In a significant move to strengthen their partnership, China and Vietnam signed 10 agreements on Sunday, aiming to expand cross-border railway links, boost payments, and promote economic cooperation. The signing ceremony followed a meeting between Vietnamese Prime Minister Pham Minh Chinh and visiting Chinese Premier Li Qiang, underscoring the growing economic alliance between the two nations.
A key agreement focuses on the development of a technical plan for a rail link connecting Lao Cai in northern Vietnam with Hekou in China’s Yunnan province. This rail link promises to further enhance trade and connectivity between the two countries.
Beyond the 10 agreements, China and Vietnam also signed a memorandum of understanding (MoU) to implement cross-border payments using QR codes. This initiative aims to streamline financial transactions and facilitate trade between the two countries. Additionally, they agreed to study a model for an “economic cooperation zone” along their shared border. This signifies their commitment to fostering joint economic development.
Despite historical issues, China remains Vietnam’s largest trading partner, and their economic alliance continues to strengthen. Last month, China’s Xi Jinping held talks with Vietnam’s President To Lam during Lam’s first state visit after assuming power. Jinping emphasized China’s strong support for Vietnam’s development and highlighted its importance in China’s regional diplomacy. Lam, in turn, reiterated Vietnam’s commitment to strengthening ties with China, calling it a “key priority” in Vietnam’s foreign policy.
Further demonstrating their commitment to collaboration, Vietnam’s top leader To Lam and Li Qiang agreed on Saturday to boost defense and economic cooperation. Vietnamese state media reported that the two leaders agreed to “maintain regular high-level exchanges and cooperation in defense, security, and foreign affairs… expanding the implementation of new mechanisms”. This signifies their commitment to bolstering security and expanding collaborative efforts across various sectors.
These recent developments showcase a strong and growing partnership between China and Vietnam, with a clear focus on economic and infrastructural collaboration. This partnership holds significant potential for regional development and cooperation, further solidifying their strategic relationship.
