Prime Minister Pham Minh Chinh will visit China and attend the 14th Annual Meeting of the New Champions of the World Economic Forum (WEF) from June 25-28 at the invitation of Chinese Premier Li Qiang and WEF Founder and Executive Chairman Klaus Schwab.

Prime Minister Pham Minh Chinh. Source: VGP

On January 18, 1950, China became the first country to establish diplomatic relations with Vietnam. In 2023, the two countries will celebrate the 15th anniversary of their comprehensive strategic cooperative partnership.

China has been among Vietnam's largest trading partners, while Vietnam is China's largest partner within the ASEAN region. Total bilateral trade between the two countries was estimated at US$175.6 billion in 2022, according to the General Department of Vietnam Customs.

As of March 2023, China's cumulative investment capital in Vietnam was US$23.85 billion, involving 3,651 projects, ranking sixth among all countries and regions.

Vietnam's Party General Secretary Nguyen Phu Trong visited China last October, becoming the first foreign leader to visit the country after the 20th National Congress of the Communist Party of China. Vietnam's Foreign Minister Bui Thanh Son described the visit as a highly significant and successful event for both nations in all respects.

The WEF is known as a prestigious global platform that attracts the participation and attention of many world leaders, international organizations, and leading enterprises. Vietnam has established a relationship with the WEF since 1989, and the country is often invited to attend the annual meetings in Davos and WEF conferences focused on East Asia.

The theme of this year's Annual Meeting is "Entrepreneurship: Driving the Global Economy".

During the 40th and 41st ASEAN Summit in Cambodia in November 2022, Prime Minister Pham Minh Chinh had a meeting with WEF President Klaus Schwab, where he expressed his hope that the WEF would help diversify markets for Vietnamese goods and improve Vietnam's position in regional and global supply chains.

In response, the WEF President emphasized his commitment to fostering cooperation with Vietnam. He reiterated his willingness to work closely with Vietnam in proposing and implementing cooperation projects such as the Industry 4.0 Center, initiatives to train people in digital skills, and promoting the green transformation of Vietnam's economy.