Prime Minister Phạm Minh Chính receives Chinese Minister of Commerce Wang Wentao. VNA/VNS Photo Dương Giang

HCM CITY – The Vietnamese Party and State consistently treasures, maintains and wants to develop the Việt Nam-China comprehensive strategic cooperative partnership, considering it an objective requirement, a strategic, long-term choice and a top priority in the country’s foreign policy, Prime Minister Phạm Minh Chính has said.

PM Chính was speaking at a reception in Hồ Chí Minh City on November 25 for Minister of Commerce Wang Wentao and a delegation from the Chinese Ministry of Commerce who are paying a working visit to Việt Nam and attend the 12th Meeting of the Việt Nam-China Economic and Trade Cooperation Committee.

The host and guest expressed their delight at the results of bilateral economic and trade cooperation. Since 2004, China has always been the biggest trading partner of Việt Nam. Among foreign investors in Việt Nam, China currently ranks fourth in terms of capital and first in the number of new projects.

In 2022, Việt Nam became the fourth biggest trading partner of China in the world according to national criteria, and the biggest trading partner in the Association of Southeast Asian Nations (ASEAN). In the first 10 months of 2023, two-way trade reached almost 140 billion USD.

Highly evaluating the coordination and cooperation between the two ministries of trade, especially in dealing with difficulties and obstacles in economic ties, PM Chính proposed the Chinese Ministry of Commerce continue working closely with the Ministry of Industry and Trade, ministries and sectors of Việt Nam to deploy practical measures to expand bilateral trade in a more sustainable and balanced way.

The two sides need to restore disrupted supply chains; review signed documents and study the upgrade and signing of new cooperation agreements; promote the establishment of cross-border trade areas; and enhance infrastructure connectivity to boost economic connection, including waterway and seaport connectivity and studying the building of a high-speed railway route between the two nations, he suggested.

The PM also proposed the two sides strengthen links and ensure the smooth flow of goods supply chains in the fields of agriculture and industry; and encourage leading Chinese enterprises with high, energy-saving and environmentally-friendly technologies to expand investment in Việt Nam.

The government leader also suggested China expand its import of high-quality agricultural products from Việt Nam such as aquatic products and milk; assist the building of trademarks for products and fields of Việt Nam's strength in the Chinese market; help Vietnamese goods to penetrate deeper into China’s localities and retail system; create favourable conditions in customs clearance for Vietnamese goods to enter the Chinese market; coordinate with Việt Nam to effectively carry out trade promotion activities in each country; and accelerate the establishment of Việt Nam’s trade promotion offices in Chinese localities.

In particular, PM Chính requested China discuss and coordinate with Vietnamese agencies to completely settle pending issues in a number of industrial cooperation projects in the spirit of “harmonising interests and sharing risks”.

Wang agreed with PM Chính’s proposals and the minister said he would report them to Party and State leaders of China.

The minister pledged to work closely with the Ministry of Industry and Trade, ministries, sectors and localities of Việt Nam to effectively implement common perceptions and agreements reached by senior leaders of the two Parties and nations, and deepen bilateral trade and investment ties.

Wang also proposed Việt Nam continue to create favourable conditions for Chinese investors in Việt Nam; enhance multilateral cooperation; and join hands in boosting regional economic linkages, including the upgrade of the ASEAN-China Free Trade Agreement. VNS