Vietnam and China have taken notable steps to strengthen bilateral ties by signing 10 important agreements during Chinese Premier Li Qiang’s three-day visit to Hanoi. These deals span various sectors, including agriculture, trade, and cross-border payment systems, reflecting the two nations’ growing commitment to cooperation.
China remains Vietnam’s largest trading partner, playing a crucial role in its economy. With trade between the two countries growing by 21% in the first three quarters of this year compared to the same period last year, reaching $148 billion, these agreements aim to push those numbers even higher.
One key agreement focuses on agricultural cooperation, with Vietnamese Prime Minister Pham Minh Chinh asking China to increase imports of Vietnamese farm produce. Chinh emphasized the importance of streamlining customs clearance at borders to facilitate smoother trade, particularly for agricultural products.
Modernization Of Cross-Border Railway Links
The two countries also discussed updating their cross-border railway connections, a critical infrastructure project aimed at modernizing the transport links between the two nations. Both sides signed a document on the progress of site surveys related to cross-border railway links. The Vietnamese government urged China to cooperate in effectively implementing the signed documents on railway links and modern railway development.
The existing railway route, which connects Kunming in southern China to Hanoi and the Vietnamese port city of Haiphong, dates back to French colonial times. While Vietnam continues to rely on this route, China has already moved towards upgrading its side of the connection with modern high-speed trains. However, no concrete plans or cost estimates for modernizing the railway links between the two countries have been announced.
Cross-Border Payments And Economic Growth
Another major development was the signing of an agreement between the National Payment Corporation of Vietnam and China’s UnionPay International. This deal will deploy cross-border QR code payment systems between the two countries, making transactions more efficient for businesses and consumers on both sides. The focus on seamless cross-border payments highlights the economic importance of digital financial integration as trade and investment between the two nations continue to rise.
These agreements mark a new phase of cooperation between Vietnam and China, strengthening their economic, trade, and financial ties. With an emphasis on agricultural trade, infrastructure development, and cross-border payments, both nations aim to build a robust partnership that will enhance regional stability and prosperity.
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