Latest news with #Vietnam-China
Japan Times
16-04-2025
- Business
- Japan Times
Xi's visit shows Vietnam's balancing act amid looming U.S. tariffs
Chinese President Xi Jinping urged Vietnam to jointly oppose "unilateral bullying' in his first overseas trip this year in a veiled jab at the U.S. Hanoi's initial silence on the request shows its attempt to walk a tightrope between the two powers. Xi's call to action was omitted in the Vietnamese readouts and state media after the Chinese leader met with Vietnam's Communist Party chief, To Lam, on Monday. Vietnam gave Xi a warm welcome and signed 45 deals to deepen economic ties, but had appeared to avoid any comments that may upset U.S. President Donald Trump. Shortly after Xi's departure, Vietnam released a joint statement saying the two sides will "pay attention' to trade and investment restrictions, while vowing to "oppose unilateralism' and any actions that endanger regional peace and stability — largely keeping to language it has used in the past. "Vietnam wants to secure more access to the Chinese market without any repercussions from Washington,' said Nguyen Khac Giang, a visiting fellow at Singapore's ISEAS-Yusof Ishak Institute. "The risk here is that any action of Xi Jinping in Hanoi and any message from Hanoi might be seen as a conspiracy of Vietnamese and Chinese leaders against the Trump administration.' The threats of U.S. tariffs have forced many Southeast Asian nations to walk an increasingly fine line. As Trump isolates China as the main target of his trade offensive, he has demanded cooperation from Vietnam and other trade partners to stop Beijing from dodging levies by routing goods through third countries. A 90-day pause on drastic duties works as both a reprieve and a threat as the countries seek to negotiate a deal. Beijing, on the other hand, has sought to shore up ties by dangling carrots. Xi vowed to broaden Vietnam's access to the China's "mega-market' and the neighbors signed deals spanning connectivity, artificial intelligence and agricultural trade. Lam and Xi on Tuesday attended the launch ceremony of a Vietnam-China railway cooperation committee aimed at speeding up the construction of railway projects linking the countries. This includes a $8.4 billion cross-border railway that will connect the northern border city of Lao Cai to the Port of Haiphong via Hanoi. Vietnamese Prime Minister Pham Minh Chinh waits for Xi's arrival at the Noi Bai International Airport in Hanoi on Tuesday. | REUTERS Highlighting the importance the Southeast Asian nation attached to the two-day visit, Vietnamese President Luong Cuong welcomed Xi at the airport. "This is the highest level of reception for a country leader that Vietnam has given to Xi, it showed the goodwill of the Vietnamese government in expanding cooperation with China,' said Le Dang Doanh, an economist and former government adviser in Hanoi. Vietnam is also seeking to further strengthen cooperation with China in security, transport and securing preferential loans as well as technology transfers from China, according to Vietnamese state media VTV. Hanoi also expects more balanced trade with its neighbor, it said. That appears to be a reference to Vietnam's growing trade deficit with China, which soared last year to about $83 billion as global companies relocated supply chains south to avoid tariffs imposed during the first Trump administration. The region is also worried cheap Chinese goods could flood local markets as Trump's 145% tariffs on China are expected to curb trade between the world's two largest economies. Vietnam may want to avoid seeming to pick a side especially after Trump suggested Hanoi and Beijing were conspiring against him. "I don't blame China. I don't blame Vietnam,' Trump told reporters in the Oval Office on Monday. "I see they're meeting today. Isn't that wonderful? And that's a lovely meeting. They're meeting, like, trying to figure out, 'How do we screw the United States of America?'' While China remains the largest trade partner for most Southeast Asian countries, the threat of U.S. tariffs — 46% for Vietnam, 24% for Malaysia and 49% for Cambodia — may pressure them to offer concessions in exchange for lower levies. Vietnam stepped up efforts to crack down on fraud in relation to the origin of goods in recent days, a move widely seen as a response to U.S. concerns about Chinese transshipment abuses. It has also sought to placate the Trump administration with promises to buy big-ticket U.S. items such as aircraft, liquefied natural gas and high-tech products and has signaled it may also look to purchase U.S. weapons. Xi is scheduled to continue his regional tour with visits to Malaysia and Cambodia, countries that will face similar pressures to pick a side. "It's getting extremely difficult for small countries like Vietnam, Cambodia, or Malaysia to wiggle between China and the U.S.,' said Giang of the ISEAS-Yusof Ishak Institute. "The space for hedging has become increasingly narrow.'
Yahoo
15-04-2025
- Business
- Yahoo
Xi's Visit Shows Vietnam's Balancing Act as Trump's Tariffs Loom
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. How Did This Suburb Figure Out Mass Transit? The Secret Formula for Faster Trains Even Oslo Has an Air Quality Problem NYC Tourist Helicopter Crashes in Hudson River, Killing Six Lisbon Mayor Wants Companies to Help Fix City's Housing Shortage Chinese President Xi Jinping urged Vietnam to jointly oppose 'unilateral bullying' in his first overseas trip this year in a veiled jab at the US. Hanoi's official silence on the request shows its attempt to walk a tightrope between the two powers. Xi's call to action was omitted in the Vietnamese readouts and state media after the Chinese leader met with Vietnam's Communist Party chief To Lam on Monday. While Vietnam gave Xi a warm welcome and signed 45 deals to deepen economic ties, the nation appeared to be downplaying any comments or actions that may upset US President Donald Trump. 'Vietnam wants to secure more access to the Chinese market without any repercussions from Washington,' said Nguyen Khac Giang, a visiting fellow at Singapore's ISEAS-Yusof Ishak Institute. 'The risk here is that any action of Xi Jinping in Hanoi and any message from Hanoi might be seen as a conspiracy of Vietnamese and Chinese leaders against the Trump administration.' The threats of US tariffs have forced many Southeast Asian nations to walk an increasingly fine line. As Trump isolates China as the main target of his trade offensive, he has demanded cooperation from Vietnam and other trade partners to stop Beijing from dodging levies by routing goods through third countries. A 90-day pause on drastic duties works as both a reprieve and a threat as the countries seek to negotiate a deal. Beijing, on the other hand, has sought to shore up ties by dangling carrots. Xi vowed to broaden Vietnam's access to the China's 'mega-market' and the neighbors signed deals spanning connectivity, artificial intelligence and agricultural trade. Lam and Xi on Tuesday attended the launch ceremony of a Vietnam-China railway cooperation committee aimed at speeding up the construction of railway projects linking the countries. This includes a $8.4 billion cross-border railway that will connect the northern border city of Lao Cai to Haiphong port via Hanoi. Highlighting the importance the Southeast Asian nation attached to the two-day visit, Vietnam's President Luong Cuong welcomed Xi at the airport. 'This is the highest level of reception for a country leader that Vietnam has given to Xi, it showed the goodwill of the Vietnamese government in expanding cooperation with China,' said Le Dang Doanh, an economist and former government adviser in Hanoi. Vietnam is also seeking to further strengthen cooperation with China in security, transport and securing preferential loans as well as technology transfers from China, according to Vietnamese state media VTV. Hanoi also expects more balanced trade with its neighbor, it said. That appears to be a reference to Vietnam's growing trade deficit with China, which soared last year to about $83 billion as global companies relocated supply chains south to avoid tariffs imposed during the first Trump administration. The region is also worried cheap Chinese goods could flood local markets as Trump's 145% tariffs on China are expected to curb trade between the world's two largest economies. Vietnam may want to avoid seeming to pick a side especially after Trump suggested Hanoi and Beijing were conspiring against him. 'I don't blame China. I don't blame Vietnam,' Trump told reporters in the Oval Office on Monday. 'I see they're meeting today. Isn't that wonderful? And that's a lovely meeting. They're meeting, like, trying to figure out, 'How do we screw the United States of America?'' While China remains the largest trade partner for most Southeast Asian countries, the threat of US tariffs — 46% for Vietnam, 24% for Malaysia and 49% for Cambodia — may pressure them to offer concessions in exchange for lower levies. Vietnam stepped up efforts to crack down on origin of goods fraud in recent days, a move widely seen as a response to US concerns about Chinese transshipment abuses. It has also sought to placate the Trump administration with promises to buy big-ticket US items such as aircraft, liquefied natural gas and high-tech products and has signaled it may also look to purchase US weapons. Xi is scheduled to continue his regional tour with visits to Malaysia and Cambodia, countries that will face similar pressures to pick a side. 'It's getting extremely difficult for small countries like Vietnam, Cambodia, or Malaysia to wiggle between China and the US,' said Giang of the ISEAS-Yusof Ishak Institute. 'The space for hedging has become increasingly narrow.' --With assistance from Josh Xiao, Nguyen Kieu Giang, Linh Vu Nguyen, Nguyen Dieu Tu Uyen and Nguyen Xuan Quynh. The Beauty Salon Recession Indicator Trump Is Firing the Wrong People, on Purpose GM's Mary Barra Has to Make a $35 Billion EV Bet Work in Trump's America Cheap Consumer Goods Are the American Dream, Actually World Travelers Are Rethinking Vacation Plans to the US ©2025 Bloomberg L.P. Sign in to access your portfolio
Associated Press
14-04-2025
- Business
- Associated Press
President Xi Jinping's visit to Vietnam: Marking the 75th anniversary of diplomatic relations and boosting bilateral trade in agriculture, forestry and fisheries
HA NOI, VIETNAM - Media OutReach Newswire - 14 April 2025 - China is Vietnam's largest export market for agricultural, forestry and fishery products. This market will continue to allow more Vietnamese agricultural goods to be officially exported. The state visit to Vietnam by Party General Secretary and President of China Xi Jinping is expected to enhance bilateral relations, particularly in agricultural trade. China shows strong demand for Vietnam's high-quality agricultural products. Nurturing the traditional friendship General Secretary of the Communist Party of China Central Committee and President of China Xi Jinping is going to pay a state visit to Vietnam from April 14 to 15. The visit will be made at the invitation of General Secretary of the Communist Party of Vietnam Central Committee Tô Lâm and State President Lương Cường. Vietnam and China are friendly neighbouring countries, and the peoples of both nations share a long-standing traditional relationship. In 2008, the two countries established a comprehensive strategic cooperative partnership. It aims to strengthen and deepen Vietnam-China relations in the interests of both peoples and for the sake of peace, stability and prosperity in the region. Bilateral economic, trade and investment cooperation has grown increasingly substantial. In recent years, high-level delegations from the two Parties and States have frequently exchanged visits, elevating Vietnam-China comprehensive cooperation to a new height. Political trust has been strengthened, while economic, trade and investment cooperation maintain its growth momentum. Notably, the agricultural and rural development sector has consistently received close attention and guidance from the leaders of both Parties and States. For 20 consecutive years, China has remained Vietnam's largest trading partner. Vietnam is currently China's largest trading partner in ASEAN. China is also the largest export market for Vietnam's agricultural, forestry and fishery products. According to the General Department of Vietnam Customs, two-way trade reached US$205 billion in 2024. Of this, Vietnam's exports amounted to $60.6 billion, while imports rose significantly to $144.6 billion. The enormous potential of the Chinese market is further reflected in its GDP, which is close to $20 trillion. With a population 14 times that of Vietnam and consistent GDP growth, Chinese consumers are increasingly receptive to Vietnam's unique agricultural products. China also shares similar cultural traditions and consumption habits with Vietnam. Both countries have maintained economic and trade ties for centuries. Economic and trade relations with China are one of the top priorities in Vietnam's foreign economic policy. China shows strong demand for Vietnam's high-quality agricultural products During the official overseas visit to China by Party General Secretary Tô Lâm in 2024, Chinese Party General Secretary and President Xi Jinping affirmed that China is ready to increase imports of high-quality goods from Vietnam, especially agricultural products. The strategic significance of building a 'Vietnam-China Community with a shared future' is also emphasised. Meanwhile, at his official visit to Vietnam in 2024, Chinese Premier Li Qiang affỉmed that China considers Vietnam a priority direction in its neighbourhood diplomacy. China will further open the market to Vietnamese goods, particularly high-quality agricultural, fishery and fruit products. He also highlighted plans to upgrade trade infrastructure, enhance 'soft connectivity' in smart customs systems and explore new models for cross-border economic cooperation. With a population of over 1.4 billion and a rapidly growing middle class, China is a massive market for high-quality agricultural, forestry and fishery products. Yet Vietnamese agricultural products currently account for less than 5 per cent of China's total imports in this category. This presents a major opportunity for businesses to expand their market share in China. In 2024, the bilateral trade turnover in agricultural, forestry and fishery products between Vietnam and China reached $17.8 billion, a 14.6 per cent increase compared to 2023. Of this, Vietnam's exports to China were estimated at $13.5 billion (up 14.3 per cent year-on-year), while imports were estimated at $4.3 billion (up 21 per cent). China currently accounts for nearly 54 per cent of the total value of Vietnam's fruit and vegetable exports. Of this, about 90 per cent of exported lychee volume, 80 per cent of dragon fruit and over 90 per cent of cassava and cassava-based products. The two sides have signed 24 Memorandums of Understanding (MoUs) and Protocols on the import-export of agricultural, forestry and fishery products. The protocols signed have significantly facilitated Vietnam's fruit and vegetable exports to China. Currently, Vietnam is officially exporting 12 types of agricultural products to China. Six items for which two sides have signed official export protocols, including watermelons, mangosteens, black jellies, durians, fresh bananas and sweet potatoes. Vietnam also exports dairy products, 128 species/product types of seafood products and 48 species of live aquatic animals. Passion fruit and chilli peppers are currently undergoing pilot export procedures. Enhancing agricultural product quality to meet China's standards Vietnam possesses significant agricultural potential, with a wide variety of speciality products highly favoured by Chinese consumers. Its geographic proximity to China gives Vietnam a logistical advantage over other countries. Fresh produce, including vegetables, fruits and seafood, can be transported to China in a short time, helping preserve their natural freshness and quality by the time they reach consumers. To reaffirm the quality and reputation of Vietnamese agricultural products and expand access to the Chinese market, Vietnam is set to intensify efforts to monitor agricultural exports following China's import regulations. Key focus areas include regularly updating information on market demand and China's regulations regarding quality standards and food safety, and strictly managing and monitoring product quality and traceability. Negotiations on official export will be promoted, ensuring that products meet standardised and synchronised requirements on quality, packaging, labelling, food safety, traceability and national branding (including logos and trademarks). Vietnam will standardise cross-border trade practices and maintain close coordination with China to address and resolve logistical bottlenecks. Hashtag: #MARD The issuer is solely responsible for the content of this announcement.
Voice of America
20-02-2025
- Business
- Voice of America
Vietnam parliament approves $8 billion railway with loan from China
The Vietnam National Assembly on Wednesday gave a near-unanimous approval to a railway bill that allows the country to utilize Chinese loans for the construction of a new $8.3 billion link aimed at improving transport connections between the two neighboring countries. The country's rubber-stamp parliament gave the go-ahead to the project, with 455 of the 459 members voting for the project. The approval marks a significant step forward in Vietnam's infrastructure modernization efforts, as the country seeks to boost connectivity and economic growth, local media reported. The 427-kilometer railway project will run from the Vietnam-China border gate at Lao Cai-Hekou, through the capital of Hanoi and port city of Haiphong, to Ha Long City, the official Vietnam News Agency reported. It is one of two railway lines to China that Vietnam plans as part of its "Two Corridors, One Belt" initiative, which connects to Beijing's Belt and Road global infrastructure program. Phase 1 of the project will build a single-track standard gauge rail with a designed speed of 160 kph. Phase 2 will upgrade it to a double-track line able to support a speed of 200 kph. The government has proposed paying for the project with money from the state budget, domestic capital sources and loans, including from the Chinese government. The Vietnam News Agency reported that the railway will be financed through a concessional loan provided by the Chinese government. Funding will also be sourced from the Export-Import Bank of China (China Eximbank), the news agency said. Neither Vietnam nor China disclosed the amount of the loan. "Investing in a new railway line ensures meeting transportation needs, restructuring the transportation market shares, reducing logistics costs and ensuring sustainable development," Le Quang Tung, general secretary of Vietnam's 15th legislature, told Vietnam Television (VTV). Minister of Construction Nguyen Hong Minh, formerly the transport minister, highlighted the necessity of the project during a parliamentary session last week. He emphasized that Vietnam's current railway system is outdated and insufficient for the nation's needs. The government hopes the new railway will stimulate economic development by improving transportation efficiency between major cities and regions. Tran Thanh Canh, a poet and resident in Hanoi, told VOA by phone that he welcomed the Vietnamese National Assembly's approval of the railway project. "This project should have been done a long time ago, to connect the western part of China via the shortest route to the sea at Hai Phong port. It brings many economic benefits to both Vietnam and China," he said. "This is a very necessary project and suitable for the economic development of both countries." The plan to build these major railway lines is part of Beijing's ambitious Belt and Road Initiative and was agreed upon during meetings between Vietnamese General Secretary To Lam and Chinese President Xi Jinping in Beijing in late August 2024, as well as between Vietnamese Prime Minister Pham Minh Chinh and Chinese Prime Minister Li Cuong in Hanoi in mid-October 2024. "The project comes with both advantages and disadvantages for Vietnam as the borrower, but the disadvantages are predominant," Nguyen Minh Le, a longtime expert in China-Vietnam relations in California, told VOA by phone. Nguyen said Xi has recently narrowed down the scope of the BRI and just focused on neighboring countries like Vietnam. "Vietnam has actively become engaged in China's BRI projects and receiving funding. It should stay cautious about sovereignty and autonomy because of Chinese debt-trap diplomacy," Nguyen added. The new rail line will run through some of Vietnam's key manufacturing hubs, home to Samsung, Foxconn, Pegatron and other global giants, many of whom rely on a regular flow of components from China, Agence France-Presse reported. "Railway infrastructure projects are hugely expensive, incur numerous land rights and environmental issues and nearly always run over budget and deadline. Even if these projects are approved, it will be many years before passengers jump on board," Gary Bowerman, director of Check-in Asia, a travel and hospitality research company, told VOA by email. China's Foreign Ministry spokesperson Guo Jiakun on Wednesday said that since last year, China and Vietnam have exchanged views on multiple occasions on enhancing railway connectivity between the two countries. "The two sides agreed to accelerate the feasibility study of the Lao Cai-Hanoi-Hai Phong standard-gauge railway, speed up the plan compilation of the Dong Dang-Hanoi standard-gauge railway and the Mong Cai-Ha Long-Hai Phong standard-gauge railway, and advance the work of building a standard-gauge railway connection point between Hekou and Lao Cai," Guo said during a news conference in Beijing. Vietnam's Ministry of Transport has indicated that more details on the bidding process and project timeline will be released in the coming months. The project is expected to take approximately six years to complete following its approval and the finalization of the loan agreement, according to the Vietnam Railway Authority. Some information for this report came from Agence France-Presse.
