Hanoi (VNA) - Prime Minister Pham Minh Chinh’s participation at the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin, China, reflects the Vietnamese Party and Government’s strong commitment to the Vietnam–China comprehensive strategic cooperative partnership, while injecting fresh momentum into bilateral economic and trade cooperation amid a volatile global economic landscape.
The Vietnamese PM left Hanoi on June 24 morning for his four-day trip to China and attendance at the forum, which is taking place from June 24-26, at the invitations of Chinese Premier Li Qiang and WEF President and CEO Børge Brende.
High political trust, thriving economic-trade cooperation
As close neighbours with deep historical ties, Vietnam and China established diplomatic relations on January 18, 1950, and elevated their partnership to a comprehensive strategic cooperative partnership in 2008, the highest and most expansive form of diplomatic engagement Vietnam holds.
In recent years, the bilateral relationship has remained on a positive trajectory, marked by several key developments. The state visit to Vietnam by General Secretary of the Communist Party of China and Chinese President Xi Jinping and his spouse in December 2023 was a significant milestone, during which the two sides issued a Joint Statement pledging to deepen the comprehensive strategic cooperative partnership and build a Vietnam-China Community with a shared future carrying strategic significance.
High-level exchanges remained active throughout 2024, including a state visit to China by Party General Secretary and State President and To Lam (August 2024); an official visit to Vietnam by Chinese Premier Li Qiang (October 2024); and two working trips by Prime Minister Pham Minh Chinh to attend the 15th Annual WEF New Champions Meeting in Dalian (June 2024), and to participate in key Mekong-region summits in China (November 2024).
Continuing into 2025, as both nations commemorate the 75th anniversary of diplomatic relations, engagement remains strong. Notable highlights include the phone talks between Lam and Xi on January 15, the launch of the Year of Vietnam–China Humanistic Exchange, and Xi’s fourth state visit to Vietnam in April. These sustained interactions have reinforced political trust and cemented the foundation for long-term bilateral relations.
Strong political ties have catalysed robust economic cooperation. Vietnam and China maintain regular economic dialogue mechanisms that have supported more balanced and sustainable growth in bilateral trade.
Trade remains a cornerstone of the relationship. Vietnam is China’s largest trading partner in ASEAN and currently its fourth-largest trading partner in the word after the United States, Japan, and the Republic of Korea. China, in turn, is Vietnam’s largest trade partner, biggest importer, second-largest export market, and third-largest foreign investor.
Bilateral trade reached 205.2 billion USD in 2024. In the first five months of 2025, trade stood at 92.9 billion USD. As of January 2025, China’s total registered foreign direct investment (FDI) in Vietnam amounted to 31.26 billion USD across 5,195 active projects, ranking sixth among 149 economies investing in the country. In 2024, China led in the number of new projects with 955 ones and ranked third in total registered capital with 4.73 billion USD, up 3.05%. In the first five months of 2025, China remained third in newly registered capital, with 1.81 billion USD across 453 projects. Chinese investors are now present in 19 out of 21 FDI sectors and in 55 out of Vietnam’s 63 provinces.
New impetus for deepening bilateral economic ties
Amidst increasingly comprehensive and substantive ties, PM Chinh’s visit to Tianjin offers a valuable opportunity for high-level discussions on implementing shared strategic priorities and expanding economic cooperation.
Vietnam’s Ambassador to China Pham Thanh Binh noted that this is the first official visit by a senior Vietnamese leader to China in 2025. It follows closely on the heels of Xi’s successful visit to Vietnam in April and coincides with the 75th anniversary of diplomatic relations and the ongoing Year of Vietnam–China Humanistic Exchange.
According to Ambassador Binh, the visit reaffirms and advances the strategic understandings reached between the two nations’ top leadership. It also maintains positive diplomatic momentum, strengthens Vietnam’s position in global cooperation platforms, and opens new avenues for sustainable national development.
He emphasised that, in a context of global economic volatility, both sides must expand and deepen the quality and effectiveness of practical cooperation. This includes implementing high-level consensus in areas such as investment, trade, and infrastructure connectivity; promoting Vietnamese exports, especially high-quality agricultural products, and prioritising major joint initiatives.
A key priority is the development of three standard-gauge railway lines linking the two countries, including Lao Cai–Hanoi–Hai Phong, Lang Son–Hanoi, and Mong Cai–Ha Long–Hai Phong. These projects are seen as flagship components of strategic infrastructure connectivity.
The two countries are also encouraged to promote Chinese investment in sectors where China holds strength and Vietnam has demand, such as science and technology, innovation, digital transformation, green growth, and clean energy. Vietnam’s young, dynamic workforce and emerging domestic market make it a strategic destination for global supply chain shifts. China, in turn, offers vast capital reserves, advanced technology, and a strong base of large enterprises.
Vietnam and China should also leverage regional trade frameworks such as the Regional Comprehensive Economic Partnership (RCEP) and the upgraded ASEAN–China Free Trade Area (ACFTA 3.0) to ensure balanced trade growth. Strategic logistics and infrastructure connectivity should be enhanced through modernised cross-border rail links, smart border gate systems, and robust e-commerce and distribution networks.
With strong political will, complementary strengths, and a well-established diplomatic foundation, the Vietnam–China partnership is poised to grow stronger—bringing shared prosperity to both nations and contributing to peace, stability, and sustainable development in the region and the world./.
