Vietnam outlines four priority areas for China-ASEAN cooperation

In his address, Phoc noted that the CAEXPO and CABIS have become significant symbols of cooperation between ASEAN and China for the past 20 editions, not only providing business opportunities but also playing a crucial role in promoting friendship and mutual understanding among the people of ASEAN and China.

They affirm China’s important role in the global economy and the confidence of the business community in a vast, dynamic Chinese market full of potential and development opportunities, he stated.

In the context of the global and regional economy undergoing fundamental changes in both structure and growth models, Phoc emphasized the significance of this year’s expo and summit theme, which focuses on promoting the development of Version 3.0 of the ASEAN-China Free Trade Agreement (ACFTA) and achieving high-quality growth.

This represents a strategic choice for regional economies in the new context and is a contributing factor to promoting peace, stability, and prosperous development in the region and globally, he said.

To spur cooperation and development for stable, sustainable, and long-term growth, the Vietnamese Deputy PM emphasized four priority areas for China-ASEAN cooperation. accordingly, he suggested promoting balanced and sustainable trade cooperation, by opening markets, facilitating trade and investment flows, and fully implementing commitments in free trade agreements like the regional comprehensive economic partnership (RCEP) and the ACFTA. He called for the timely completion of the upgrade to ACFTA 3.0 and the expansion of convenient models that incorporate digital technology and automation in customs processes.

He underscored the importance of enhancing strategic development connectivity and of improving transportation infrastructure, policy consistency, and regional transport connections to further popularize goods from ASEAN and China.

Vietnam is actively advancing the development of road and rail connections with China, Laos, and Cambodia which not only enhances the regional transportation network but also supports Guangxi in realizing its development vision and strengthening its role as China’s gateway to ASEAN, he said.

The Deputy PM stressed the need to boost high-quality investment, saying there is a need to expand investment cooperation into key emerging areas such as the digital economy, green economy, circular economy, and clean energy, along with developing high-quality human resources and artificial intelligence, and effectively leveraging opportunities from the Fourth Industrial Revolution.

Last but not least, he encouraged people-to-people exchanges and cultural cooperation, saying efforts should be made to facilitate connections among people, especially youth and business communities, to foster mutual understanding and friendship, seek and realize mutually beneficial cooperation opportunities, and strengthen tourism cooperation.

As an active and responsible member of ASEAN and a comprehensive strategic partner of China, Vietnam continues to closely coordinate with ASEAN, China, and other partners to strongly promote new growth drivers, consistently making contributions to the ASEAN-China Comprehensive Strategic Partnership, he affirmed.

The Vietnamese Deputy PM expressed his belief that the success of this year’s CAEXPO and CABIS will significantly contribute to economic, trade, and investment cooperation, as well as ASEAN - China connectivity in the future.

After the opening ceremony, Deputy Prime Minister Ho Duc Phoc and Chinese Vice Premier Ding Xuexiang visited the Vietnam National Pavilion and attended the inauguration of the Vietnam Trade Pavilion.

The 21st CAEXPO and CABIS is taking place at the Nanning International Convention & Exhibition Center from Sept. 24 to 28, covering nearly 200,000 square meters and featuring participation from nearly 3,000 businesses.