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News Analysis: Upgrade of China-Vietnam ties fits times, boosts regional development

Upgrade of China-Vietnam ties fits times, boosts regional development

China and Vietnam have agreed to build a community with a shared future that carries strategic significance, opening a new chapter in their bilateral relations.

Announced by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, and General Secretary of the Communist Party of Vietnam (CPV) Central Committee Nguyen Phu Trong during Xi’s state visit to Vietnam, the new positioning of bilateral ties will bring shared prosperity to both countries and contribute to regional and world peace and development.

DEEPER POLITICAL MUTUAL TRUST

There has been a solid foundation of political mutual trust for the upgrading of China-Vietnam relations this year, which marks the 15th anniversary of the establishment of the comprehensive strategic cooperative partnership between the two countries.

Through the course of history, China and Vietnam have supported each other in pursuing national independence and liberation, and have established a traditional friendship featuring « camaraderie plus brotherhood. » Over the past decades, they have shared experience regarding reform and development, and enhanced cooperation on advancing socialism.

In the international community, both China and Vietnam uphold an independent foreign policy and champion multilateralism. They support each other on issues involving their respective core interests and major concerns. Both countries put a priority on developing relations with each other. The China-Vietnam relationship is as solid as rock and no external force can sow discord, disrupt or undermine this bilateral relationship.

The joint announcement on building a community with a shared future is a clear signal of the two sides’ commitment to solidarity and friendship. As the world’s top two ruling Communist parties, the CPC and the CPV share the common responsibility of maintaining the security of the political system and developing socialism amid the complicated international situation.

In the new stage of their bilateral relationship, the two socialist neighbors will further consolidate political mutual trust, enhance strategic communication, and promote exchanges on the governance of party and state. They will also strengthen joint efforts to safeguard national political security and defend against political and security risks, with more cooperation on the military, border control and law.

STRONGER ECONOMIC BOND

According to the joint statement issued during Xi’s visit, the two countries agreed to deepen pragmatic cooperation in fields including the synergy between the Belt and Road Initiative and the Two Corridors and One Economic Circle strategy, investment, trade, finance, food safety and green development.

Over 30 cooperation agreements were signed during the visit, covering digital economy, transportation, entry-exit inspection and quarantine, and various other areas.

The joint endeavors are in line with the strong momentum with which the bilateral ties are forging ahead, as trade remains a highlight.

According to China’s General Administration of Customs, goods trade between China and Vietnam reached 1.45 trillion yuan (about 203.97 billion U.S. dollars) from January to November, up 3.6 percent year on year.

Apart from the predominant trade volume of intermediate goods, which reached 1.01 trillion yuan, the agricultural sector also flourished, with China importing 44.62 billion yuan of Vietnamese agricultural products over the 11 months, marking a year-on-year increase of 20.3 percent.

With both countries at a crucial stage in their reform and development, their efforts to strengthen mutually beneficial cooperation have natural advantages and reflect practical needs.

Song Qingrun, a professor with Beijing Foreign Studies University, said that such efforts from the countries in recent years to bring out the comparative advantages of their industries and expand and deepen cooperation in key areas not only benefit their economic growth and their people, but are also conducive to the stability of the regional industrial and supply chains.

PEACEFUL AND PROSPEROUS REGION

With the world undergoing changes that are unprecedented in a century, regional peace and development are facing multiple challenges, with more demand for solidarity and cooperation.

Xi’s visit will add new impetus into the stable development and prosperity of the Asia-Pacific region and inject more certainty and stability into a turbulent world, said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management.

In their joint statement, the two countries reaffirmed their commitment to multilateralism and agreed to strengthen multilateral coordination and cooperation.

China and Vietnam have also vowed to better manage and actively resolve their differences on maritime issues, and have agreed to seek long-term and mutually acceptable resolutions and pledged efforts to contribute to the conclusion of a substantive and effective Code of Conduct in the South China Sea based on consensus through consultation.

With their common pursuit of peace, cooperation and development, the two countries stand ready to promote mutually beneficial cooperation and solidarity in the region and make greater contributions to the building of a more prosperous Asia-Pacific.

As China and Vietnam make steady progress and support each other on their paths toward modernization, they have opened up new prospects for the modernization of Asia and offered more development opportunities to other countries in the region and across the world.

Xinhua

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