General Secretary of the Communist Party of Vietnam Central Committee and Vietnamese President To Lam embarked on a historic three-day visit to China on August 18. This marks his first trip abroad since assuming office, underscoring the great importance he attaches to the relations between the two parties and countries, according to the Chinese Foreign Ministry.
The visit is strategically significant in terms of economic and trade cooperation. Over the years, China and Vietnam have accomplished much to improve the livelihoods and well-being of their people through strengthened bilateral ties.
China remains Vietnam’s top trading partner and its second-largest export market, having streamlined access procedures for Vietnamese agricultural products. Goods trade between the two countries surpassed $200 billion in 2023, and Chinese enterprises are poised to expand their investment footprint in Vietnam. Last year, General Secretary of the Communist Party of China Central Committee and Chinese President Xi Jinping made a landmark visit to Vietnam, giving momentum to the relationship.
Building on this momentum is expected to further entrench economic and trade cooperation as a hallmark of China-Vietnam relations. It will create new opportunities for export firms and help both countries forge an even stronger consensus on common development.
In the first half of this year, bilateral trade reportedly reached nearly $100 billion, with Vietnam continuing to be China’s largest trading partner within the Association of Southeast Asian Nations (ASEAN). This progress reflects the joint commitments made during Xi’s 2023 visit to boost long-term cooperation targets.
Regional frameworks such as the Regional Comprehensive Economic Partnership (RCEP), the China-ASEAN Free Trade Area, and events like the China Import and Export Fair present promising avenues to increase the competitiveness of market products and promote trade growth. President To Lam’s visit provides an occasion for both sides to assess these achievements, promote a shared vision for aligning markets, and enhance exposure for their local industries and manufacturers.
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High expectations from Vietnamese top leader's historic China visit
cgtn.com
