At the Kuala Lumpur Convention Center, the signing ceremony took place in the presence of ASEAN and Chinese leaders. Prime Minister Pham Minh Chinh led the Vietnamese delegation, and immediately after the high-level session, Minister of Industry and Trade Nguyen Hong Dien signed the Protocol on behalf of the Government of Vietnam.
At the 28th ASEAN-China Summit.
ASEAN and China first signed the Framework Agreement on Comprehensive Economic Cooperation in November 2002. Based on this framework, the two sides negotiated and concluded the Agreements on Trade in Goods (effective July 2005), Trade in Services (effective July 2007), and Investment (effective February 2010), officially establishing the ASEAN-China Free Trade Area (ACFTA).
At the signing ceremony of the Protocol Upgrading the ASEAN-China Free Trade Agreement (ACFTA 3.0).
The signing ceremony of the Protocol to Upgrade the ASEAN-China Free Trade Agreement (ACFTA 3.0) at the Kuala Lumpur Convention Center, Malaysia, is witnessed by senior leaders of ASEAN countries and China.
At the signing ceremony of the Protocol Upgrading the ASEAN-China Free Trade Agreement (ACFTA 3.0)
Since taking effect, ACFTA has brought significant benefits to both ASEAN and China expanding markets, reducing production costs, and promoting regional business cooperation. Between 2005 and 2024, ASEAN-China trade volume increased nearly ninefold, reaching USD 968 billion in 2024.
Immediately after the high-level ceremony, Minister of Industry and Trade Nguyen Hong Dien signs the Protocol on behalf of the Vietnamese Government.
China has been ASEAN’s largest trading partner since 2009 and is the region’s third-largest foreign investor. For Vietnam, China remains its leading trading partner, with bilateral trade exceeding USD 205 billion in 2024.
In 2020, amid global economic shifts, ASEAN and China agreed to upgrade ACFTA. Formal negotiations were launched on November 11, 2022, following the joint statement by leaders at the 25th ASEAN-China Summit in Cambodia. After nine official negotiation rounds over two years, both sides announced the conclusion of the upgrade talks at the 27th ASEAN-China Summit in Laos on October 10, 2024. Legal review of the Protocol was then conducted to prepare for the signing.
The Protocol to Upgrade the ACFTA Agreement is expected to further strengthen economic cooperation between Vietnam and one of the most important and traditional economic partners in the region, further facilitating trade and investment between the two countries, promoting sustainable development and prosperity for the people.
The upgraded ACFTA 3.0 is expected to further strengthen economic cooperation between Vietnam and China, facilitating freer trade and investment, and fostering sustainable and inclusive growth across the region.
Signed during the 47th ASEAN Summit, the Protocol underscores the members’ strong commitment to regional economic integration, supply chain connectivity, and shared prosperity within the ASEAN-China partnership.
19:05 | 23/03/2025 20:56 | 28/10/2025News and Events
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