Latest news with #Nhandan
Gulf Today
15-04-2025
- Business
- Gulf Today
China, Vietnam sign deals as Xi visits Hanoi amid US tariff woes
China's President Xi Jinping on Monday called for stronger ties with Vietnam on trade and supply chains amid disruptions caused by US tariffs, as he attended in Hanoi the signing of dozens of cooperation agreements between the two Communist-run nations. The visit, planned for weeks and part of a wider trip in Southeast Asia, comes as Beijing faces 145% US duties, while Vietnam is negotiating a reduction of threatened US tariffs of 46% that would otherwise apply in July after a global moratorium expires. 'The two sides should strengthen cooperation in production and supply chains,' Xi said in an article in Nhandan, the newspaper of Vietnam's Communist Party, posted ahead of his arrival on Monday. He also urged more trade and stronger ties with Hanoi on artificial intelligence and the green economy. 'There are no winners in trade wars and tariff wars,' Xi added, without mentioning the US specifically. After he met Vietnam's top leader To Lam, the two countries signed dozens of cooperation agreements, footage of the documents reviewed by Reuters showed, including deals on enhancing supply chains and on cooperation over railways. The content of the agreements was not disclosed and it was unclear whether they involved any financial or binding commitments. On Saturday Vietnam's Deputy Prime Minister Bui Thanh Son had said around 40 agreements would be signed. A separate aviation business deal was signed on Sunday. Under pressure from Washington, Vietnam is tightening controls on some trade with China to make sure goods exported to the United States with a 'Made in Vietnam' label have sufficient added value in the country to justify that. One memorandum of understanding signed on Monday is to boost cooperation between the China Council for the Promotion of International Trade and the Vietnam Chamber of Commerce and Industry, which issues certificates on the origins of goods. Vietnam is a major industrial and assembly hub in Southeast Asia. Most of its imports are from China while the United States is its main export market. The country is a crucial source of electronics, shoes and apparel for the United States. In the first three months of this year Hanoi imported goods worth about $30 billion from Beijing while its exports to Washington amounted to $31.4 billion, Vietnam's customs data show, confirming a long-term trend in which imports from China closely match the value and swings of exports to the US After a two-day stop in Hanoi, Xi will continue his Southeast Asian trip on Tuesday by visiting Malaysia and Cambodia from April 15 to 18. He last visited Cambodia and Malaysia nine and 12 years ago, respectively. Xi's trip to Hanoi, his second in less than 18 months, aims to consolidate relations with a neighbour that has received billions of dollars of Chinese investments in recent years as China-based manufacturers moved south to avoid tariffs imposed by the first Trump administration. Vietnam's Lam in an article published on Monday on state media said Hanoi wanted to boost cooperation in defence, security and infrastructure, especially on rail links. Vietnam has agreed to use Chinese loans to build new railways between the two countries, in a major confidence-building step that would boost bilateral trade and connections. However, no loan agreement has yet been announced. After prolonged pressure, Beijing obtained Vietnam's approval for planes authorised by the Chinese aviation regulator, which paves the way for the use of China-made COMAC passenger jets in the Southeast Asian nation. Hanoi recognised China's regulator as equal to those of the United States and the European Union, according to a decree the government approved the day before Xi arrived, and disclosed on the government portal on Monday. COMAC planes are operated by several Chinese companies but have so far struggled to find foreign buyers or be approved abroad. On Sunday, Vietnam's budget airline VietJet and COMAC signed a memorandum of understanding in Hanoi, according to an invitation to the event seen by Reuters. One COMAC C909 regional plane with Vietjet's livery and the logo of China's Chengdu Airlines was parked on Monday at Hanoi international airport. The content of the agreement has not been announced yet, but Reuters reported in past weeks that under a draft deal, Vietjet would lease two COMAC C909 planes, operated by crew from Chengdu Airlines, on two domestic routes. Despite strong economic ties, tensions frequently surface between the two countries over contested boundaries in the South China Sea. Reuters
The Guardian
15-04-2025
- Business
- The Guardian
China's Xi Jinping is in Vietnam to figure out how to ‘screw' the US, says Trump
Xi Jinping's tour of South-east Asia this week is likely intended to 'screw' the United States, President Donald Trump has suggested, as the Chinese leader embarks on five-day tour of some nations hardest hit by Trump's tariffs. China's president arrived in Hanoi on Monday, where he met Vietnam's top leader, To Lam, called for stronger trade ties, and signed dozens of cooperation agreements, including on enhancing supply chains. Reacting to the meeting from the Oval Office, Trump said the discussions in Vietnam were focused on how to harm the US, even though he didn't hold it against them. 'I don't blame China; I don't blame Vietnam,' Trump told reporters at the White House. 'That's a lovely meeting. Meeting like, trying to figure out, 'how do we screw the United States of America?'' Vietnam is among a handful of countries in South-east Asia that are reeling from some of the most punitive of Trump's so-called 'Liberation Day' tariffs, hit with a rate of 46%. A major industrial and assembly hub, the US is Vietnam's main export market, for which it is a crucial source of everything from footwear, apparel and electronics. In the first three months of this year, Hanoi imported goods worth about $30bn from Beijing while its exports to Washington amounted to $31.4bn Xi's visit to Vietnam, Cambodia, and Malaysia this week, comes as Beijing faces tariffs of 145%, and as other countries seek to negotiate reductions in their reciprocal tariffs during the 90-day reprieve. Xi's trip to Hanoi offers an opportunity to consolidate relations with a neighbour that has received billions of dollars of Chinese investments in recent years as China-based manufacturers moved south to avoid tariffs imposed by the first Trump administration. Xi had planned to travel to the region prior to Trump's tariff announcement but the visit was fortuitously timed, with the Chinese leader positing China as a stable trading partner, in contrast to the chaotic policy backflips coming out of Washington. In an article in Nhandan, the newspaper of Vietnam's Communist party, Xi wrote there are 'no winners in trade wars and tariff wars' and protectionism 'leads nowhere'. In a later meeting with Vietnam's prime minister, Pham Minh Chinh, Xi said the two countries should oppose unilateral bullying. Chinese and Vietnamese state media reported on Monday that 45 agreements were signed between the two nations, including on rail links, although details were not shared. Under pressure from Washington, Vietnam is tightening controls on some trade with China and a Trump administration official said the president and Vietnam's Lam had agreed to 'work to reduce reciprocal tariffs'. Vietnam, and many other south-east Asian countries, are trying to maintain a delicate balancing act between the US and China, amid fears the region could be used as a potential dumping zone for Chinese exports barred from the US. Escalating tensions between the US and China have fuelled concerns about the 'decoupling' of the world's two largest economies, a fear treasury secretary Scott Bessent has sought to dispel on Monday. 'There's a big deal to be done at some point' Bessent said when asked by Bloomberg TV about the possibility that the world's largest economies would decouple. 'There doesn't have to be' decoupling, he said, 'but there could be.' The White House had appeared to dial down the pressure recently, listing tariff exemptions for smartphones, laptops, semiconductors and other electronic products for which China is a major source. But Trump and some of his top aides said Sunday the exemptions had been misconstrued and would only be temporary. 'Nobody is getting 'off the hook'... especially not China which, by far, treats us the worst!' he posted on his Truth Social platform. After a two-day stop in Hanoi, Xi will continue his South-east Asian trip by visiting Malaysia and Cambodia from Tuesday to Friday.
Yahoo
14-04-2025
- Business
- Yahoo
China's Xi calls for stronger trade ties with Vietnam amid US tariff tensions
By Phuong Nguyen and Khanh Vu HANOI (Reuters) -China's President Xi Jinping on Monday called for stronger ties with Vietnam on trade and supply chains amid disruptions caused by U.S. tariffs, as he kicked off a three-nation trip to Southeast Asia in the Vietnamese capital of Hanoi. The visit, planned for weeks, comes as Beijing faces 145% U.S. duties, while Vietnam is negotiating a reduction of threatened U.S. tariffs of 46% that would otherwise apply in July after a global moratorium expires. "The two sides should strengthen cooperation in production and supply chains," Xi said in an article in Nhandan, the newspaper of Vietnam's Communist Party, posted ahead of his arrival on Monday. He also urged more trade and stronger ties with Hanoi on artificial intelligence and the green economy. Under pressure from Washington, Vietnam is tightening controls on some trade with China to make sure goods exported to the United States with a "Made in Vietnam" label have sufficient added value in the country to justify that. Vietnam is a major industrial and assembly hub in Southeast Asia. Most of its imports are from China while the United States is its main export market. The country is a crucial source of electronics, shoes and apparel for the United States. In the first three months of this year Hanoi imported goods worth about $30 billion from Beijing while its exports to Washington amounted to $31.4 billion, Vietnam's customs data show, confirming a long-term trend in which imports from China closely match the value and swings of exports to Washington. RAIL LINKS Xi will visit Vietnam from April 14 to 15, and Malaysia and Cambodia from April 15 to 18. He last visited Cambodia and Malaysia nine and 12 years ago, respectively. Xi's trip to Hanoi, his second in less than 18 months, aims to consolidate relations with a strategic neighbour that has received billions of dollars of Chinese investments in recent years as China-based manufacturers moved south to avoid tariffs imposed by the first Trump administration. The two Communist-run countries are set to sign about 40 agreements in multiple sectors, Vietnam's Deputy Prime Minister Bui Thanh Son said on Saturday. Vietnam's top leader To Lam in an article published on Monday on state media said Hanoi wanted to boost cooperation in defence, security and infrastructure, especially on rail links. It was unclear whether the agreements would be binding and entail financial commitments. Vietnam has agreed to use Chinese loans to build new railways between the two countries, in a major confidence-building step that would boost bilateral trade and connections. However, no loan agreement has yet been announced. Beijing is also seeking Vietnam's approval for its COMAC planes, which have so far struggled to find foreign buyers. On Sunday, Vietnam's budget airline VietJet and COMAC signed a memorandum of understanding in Hanoi, according to an invitation to the event seen by Reuters. One COMAC C909 regional plane with Vietjet's livery and the logo of China's Chengdu Airlines was parked on Monday at Hanoi international airport. The content of the agreement has not been announced yet, but Reuters reported in past weeks that under a draft deal, Vietjet would lease two COMAC C909 planes, operated by crew from Chengdu Airlines, on two domestic routes. Despite strong economic ties, tensions frequently surface between the countries over contested boundaries in the South China Sea. Vietnam's concessions to the U.S. to avoid tariffs may also irritate Beijing, as they include the deployment of Elon Musk's Starlink satellite communication service in the Southeast Asian nation, in addition to the crackdown on some trade with China over possible fraud on rules of origin. Vietnam, in recent months, has also imposed anti-dumping duties on several Chinese steel products and ended a tax waiver for low-value parcels in a move that government officials described as meant to reduce the inflow of cheap Chinese goods. The two other countries on Xi's Southeast Asia itinerary, Cambodia and Malaysia, are facing U.S. duties of 49% and 24%, respectively, and have already begun reaching out to the U.S. to seek a reprieve.
