Enormous potential in economic and trade cooperation between China and Vietnam

2023-12-11 13:35:53Global Times Editor : Li Yan ECNS App Download

This year marks the 15th anniversary of the establishment of the China-Vietnam comprehensive strategic cooperative partnership. High-level interactions between the two countries have been frequent, and exchanges in various fields such as the economy and trade have been increasing.

At the end of November, the 12th meeting of the China-Vietnam Economic and Trade Cooperation Committee, aimed at discussing the high-quality development of bilateral economic and trade relations, was held in the Vietnamese capital of Hanoi. The Vietnam News Agency reported that enormous potential dwells in the China-Vietnam trade cooperation - a highlight in bilateral ties. Vietnamese media sources also pointed out that China has been Vietnam's largest trading partner for many years, and Vietnam is China's largest trading partner within the ASEAN.

It proves that achievements in China-Vietnam economic and trade cooperation have been highly recognized by both sides. Recently, several Chinese and Vietnamese experts, based on their own research and observations, spoke to the Global Times about the cooperation between China and Vietnam in the field of economy and trade, and expressed their optimism about future development potential.

3,000 tons of durian export to China

Bui Trong Van, former minister counselor at the Vietnamese Embassy in China, told Global Times that economic and trade cooperation between China and Vietnam has evolved from a simple trade pattern to a higher level of cooperation closely related to the industrial and supply chains. This is mainly due to the political and strategic guidance of the top leaders of both countries, as well as the continuous, stable, and healthy development of the comprehensive strategic cooperative partnership between the two sides. At the same time, the two economies have great complementarities. Deepening economic and trade cooperation fully serves the fundamental interests of both countries.

Data are the most convincing evidence. In 1992, when the two countries signed the economic cooperation agreement, the bilateral trade volume was only $179 million. In 2000, trade volume between the two countries surpassed $2 billion. Statistics provided by China's customs authorities showed that the two countries' trade increased by 19.7 percent to $230.2 billion in 2021, surpassing the $200 billion mark for the first time in history. In the first 10 months of this year, the bilateral trade volume has reached $185.1 billion.

Trade growth is inseparable from the comprehensive development of port infrastructure. In recent years, both central and local governments on both sides have attached great importance to port upgrading to improve customs clearance efficiency. Cross-border ports between the two sides are connected by highways, and China's high-speed rail has been extended to border cities in Vietnam and will soon be extended to port cities.

Border trade is drawing increasing attention from both China and Vietnam. For example, Dongxing, a county-level city in South China's Guangxi Zhuang Autonomous Region, is the only port city in China connected by both land and sea to Vietnam. Mong Cai is the largest, most open, and most promising economic zone in northern Vietnam.

At the end of November and the beginning of December, Dongxing and Mong Cai jointly held the 15th Vietnam-China International Trade and Tourism Fair, as well as a forum on promoting cross-border tourism between Dongxing and Mong Cai, attracting extensive media attention.

According to Vietnamese statistics, in the first 10 months of this year, Vietnam's vegetable and fruit exports to China reached $3.18 billion, a year-on-year increase of 165 percent. Among them, Vietnamese durian is a particular favorite for Chinese consumers. Since being allowed to enter the China market in July 2022, Vietnamese durian has directly promoted the surge in vegetable and fruit exports to China. A woman engaged in the fruit business in Vietnam's Long An Province told the Global Times, "In the first half of this year, my family exported over 3,000 tons of durian to China and made a lot of money."

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