China and Vietnam are both advancing their own socialist modernization cause, both regard the bilateral relationship as a priority in their respective foreign policy, and both see each other's development as opportunities for their own development, said Xi on Oct. 20 when he met with Vietnamese President Thuong, for the third Belt and Road Forum for International Cooperation.
China's continued expansion of high-level opening-up has brought Vietnamese companies great opportunities to access a bigger market.
TH True Milk Group's Chairman Thai Huong recalled how, at the inaugural China International Import Expo (CIIE) in 2018, "President Xi Jinping visited our booth, attentively inquiring about our products."
People visit the booth of Vietnam at the 6th China International Import Expo (CIIE) in east China's Shanghai, Nov. 6, 2023. (Xinhua/Fang Zhe)
Thanks to the CIIE, this Vietnamese dairy production company formed a connection with China. With the assistance of Chinese partners, TH True Milk Group became the first Vietnamese dairy enterprise in 2019 to receive a transaction code to export its products issued by the General Administration of Customs of China.
Today, the company's products are available on supermarket shelves in cities like Beijing, Shanghai and Guangzhou. At the same time, online stores have been established on various e-commerce platforms in China.
At the recently concluded inaugural China International Supply Chain Expo, Nguyen Thi Mien Ha, brand manager at Vietnam's SAO THAI DUONG Joint Stock Company, said that the Expo provides opportunities for companies to deeply integrate with the Chinese market.
China's ability to manufacture advanced products, along with its large market and efficient logistics system, makes it easy for global industrial and supply chain operations to function smoothly, said the manager.
China is Vietnam's largest trading partner, and Vietnam is China's largest trading partner within ASEAN, with bilateral trade exceeding 200 billion U.S. dollars for two consecutive years. In the first 10 months of this year, bilateral trade reached 185.1 billion dollars.
In 2017, China and Vietnam signed a memorandum of understanding on the joint implementation of the China-proposed BRI and Vietnam's "Two Corridors and One Economic Circle" plan to expedite cooperation across diverse sectors.
From booming border trade to infrastructure connectivity, from cooperation in industrial and supply chains to green development, practical cooperation between China and Vietnam has been expanding.
Vietnam's Vinh Tan Coal Fired Power Plant, one of the first projects under the BRI framework, has operated safely for over five years, greatly easing power shortages in southern Vietnam, with cumulative power generation exceeding 41 billion kWh. The plant has driven over one billion dollars of domestic engineering services, technology and equipment exports.
Another example of bilateral cooperation is Vietnam's first urban light rail, which was built by China Railway Sixth Group Co., Ltd., and has been operational for two years.
The line, starting from Cat Linh to Ha Dong in Hanoi, capital of Vietnam, has facilitated public transport for local residents and significantly contributed to Hanoi's economic growth.
As a landmark project aligning with the BRI and the "Two Corridors and One Economic Circle" plan, the line illustrates the commitment of both countries to a people-centered development philosophy.
Vietnam and China have additionally experienced advantages from the BRI's green energy cooperation.
According to Lu Hefeng, vice general manager of Ginlong Technologies Co. Ltd., a global provider of solar and energy storage solutions from China, Southeast Asian customers have shown a growing interest in green energy products made in China.
"We have established a factory in Vietnam with a capacity of 5 gigawatts," she said.
