Prime Minister Pham Minh Chinh made the statement at a reception in Ho Chi Minh City on November 25 for Minister of Commerce Wang Wentao and a delegation of the Chinese Ministry of Commerce who are paying a working visit to Vietnam and attend the 12th Meeting of the Vietnam - 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 Vietnam. Among foreign investors in Vietnam, China currently ranks fourth in terms of capital and first in the number of new projects.

Prime Minister Pham Minh Chinh (R) receives Chinese Minister of Commerce Wang Wentao.

In 2022, Vietnam 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 USD 140 billion.

Highly evaluating the coordination and cooperation between the two ministries of trade, especially in dealing with difficulties and obstacles in economic ties, Prime Minister Pham Minh Chinh proposed the Chinese Ministry of Commerce continue working closely with the Ministry of Industry and Trade, ministries and sectors of Vietnam 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 Prime Minister also proposed the two sides strengthen linkages 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 Vietnam.

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

In particular, Prime Minister Pham Minh Chinh requested the Chinese side to discuss and coordinate with Vietnamese agencies to completely settle pending issues in a number of industrial cooperation projects in the spirit of “harmonizing interests and sharing risks.”

Wang agreed with Prime Minister Pham Minh Chinh’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 Vietnam 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 Vietnam continue to create favorable conditions for Chinese investors in Vietnam; enhance multilateral cooperation; and join hands in boosting regional economic linkages, including the upgrade of the ASEAN - China Free Trade Agreement.

Prime Minister Pham Minh Chinh took this occasion to ask Wang to convey his regards and invitation to Chinese Premier Li Qiang to visit Vietnam.

Source: VNA