Guangxi (VNA)ꦿ – Vietnam is ready to deepen economic cooperation with the Association of Southeast Asian Nations (ASEAN), China and other partners, embracing a strategy of “harmonised interests and shared risks” as it leverages its fast-growing economy and market of over 100 million people, said Deputy Prime Minister Mai Van Chinh.

Chinh called for joint efforts to build a peaceful, stable and business-friendly environment that supports sustainable development and contributes to regional and global prosperity at the opening of the 22nd China–ASEAN Expo (CAEXPO) and the China–ASEAN Business and Investment Summit (CABIS) held on September 17 in Nanning, Guangxi, China. This year’s CAEXPO and CABIS take place as ASEAN and China are preparing to formally sign the Protocol to Upgrade the China–ASEAN Free Trade Area (ACFTA) 3.0 later this year. Chinh expressed his confidence that the events would be a resounding success, injecting fresh momentum into bilateral cooperation and boosting trade and economic growth across the region. He stressed that ASEAN–China trade cooperation has grown impressively over the past three decades, underpinned by strong political relations. China has been ASEAN’s largest trading partner since 2009 while ASEAN has been China’s largest trading partner since 2020. China remains a leading foreign investor in many ASEAN member states. Over its 21 editions, CAEXPO and CABIS have made significant contributions to these achievements, becoming a symbol of economic, trade and investment cooperation between China and ASEAN. ASEAN nations, including Vietnam, continue to recognise China’s important role in promoting regional cooperation and shared prosperity. Vietnam is now China’s fourth-largest trading partner and Chinese FDI in Vietnam has surged in recent years, ranking first in terms of new project numbers.

Strategic connectivity projects, particularly in rail and road transport, are being accelerated, paving the way for smoother trade flows and people-to-people exchanges between the two countries and between ASEAN and China as a whole. Amid global and regional economic challenges and rising trade barriers, it is crucial to strengthen trust, uphold the spirit of cooperation, resolve issues based on rules and ensure that the interests of all parties are balanced, the Deputy PM stressed. He put forward three key proposals for future cooperation. First, he suggested further opening markets and facilitating trade. ASEAN and China should actively expedite procedures for signing and ratifying ACFTA 3.0 this year, align domestic legal frameworks with the new commitments and help businesses fully leverage the agreement’s benefits. This would boost bilateral trade, attract more investment into the region and foster shared prosperity. Second, Chinh underscored enhancing strategic connectivity. He called for deeper infrastructure links, especially rail and road, to facilitate intra-regional trade and extend ASEAN’s and China’s reach to Central Asia and Europe. According to the official, Vietnam is accelerating the construction of railway and highway routes linking with China, Laos and Cambodia to complete a multimodal transport network that better connects ASEAN with China and the Eurasian continent. Third, he highlighted promoting science and technology cooperation. ASEAN and China should expand investment and cooperation in frontier fields such as digital economy, green economy, science and technology and innovation; foster quality human resources; and seize opportunities from the Fourth Industrial Revolution, including artificial intelligence. The Deputy PM also spotlighted Vietnam’s pride in being an active contributor to the success of the previous 21 editions of CAEXPO and CABIS. This year, Vietnam is once again one of the largest participants, with nearly 200 booths showcasing a wide range of quality products in sectors where Vietnam has strong complementarities with China and ASEAN markets, including agricultural products, processed food, consumer goods, homeware, furniture and handicrafts. The 22nd CAEXPO runs from September 17-21, bringing together more than 3,200 businesses from 60 countries. The exhibition covers over 160,000 sq.m, with one third of the space reserved for international pavilions showcasing the latest outcomes of cooperation between ASEAN countries and China. This year’s expo is held under the theme “Digital intelligence drives development – Innovation shapes the future – Seizing new opportunities from ACFTA 3.0 to build a community with a shared future”. The same day, Chinh attended a roundtable between the Vietnamese Government and CEOs of Chinese companies on the sidelines of the 22nd CAEXPO and CABIS. Praising China’s dynamic and diverse corporate ecosystem in sci-tech and innovation as a driver of economic growth, he described the roundtable as a platform for Vietnamese and Chinese enterprises to pinpoint cooperation priorities and pitch innovative projects. The Vietnamese Party and Government attach special importance to sci-tech, innovation and digital transformation, he said, pointing to the Politburo’s Resolution No. 57 on breakthroughs in sci-tech, innovation and national digital transformation issued in 2024, the Law on Science, Technology and Innovation and the Law on Digital Technology Industry. These documents lay a comprehensive legal foundation to attract quality investment and nurture tech-driven enterprises, he said. The Vietnamese Government is committed to creating a transparent, open and level playing field for foreign investors, including those from China, in line with international practices as the country enters a new development phase, he said. Chinese business representatives lauded Vietnam’s market potential but urged more flexible multi-currency payment mechanisms and exchange-rate support for projects. They also advocated for increased investment in infrastructure, such as railway and port connectivity, alongside a more transparent and open investment environment, and simplified administrative procedures to ease collaboration and investment in Vietnam./.