Hanoi: Vietnam and China solidified their partnership by signing 10 agreements spanning areas such as agricultural cooperation and cross-border QR code payments on Sunday. This significant development occurred during Chinese Premier Li Qiang’s three-day visit to Hanoi, reflecting both nations’ commitment to strengthening their ties.
China stands as Vietnam’s largest trading partner, playing a pivotal role in supplying imports essential for the country’s manufacturing sector. Bilateral trade has soared 21% in the first three quarters compared to the same period last year, reaching an impressive $148 billion.
The signing ceremony followed a productive meeting between Premier Li and Vietnamese Prime Minister Pham Minh Chinh. Both leaders, alongside Vietnam’s Communist Party chief and President To Lam, emphasized the importance of bolstering economic relations and enhancing agricultural collaboration.
Prime Minister Pham Minh Chinh specifically called on China to increase agricultural trade with Vietnam, ensure greater market access for Vietnamese farm products, and streamline customs clearance at border points, as reported by state broadcaster Vietnam Television (VTV).
In addition to agricultural agreements, Vietnam and China signed a document aimed at updating progress on cross-border railway links related to site surveys. “The Vietnamese Prime Minister also suggested the two countries cooperate to effectively implement signed documents on railway links and modern railway development,” VTV reported.
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Despite their mutual interest in improving rail connectivity, the two countries have yet to announce concrete plans or provide estimates on the costs required to upgrade existing connections. The main rail route connects Kunming in China’s Yunnan province to Hanoi and the Vietnamese port city of Haiphong. This railway, originally built by the French during their colonial rule over Vietnam more than a century ago, continues to be operational, while China has developed high-speed rail alternatives.
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On Saturday, the National Payment Corp of Vietnam and China’s UnionPay International further enhanced bilateral ties by signing an agreement to facilitate cross-border payments between the two countries, paving the way for smoother financial transactions and deeper economic integration.
