Xi's visit to Vietnam signals the strong bilateral ties

Editor's note: Yu Hong, a special commentator on current affairs for CGTN, is a senior research fellow of the East Asian Institute, National University of Singapore. The article reflects the author's opinions and not necessarily the views of CGTN.

At the invitation of General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong, and Vietnamese President Vo Van Thuong, General Secretary of the Communist Party of China Central Committee Xi Jinping made an official visit to Vietnam from December 12 to 13.

This was President Xi's third visit to Vietnam. His visit paved the way for further elevation of relations between China and Vietnam and for expanding cooperation areas ranging from trade, investment, infrastructure development, energy transformation, finance, green and digital economy, agriculture, science and technology, health care, tourism, and education to people-to-people ties. The expansion of cooperation areas is expected to ensure the long-term development of the bilateral ties between the two countries.

It's worth noting that the year 2023 marks the 10th anniversary of China's principle of amity, sincerity, mutual benefit, and inclusiveness in neighborhood diplomacy, and also the 15th anniversary of the comprehensive strategic cooperative partnership between China and Vietnam.

As announced during President Xi's Vietnam visit, both countries have agreed on the new positioning of relations between the two parties and countries and agreed to build a China-Vietnam community with a shared future that carries strategic significance based on deepening the comprehensive strategic cooperative partnership between the two sides. This is the two countries' commitment to jointly enhance friendship and solidarity amidst the changing global geopolitical environment.

Besides, China and Vietnam issued a joint statement on further deepening and elevating their comprehensive strategic cooperative partnership and building a China-Vietnam community with a shared future that carries strategic significance on December 13.

Beijing and Hanoi are not only immediate neighbors but also strategic partners that share similar political systems and ideologies. Deepening mutually beneficial cooperation is in alignment with the common interests of both countries.

From political and economic perspectives, Vietnam has drawn inspiration from the experience of China. For example, learning from China's reform and opening up, Vietnam has engaged in economic reforms, known as "Doi Moi" in Vietnamese, since the 1980s. "Doi Moi" has contributed to the country's economic and industrial take-off for the past 40 years. 

China and Vietnam are each other's major trade and investment partners. Vietnam is China's largest trading partner in Southeast Asia, while China is one of the major sources of foreign direct investment to Vietnam. According to the statistics released by Vietnam's Ministry of Planning and Investment, China registered $2.92 billion in direct investment in Vietnam over the first nine months of the year, 94.9 percent higher than in the first three quarters of last year.

Many Chinese companies have moved parts of their supply chains and built manufacturing plants in Vietnam during recent years, amidst the ongoing industrial upgrading and economic restructuring in China and the changing global geopolitical environment. Vietnam hopes China further open up its markets for more Vietnamese agricultural and aquaculture products.

Economic and trade cooperation was a priority for Xi's visit, as there remains immense potential for collaboration over trade and investment, infrastructure and energy development, especially in the alignment between the Belt and Road Initiative (BRI) and Vietnam's "Two Corridors and One Economic Circle" plan.

The China-constructed Cat Linh-Ha Dong metro line, which stands as a landmark BRI project, in Hanoi has been in operation since January 2022. It has helped mitigate traffic congestion in Hanoi and brought economic benefits for local residents.

According to media reports, China and Vietnam are planning to upgrade a cross-border railway link that will run across Vietnam's heartland to its seaport in the south. If the plan is implemented, it will facilitate the synergy between the BRI and the "Two Corridors and One Circle," and could accelerate infrastructure improvement in Vietnam and boost its economic growth.

After Xi's successful state visit to Vietnam, the cooperative development will be synergized and boosted, the brotherhood between the two leading parties will be strengthened, and the China-Vietnam bilateral ties will be promoted to a new height.

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