mk Vietnam, Oct. 9, 2024. The Cat Linh-Ha Dong urban elevated railway was built by the China Railway Sixth Group as an important project of the synergy of China's Belt and Road Initiative with Vietnam's Two Corridors and One Economic Circle plan. (Photo: Xinhua)" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-10-10/aab89bf7-b41d-499e-86b4-65c061be0d6c.jpeg" />

Citizens prepare to take a train of the Cat Linh-Ha Dong urban elevated railway in Hanoi, Vietnam, Oct. 9, 2024. The Cat Linh-Ha Dong urban elevated railway was built by the China Railway Sixth Group as an important project of the synergy of China's Belt and Road Initiative with Vietnam's "Two Corridors and One Economic Circle" plan. (Photo: Xinhua)

 

Ren Hongbin, head of the China Council for the Promotion of International Trade (CCPIT), recently visited Vietnam, accompanied by a delegation of Chinese entrepreneurs, to strengthen bilateral communications and deepen pragmatic cooperation, according to the CCPIT on Sunday. 

This year has been designated as the China-Vietnam Cultural Exchange Year, which also marks the 75th anniversary of their diplomatic relations.

During the visit, Ren held extensive exchanges with Vietnamese officials and business people, a CCPIT statement said.

Explaining how China has proceeded with its modernization  drive through high-quality economic development and the commitment to high-level opening-up, Ren noted that China is willing to implement a plan of synergizing the Belt and Road Initiative with Vietnam's Two Corridors and One Economic Circle strategy, expand bilateral cooperation in connectivity, trade and investment, and tourism, as well as forging close partnership in emerging fields such as exploring the digital economy and green development,  the CCPIT noted.

The Chinese and Vietnamese economies are largely complementary and closely linked, making economic and trade cooperation a highlight in China-Vietnam cooperation, Gu Xiaosong, dean of the ASEAN Research Institute of Hainan Tropical Ocean University, told the Global Times on Sunday.

According to new data released by China's General Administration of Customs, the two countries' bilateral trade reached $260.65 billion in 2024, up 13.5 percent year-on-year.

In 2024, the China-Vietnam freight train service transported 19,670 containers, marking a staggering 1,153-percent year-on-year increase, the Xinhua News Agency reported.

Vietnamese fruits, such as fresh coconuts, which were officially approved for export to China in August 2024, are being shipped from Vietnam's tropical regions to various parts of China.

"The rapidly growing bilateral trade reflects the vibrant vitality of China-Vietnam economic and trade relations, especially since the Regional Comprehensive Economic Partnership (RCEP) took effect about three years ago," Gu said.

Closer China-Vietnam cooperation will assist the two countries constantly strengthen their industrial competitiveness, while at the same time, benefiting  economic development of other ASEAN economies too, Gu said.

In a joint statement issued by China and Vietnam in October 2024, the two countries pledged that they will encourage and support well-known enterprises with advanced technology to invest in each other's countries, with a focus on high-tech agriculture, infrastructure, clean energy, the digital economy and green development. And, the two countries said they would work to create a fair and favorable business environment for each other's enterprises.

Miao Renlai, president of machinery equipment manufacturer Van Su Loi Group and deputy chairman of the Business Association of China in Vietnam, was among the first batch of Chinese entrepreneurs that focus on developing the Vietnamese market more than 20 years ago.

"Chinese companies' investment in Vietnam - from clothing and textiles in the early period to machinery and electronics in recent years - generated taxes and jobs for Vietnam. They are making growing contributions to Vietnam's industrialization and modernization and assisting its sustainable development," Miao told the Global Times on Sunday.

In August 2024, Power Construction Corp of China (PowerChina) signed a contract with Vietnam's Xuan Cau Group - one of the major real estate developers in Vietnam - to build the Xuan Cau Industrial Park in the port city of Hai Phong, northern Vietnam, PowerChina told the Global Times. The project is closely integrated with the deep-water port there, playing a crucial role in driving local economic development.

"China's role in the global industrial supply chain is irreplaceable. Amid the continuous unleashing of the complementary advantages of both countries, there is greater potential for accelerating China-Vietnam economic and trade cooperation," Miao said.