General

At present, Vietnam is actively promoting industrial transformation and upgrading, accelerating the industrialization process, and actively supporting participation in China's global development initiatives. The industrial capacity cooperation between the two countries has huge potential and broad prospects.

  The two sides agreed to uphold the "sixteen character" policy of "long-term stability, future orientation, good neighborliness, friendship and comprehensive cooperation" and the "four good" spirit of "good neighbors, good friends, good comrades and good partners", consolidate traditional friendship, strengthen strategic communication, enhance political mutual trust, properly manage and control differences, and promote China Vietnam comprehensive strategic cooperative partnership to a new level in the new era. Nguyen Phu Trong's visit to China is not only a prominent manifestation of the special relationship between the Communist Party of China and the Communist Party of Vietnam, but also a positive signal of the steady development of China Vietnam relations.

"Two Corridors and One Circle" Connecting "the Belt and Road"

  The "Medal of Friendship" represents the friendly feelings of the CPC and the Chinese people towards General Secretary Nguyen Phu Trong and the Vietnamese people, symbolizes the profound friendship of "comrades and brothers" between China and Vietnam, and contains the ardent hope of the two parties and the two peoples to pursue a better future together.

  Nguyen Phu Trong said that the effectiveness of the existing cooperation mechanisms between the two countries should be brought into play and enhanced, especially the role of the Vietnam China Bilateral Cooperation Steering Committee, to promote the further docking of the "two corridors and one circle" and the "the Belt and Road" initiatives. We will further promote the effectiveness of bilateral economic cooperation and create new highlights in various fields.

It is understood that the relevant departments and local governments of the two countries have signed 13 cooperation documents, covering many fields such as economy and trade, environmental protection, culture and tourism, justice, customs and local governments.

Deep correlation of industrial chain supply chain

Practical cooperation is an important aspect of China Vietnam relations. China and Vietnam are important economic and trade cooperation partners of each other, featuring mutually beneficial cooperation, high complementarity, unique conditions and deep connection between production and supply chains.

In the past two years, despite the impact of the COVID-19, China is still Vietnam's largest trading partner, while Vietnam continues to be China's sixth largest trading partner, ranking first among ASEAN countries. In 2021, the bilateral trade volume between China and Vietnam will exceed 200 billion US dollars for the first time, reaching 230.2 billion US dollars. Vietnam's international trade imports from China account for 33% of the total imports. About 54% of machinery equipment and parts, 52% of textile and leather raw and auxiliary materials, and 40% of mobile phones and parts all come from China.

Xu Ningning, Executive Director of the China ASEAN Business Council, pointed out that the close economic and trade cooperation between China and Vietnam comes from the common development needs and the national interests of both countries, as well as from the cooperation between the enterprises of the two countries to seize new opportunities brought about by regional open markets.

In the view of Xiong Bo, China's ambassador to Vietnam, China and Vietnam are comprehensive strategic cooperative partnerships, and strengthening coordination and cooperation in international and regional affairs is the proper meaning of China Vietnam relations. At present, Vietnam is actively promoting industrial transformation and upgrading, accelerating the industrialization process, and actively supporting participation in China's global development initiatives. The industrial capacity cooperation between the two countries has huge potential and broad prospects.

More diversified fields of economic and trade cooperation

While maintaining smooth trade, China and Vietnam have always adhered to policy communication, facilities connectivity, capital financing and people to people connections. The two countries are seeking more diversified cooperation. There will be broad cooperation opportunities in green economy, digital economy and other fields.

In recent years, the Vietnamese government has attached importance to green economy and digital economy, promulgated a series of development strategies, policies, measures and action plans, encouraged enterprises to accelerate green transformation, supported the development and utilization of renewable energy and new energy, actively carried out international cooperation on green and low-carbon growth, and promoted the development of digital platforms and infrastructure construction, It is implementing the National Digital Transformation Plan towards 2030 by 2025 and the National Strategy for Green Growth towards 2050 from 2021 to 2030.

It is understood that Vietnam has taken the digital economy, digital government and digital society as the three pillars of building a digital country. A research report predicts that by 2030, the digital economy will bring Vietnam $74 billion in income, and the areas that will benefit most are manufacturing, agriculture and food, and education and training. The COVID-19 has a great impact on intra regional industrial chain connectivity, so China and Vietnam are encouraged to actively carry out digital economic cooperation. Vietnam and China still have the problems of long customs clearance time and high transport costs in terms of trade. In the future, both sides need to jointly promote international trade facilitation and international border port digital transformation cooperation.

The construction of sea and land channels has been accelerated

On March 26 this year, the first international cross-border freight train between China and Vietnam in the new western land and sea corridor started from Chongqing Orchard Port. Previously, most of the goods from Sichuan and Chongqing were transported eastward by water to Shanghai and other ports. It took more than 20 days to Vietnam, which took a long time and consumed a lot of goods. After the opening and operation of China Vietnam cross-border railway train, the freight transportation time from Chongqing to Vietnam will be shortened to 4-5 days, which will not only save a lot of labor and time costs, but also be more safe and reliable, which will greatly reduce the transportation costs of international trade enterprises, and greatly improve the freight efficiency. In the first eight months, 216 China Vietnam cross-border trains were operated, up 8.5% year on year.

In May, Xiamen Port also added a foreign trade route to Ho Chi Minh Port, Vietnam. The new route further weaves the trunk network of foreign trade between China's southeast coastal areas and Vietnam, and effectively ensures the stability and smoothness of the supply chain of the international trade industry chain. It is reported that this route can bring about an increase of about 500 TEUs per week.

Guangxi Fangdong Railway is the westernmost high-speed railway along the coast of Chinese Mainland, and also the first high-speed railway directly connecting to the border ports between China and Vietnam. It is expected to be open to traffic by the end of this year. After the completion and operation of Fangchenggang Dongxing Railway, the history of no railway transportation between Fangchenggang and Dongxing in Guangxi will end, and the transportation time between the two places will be shortened from 90 minutes to 20 minutes, which will play a positive role in promoting China Vietnam economic and trade exchanges.

The transportation infrastructure networks built by cross-border freight trains, sea routes, high-speed railways, etc., not only make important economic contributions to China and Vietnam, but also provide strong basic support for policy communication, smooth international trade, financial integration, and people to people communication.