After two historic visits by General Secretary Nguyen Phu Trong to China (October 2022) and General Secretary and President of China Xi Jinping to Vietnam (December 2023), the atmosphere of trust and friendship has spread widely to all levels, sectors, and people of the two countries, forming a vibrant and substantive exchange and cooperation situation and achieving many concrete results.
The two sides maintained regular high-level strategic exchanges between the two Parties and the two countries, consolidating and enhancing political trust between the two sides, and promoting the important guiding role in the development of bilateral relations. The two countries' senior leaders affirmed the high importance that the Party and State of each side attach to the bilateral relationship, as well as the special role and position of the bilateral relationship in the overall foreign policy of each country.
Vietnam affirms that strengthening and developing friendly and cooperative relations with China is an objective requirement, a strategic choice, and a top priority in Vietnam's foreign policy of independence, self-reliance, peace, cooperation and development, diversification and multilateralization of foreign relations. China's senior leaders emphasized the importance of relations with Vietnam, identifying this as a priority direction in China's overall neighborly diplomacy.
Notably, on July 20, General Secretary and President of China Xi Jinping personally visited the Vietnamese Embassy in Beijing to express condolences over the passing of General Secretary Nguyen Phu Trong, expressing the sentiments of the Party, State and people of China and of General Secretary and President Xi Jinping personally towards the relationship between the two Parties, the two countries and towards General Secretary Nguyen Phu Trong personally.
The two countries' senior leaders agreed to coordinate more closely, make joint efforts to effectively implement the high-level common perceptions between the two Parties and two countries, concretize and effectively implement the Vietnam-China Joint Statements reached during the visits of the two Party General Secretaries, thereby adding new strong driving forces, opening up many new cooperation opportunities, and continuously enriching the Comprehensive Strategic Cooperative Partnership and the Community of Shared Future of strategic significance between the two countries.
The two sides also agreed to continue to promote and institutionalize exchange and cooperation activities in all fields, deploy synchronously and comprehensively through the channels of the Party, Government, National Assembly/National People's Congress, Fatherland Front/National Political Consultative Conference and in important fields such as diplomacy, security and defense; constantly consolidate a solid social foundation for the development of bilateral relations, strive to effectively implement and improve the effectiveness of friendly exchange mechanisms; properly handle disagreements, and jointly maintain a peaceful and stable environment.
With the strengthening of political trust, economic, trade and investment cooperation between the two countries has continuously deepened and become more substantial. Vietnam has maintained its position as China's largest trading partner in ASEAN and China's fifth largest trading partner in the world. China is Vietnam's largest trading partner.
In 2023, the two-way trade turnover between Vietnam and China will reach 171.9 billion USD. In the first 7 months of 2024, China is Vietnam's second largest export market with an estimated turnover of 33.38 billion USD, up 7.2%, and continues to be Vietnam's largest import market with an estimated turnover of 79.2 billion USD, up 34.9% over the same period last year.
In 2023, China invested 4.47 billion USD in Vietnam with more than 700 projects, an increase of more than 77%, ranking 4th among the total number of countries and territories investing in Vietnam. In the first 7 months of 2024, China was the leading partner in the number of new investment projects in Vietnam, accounting for 29.7%.
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