Vietnam PM proposes balanced trade development with China

Vietnam always appreciates and prioritizes the development of a comprehensive strategic cooperative partnership with China, Chinh said at the meeting in Cambodian capital Phnom Penh, which is hosting the 40th and 41st ASEAN Summits and related meetings.

He suggested that both countries develop balanced trade ties and maintain smooth commerce at border gates. He also asked that China creates favorable conditions for the import of Vietnamese agricultural products, especially during the upcoming Lunar New Year season.

He hoped that the two sides would increase their railway connectivity, increase the volume of Vietnamese goods using China’s railways to reach third countries and remove remaining difficulties in some cooperation projects like the Thai Nguyen iron and steel factory and the Ninh Binh fertilizer and Ha Bac fertilizer factories.

Li Keqiang agreed with Chinh’s comments on cooperation between the two countries, including the digital economy, green economy and responding to emerging challenges like food security, water security and climate change.

He said China would cooperate with Vietnam to solve the trade deficit issue and promote trade for mutual benefit. He also said that China would create favorable conditions for Vietnamese goods to clear customs faster so that the situation of Vietnamese agricultural products being stuck and damaged at the border gate is not repeated.

China stands ready to create favorable conditions for Vietnamese students to return to the country and to resume commercial flights between the two countries, he said.

On peace and stability in the East Sea, internationally known as the South China Sea, the two leaders agreed to handle disagreements on the basis of equality and cooperation, continue making good use of negotiating mechanisms on maritime delimitation and cooperation, and implement the Declaration on the Conduct of Parties in the East SEA (DOC).

The two sides also agreed to strive further on developing a substantive, effective and efficient Code of Conduct in the East Sea (COC) in accordance with international law.

Vietnam is China’s largest commercial partner in ASEAN and sixth largest in the world.

Vietnam-China bilateral trade reached $165.8 billion in 2021, up 24.6% from 2020, according to the General Department of Vietnam Customs.