and electric vehicles, which are developing at the world's leading level, suitable for Vietnam's energy transition needs. Mutually beneficial cooperation will emerge in these areas.

Our two countries have high political trust and a warm friendship that many countries do not have. We believe that future trade cooperation between the two countries will be greatly enhanced, so both sides need to seize the opportunity, strengthen close cooperation, and contribute to common development.

Prime Minister Li Qiang expressed his hope that the business communities of the two countries would continue to pay attention to important policies and be more proactive in integrating national development and strategic connections; make good use of bilateral and multilateral agreements; mobilize resources; promote the harmonious development of industries based on the characteristics of their own businesses; and seek cooperation partners in the value chain.

The Chinese government encourages Chinese enterprises to connect with Vietnamese enterprises, build cross-border production and supply chains; concentrate efforts, enhance creativity, and focus on developing the clean energy sector, believing that economic and trade cooperation between the two countries will achieve great results.

Source: https://nhandan.vn/viet-nam-trung-quoc-tang-cuong-hop-tac-cung-co-loi-chung-tay-kien-tao-tuong-lai-post836527.html