After more than 30 years of reform and opening up, China has continuously gained high economic growth rates at about 9-10% per year, becoming the second-largest economy in the world since 2010. Over the past ten years, despite being affected by the rapidly changing world situation, the COVID-19 pandemic and the pressure of the domestic economic slowdown, China has still attained historic achievements, completing the task of escaping poverty and building a moderately prosperous society in all respects as scheduled (the “first 100-year goal”), shifting to high-quality development. With an average annual growth rate of 6.2%, China’s GDP has doubled, from 54 trillion NDT (about 8.5 trillion USD) in 2012 to 114 trillion NDT (about 18 trillion USD) in 2022, accounting for 18.5% of the world economy.
From the 19th National Congress of the Communist Party of China in October 2017 until now, China has established “Xi Jinping’s thoughts on socialism with Chinese characteristics in the new era” as a guiding ideology. The 20th National Congress (October 2022) set out a long-term strategic path for China’s development until the middle of this century that emphasised the mission of the Communist Party of China in the new era is to complete the building of a modernised socialist country, realise the “second 100-year goal”, and comprehensively promote the rejuvenation of China through Chinese-style modernisation.
More than 70 years since the establishment of diplomatic relations (in 1951), Vietnam-China relations have had ups and downs, but friendship and cooperation are the mainstream. The Party, State and people of China have greatly helped Vietnam in the cause of national liberation and unification. Vietnam and China normalised relations in 1991 and established a Comprehensive strategic cooperative partnership in 2008.
Over the past years, Vietnam-China relations have maintained stable development and achieved many positive results, especially after the official visit to China by Party General Secretary Nguyen Phu Trong (from October 30 to November 1, 2022). In the context of complex and unpredictable developments in the region and the world, the innovation, opening up and building of socialism in each country is entering a new phase. The official visit to China by Party Chief Nguyen Phu Trong was of great importance, helping strengthen and deepen the Vietnam-China comprehensive strategic cooperative partnership in the new period, consolidate political trust, create a solid political foundation and promote practical cooperation in all fields in addition to reinforcing the friendship between the people of the two countries.
From the beginning of 2023, senior leaders of the two sides have maintained flexible forms of exchange and contact. Visits of senior leaders have been actively implemented, including President Vo Van Thuong’s participation in the third Belt and Road Forum for International Cooperation in Beijing in October, Prime Minister Pham Minh Chinh’s official visit to China and attendance at the World Economic Forum (WEF) Annual Meeting in Tianjin in June, Prime Minister Pham Minh Chinh’s participation to the 20th China-ASEAN Expo (CAEXPO) in Guangxi in September, and others. Exchanges and cooperation between the two Parties are regularly maintained. All sectors and localities of both sides have also actively restored delegation exchanges after China adjusted its pandemic prevention policy.
As political trust is strengthened, economic, trade and investment cooperation between the two countries continues growing. Vietnam continues to be China’s largest trading partner in ASEAN and China’s fourth largest trading partner globally, with a two-way trade turnover of 175 billion USD in 2022. In the first ten months of 2023, Vietnam’s total import-export turnover with China reached 138.9 billion USD. Vietnam’s exports to China hit 49.6 billion USD, accounting for 17% of Vietnam’s total exports to the world. Vietnam’s imports from China were reported at 89.3 billion USD, accounting for 33.5% of Vietnam’s total imports during the first ten months of this year. Chinese investment in Vietnam recorded over 2.5 billion USD in 555 projects, making China the fourth largest FDI investor in Vietnam.
