China wants to increase economic cooperation with Vietnam, says ambassador

Railway infrastructure development given priority

The fact that the government of China and the World Economic Forum (WEF) recently invited Vietnamese Prime Minister Pham Minh Chinh to attend the WEF’s 15th Annual Meeting of the New Champions in Dalian shows they both highly value Vietnam’s role in addressing global issues, Xiong told media workers in Hanoi on July 4.

The ambassador expressed his belief that Vietnam would achieve economic growth of 6% or beyond this year on the grounds that it is one of the top 40 economies in the world, with trade among the top 20 economies worldwide and high economic growth (6.42%) in the first six months of this year.

According to the diplomat, China is prioritizing the development and connection of transport infrastructure systems, especially railways across the border with Vietnam. Chinese Vice Premier Zhang Gouqing emphasized this issue at Vietnam-China cooperation conference on strategic transport infrastructure development and the role of Vietnamese-Chinese enterprises, with the participation of the Vietnamese Prime Minister.

China is well aware that Vietnam has identified the development of synchronous and modern infrastructure as one of three strategic breakthroughs, in which transport infrastructure development is an important pillar, creating a driving force for socio-economic development.

Xiong said Vietnam plays an important role in connecting its road and railway infrastructure system with the Chinese one, particularly as from there it can connect with similar systems in other ASEAN countries, Europe, and Central Asia as a whole. Indeed, this helps to facilitate the operation of logistics, production chains, and supply chain systems.

Xiong recalled Chinese president Xi Jinping’s visit to Hanoi late last year during which the two sides released a joint statement on continuing to deepen and elevate the Comprehensive Strategic Cooperative Partnership and build a China-Vietnam community with a shared future that carries strategic significance. In the joint statement, the two sides agreed to promote strategic connection development, including developing standard gauge railway connection across the border.

China has supported Vietnam in completing the Lao Cai - Hanoi - Hai Phong railway planning. It is about to proceed with feasibility studies, and provide non-refundable aid for the development of the Dong Dang - Hanoi, and Mong Cai - Ha Long - Hai Phong railways.

More room for green energy, farm produce cooperation

Xiong said green energy development will also be a focal point in bilateral cooperation in the coming time. Vietnamese Prime Minister Pham Minh Chinh recently received dozens of leading Chinese corporations specializing in the development of green economy and digital economy, in the context of wind and solar power equipment makes up 60-70% of the world’s total total supply of green energy.

Though mutual farm produce trading has yet to account for a large proportion of the two countries’ export turnover, the recent signing of protocols on Chinese imports of Vietnamese farm produce, especially fruits and vegetables, has made a positive impact on bilateral trade ties.

The Chinese Ambassador cited statistics saying that Vietnamese agricultural product exports to the Chinese market in 2023 reached US$12.1 billion, an increase of 16.4% compared to 2022. Of the total value, durian export turnover alone brought in more than US$2.1 billion. Recently, he said that the two sides had agreed to soon complete procedures to sign a protocol on plant quarantine requirements for fresh Vietnamese coconuts and frozen durians exported to China.

Xiong also recalled that during his recent talks with Chinese Premier Li Qiang in Dalian, PM Pham Minh Chinh proposed piloting the construction of cross-border economic cooperation zones, expanding border economic cooperation, and developing smart border gates.

China is seeking to develop cross-border economic cooperation zones to bring into full play the strengths of the two countries, take advantage of their logistics and human resources, jointly get into the world market, and attract investment not only from China but also from third countries, while promoting technology transfer and increasing export turnover, said the ambassador.

In his opinions, the two sides can examine the upgrade of joint border gate pairs such as Mong Cai - Dongxing, Dong Dang – Pingxiang, Lao Cai - Hekou, and Tra Linh – Longbang.