China ready to increase imports of Vietnamese goods

Vietnamese President Vo Van Thuong (R) and China’s Party General Secretary and President Xi Jinping, Dec. 13, 2023. Photo by VnExpress/Giang Ngoc

During talks on Wednesday at the Presidential Palace, Thuong expressed a desire for Vietnam and China to share developmental experiences and enhance practical cooperation across all sectors, particularly in fostering a robust and effective trade and investment relationship.

Thuong suggested enhancing transport links and expanding collaboration in agriculture, environment, science and technology, and healthcare, as reported by the Ministry of Foreign Affairs.

He also proposed increased people-to-people exchanges, urging engagement among citizens, especially the youth, to foster mutual understanding and friendship, thereby solidifying the social foundation for relations between the two parties and two nations.

Xi reiterated China’s commitment to augmenting imports from Vietnam, especially high-quality agricultural products, motivating Chinese enterprises to escalate high-quality investments reflective of China’s scientific and technological advancements.

Xi expressed hope for reinforcing the political foundation between the two countries and deepening practical cooperation to stimulate economic recovery and development, and promote strategic connections between the two economies.

He advocated for the effective integration of the “Belt and Road” initiative with the “Two Corridors, One Belt” framework, establishing stable regional supply and production chains, enhancing cooperation in state-owned enterprises, and increasing local currency usage in bilateral trade.

Both leaders affirmed the new position of Vietnam-China relations and the six cooperation pillars, established through discussions between Vietnamese Party General Secretary Nguyen Phu Trong and Party General Secretary and President Xi, have clearly pointed out the direction and started a period of great cooperation between the two parties and two countries in a new era.

They also agreed to jointly ensure maritime peace and stability. President Thuong called for resolving disputes through peaceful measures in line with international law and mutual understanding, putting themselves in each other’s shoes, controlling and adequately resolving dispute, working closely with ASEAN to fully implement the Declaration on the Conduct of Parties in the South China Sea (DOC) and develop a substantial and effective Code of Conduct in the South China Sea (COC), conforming to international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

Prior to the talks, Xi and a high-ranking Chinese delegation paid tribute at the Ho Chi Minh Mausoleum.

Following the discussions, President Thuong and his wife hosted a reception for Xi and his spouse.

China is Vietnam’s largest trade partner for several consecutive years, while Vietnam is China’s largest partner in ASEAN. Bilateral trade between the two countries reached $175.6 billion last year, with Vietnam’s exports reaching $57.7 billion and imports reaching $117.87 billion, according to Vietnam Customs.

As of October 20, China stands as the sixth-largest foreign direct investor in Vietnam among 143 countries and territories, boasting 4,105 active projects and over $26.5 billion in total registered capital.