Economic ties with biggest trade partner reach new heights

Minister of Industry and Trade Nguyen Hong Dien - photo: Nhat Bac

What are your assessments of the current and future Vietnamese-Chinese relationship?

Sound cooperation has always been the main flow in the Vietnamese-Chinese relations since the two countries established their diplomatic relations in 1950.

In 2008, Vietnam and China established a comprehensive strategic cooperative partnership, the highest and the most comprehensive diplomatic relations of both countries, and it was also the first time the two countries established this cooperation framework.

Vietnam attaches great importance to and considers the development of friendship and comprehensive strategic cooperative partnership with China a long-term, strategic policy and a top priority.

The bilateral comprehensive strategic cooperative partnership has been continually consolidated and strengthened since Vietnamese General Party Secretary Nguyen Phu Trong’s official visit to China from October 30 to November 1, 2022. Bilateral exchanges and meetings at all levels took place regularly and in a flexible manner.

The bilateral economic, trade and investment relations have been growing well and continuously reached new heights. China has become Vietnam's largest trade partner for many years, while Vietnam has become the biggest and sixth largest ASEAN (Association of Southeast Asian Nations) and world trade partner of China, respectively. Other areas of mutually beneficial cooperation have been continually expanded and deepened, practically benefiting the people of the two countries.

I hope that sectors and authorities at all levels of both sides will further promote and deepen cooperation in different fields through increasing exchanges and meetings at all levels, strengthening the role of the Steering Committee for Vietnam-China Bilateral Cooperation, promoting exchanges and cooperation between the Vietnamese National Assembly and Vietnam Fatherland Front and their Chinese counterparts.

They also need to improve the quality of cooperation, especially economic, trade and investment relations, bring into play the role and efficiency of monetary, financial and infrastructure cooperation mechanisms, expand friendly exchanges between the peoples, especially the young generation, and social organizations of the two countries, promote dissemination of information about the good traditional relations between the two Parties and countries, properly control and handle disagreements on the basis of strictly complying with high-level agreements and common perceptions, respecting each other's legitimate interests, and in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea, for the benefit of the two peoples, as well as for peace, cooperation and development in the region and the rest of the world.

What do you think about the role of CAEXPO and CABIS?

CAEXPO and CABIS are important and prestigious events on economic, trade, and investment cooperation of the ASEAN-China business community. After 20 editions, they have become a symbol and guiding flags of economic, trade, and investment cooperation between China and ASEAN. They have contributed to making ASEAN China's largest trade partner and China a leading trade partner of ASEAN countries, including Vietnam.

Over the past 20 years, Vietnam is proud of being one of the most active members contributing to the successful CAEXPO and CABIS. Vietnam has become the biggest ASEAN country in terms of number of businesses attending CAEXPO, exhibition area and number of booths at all CAEXPO fairs.

What are Vietnam’s expectations for future CAEXPO and CABIS events?

We expect that cooperation within the framework of the CAEXPO mechanism will become an important driving force of development for the ASEAN-China bloc, and member countries of the Regional Comprehensive Economic Partnership (RCEP) agreement and the Belt and Road Initiative.

Vietnam hopes that CAEXPO, CABIS and related activities will attract more reputable, large-scale and potential businesses, exporters and importers (operating in the fields, in which ASEAN and China are strong, such as high technology, innovation, green development, carbon emissions reduction and environmental treatment technology, production and processing of raw materials, fuel, modern and energy-efficient machinery and equipment) from China and the rest of the world.

The country also expects that activities and fields and forms of cooperation within the framework of CAEXPO and CABIS will be innovated, diversified and further enriched to bring economic, trade, investment and tourism relations between China and ASEAN countries, including Vietnam, to new heights.

CAEXPO and sideline forums are expected to promote the images, products, and national and corporate brands of ASEAN countries and China.