With diplomatic ties with nearly 200 countries and 17 free trade agreements, Vietnam offers investors access to 65 major global markets.

Prime Minister Pham Minh Chinh at the forum. Photos: Nhat Bac

Prime Minister Pham Minh Chinh expressed this view at a Vietnam-China business forum held in Chongqing, China on November 8.

The Vietnamese Government leader highlighted the natural, cultural, and historical links between Vietnam and China, emphasizing the deep-rooted ties, shared borders, and longstanding friendship as “comrades and brothers”. Recent high-level exchanges between the two countries have solidified a strong political foundation, cultural affinity, favorable legal frameworks, and expansive markets for the Vietnam-China Comprehensive Strategic Partnership, which aims to build a Community with a Shared Future, he said.

Chinh stressed the need to strengthen economic, trade, and investment cooperation, noting that, as of October 2024, China had nearly 5,000 active projects in Vietnam with a total registered capital of approximately $30 billion.

In 2024, China has led in new investment projects and ranked second in total registered capital. Bilateral trade reached nearly $172 billion in 2023, and in the first nine months of 2024, trade between the two countries reached $190.9 billion, up 14.5% year on year. However, the Prime Minister noted that these results still fall short of the potential and opportunities within the bilateral relationship.

He also outlined Vietnam’s foundational policies for economic and social development, diplomacy, defense, and cultural advancement.

According to Chinh, Vietnam pursues an independent, diversified, and multilateral foreign policy, positioning itself as a responsible international partner for peace, cooperation, and development. The country prioritizes building a resilient and self-sufficient economy, closely integrated into the global economy, and maintaining a stable political environment to ensure long-term security for investors. In addition, Vietnam emphasizes the cultural foundation as an intrinsic strength, preserving its national identity while embracing global values, he continued.

The signing of 7 MoU between enterprises from two countries.

Chinh added that Vietnam is pushing forward with three strategic breakthroughs: institutional reform, strategic infrastructure development, and high-quality workforce training. The aim is to foster an open, transparent, and competitive investment environment, streamline administrative procedures, and reduce costs to enhance product and business competitiveness. The Prime Minister underscored a vision of “harmonized benefits and shared risks” for the state, businesses, and citizens alike, promoting collaboration and joint development.

In 2023, Vietnam attracted nearly $36.6 billion in FDI, an increase of 32.1% from 2022, with implemented capital reaching a record $23.2 billion. In the first ten months of 2024, FDI inflows reached $27.3 billion, up 2%, and implemented capital reached $19.6 billion, up 8.8%.

Building on this strong foundation, the Prime Minister called on businesses from both countries to deepen investment and trade cooperation, enhancing connectivity in transportation, telecommunications infrastructure, and other sectors to translate high-level commitments into tangible benefits. He also highlighted ongoing initiatives, such as implementing smart customs systems to streamline cross-border procedures, supporting logistics infrastructure, and promoting new sectors like the digital economy, green economy, and circular economy.

In the last decade, bilateral trade has increased more than quadrupled, establishing  China as Vietnam’s largest import market and Vietnam the largest trading partner of China in ASEAN. Chinese investment in Vietnam has grown sevenfold, making China the sixth-largest foreign investor among 148 countries. In 2023, China led in the number of new projects in Vietnam.

Participants emphasized Chongqing’s role as a key economic and logistical hub in western China and a strategic partner for Vietnam. Bilateral trade between Chongqing and Vietnamese provinces reached $4.2 billion in the first nine months of 2024, with Vietnam remaining Chongqing’s largest ASEAN trading partner for many years.