Promoting economic corridor cooperation between Vietnamese, Chinese localities

Founded in 2004, the economic corridor cooperation mechanism has proved effective in promoting cooperation between the four Vietnamese localities and the Chinese province of Yunnan in the fields of friendly exchanges, traffic connectivity, trade, tourism, culture and arts.

The provinces have effectively taken the advantage of their geographical locations, traffic connectivity and the strength of each locality to promote cooperation and support each other in development. Many important economic projects have been implemented through border gates, while economic and trade zones on the border are increasingly bustling, helping to fuel trade turnover exchanges.

As part of the cooperation mechanism, the ‘Two countries - Six destinations’ campaign was launched in March 2023, connecting two Chinese localities of Kunming and Honghe Hani and four Vietnamese localities of Lao Cai, Hanoi, Hai Phong and Quang Ninh. The new tourism product is expected to open up new prospects for tourism cooperation between provinces in the economic corridor of Vietnam and Yunnan (China).

The two sides have also coordinated in organizing the annual Vietnam - China international trade fair, an international bicycle race, people-to-people exchanges and other cultural and sports exchanges, while fostering cooperation in the fields of health care, agriculture, environmental protection, and cross-border labour management.

According to statistics from the General Department of Vietnam Customs, two-way trade turnover between Vietnam and China last year hit US$175 billion, an increase of 5.47% compared to 2021. Currently China is Vietnam’s largest trading partner, largest import market and second largest export market, after the United States.

Meanwhile, Vietnam is also the sixth largest trading partner among all countries and territories that have trade relations with China. It is China’s largest trading partner in Southeast Asia.

China is among the top 10 foreign investors in Vietnam, with its investments spanning across various fields, from catering services, hotels, consumer goods to textiles, footwear, mineral exploitation, and industrial parks.

Yunnan shares a border with some northern mountainous provinces of Vietnam, acting as a bridge for Vietnamese goods to penetrate China, and for Chinese products to reach the potential ASEAN market. Therefore, there is much room to fully tap into the potential for economic and trade cooperation between Vietnamese localities and Yunnan.

During the two-day conference, panel discussions on investment, trade, culture, health care, education, tourism, transport, and logistics will be held. A number of cooperation agreements are expected to be signed at the event.