Strengthening cooperation between ASEAN and China

At the invitation of the Government of the People's Republic of China, Prime Minister of the Socialist Republic of Vietnam Pham Minh Chinh will lead the Vietnamese delegation to attend the 20th China-ASEAN Expo (CAEXPO) and the 20th China-ASEAN Business and Investment Summit (CABIS) in Nanning, Guangxi, China from September 16 to 17, 2023.

Notably, 2023 marks the 20th anniversary of CAEXPO's establishment and development. Prime Minister Pham Minh Chinh leading a high-ranking Vietnamese delegation to attend CAEXPO 2023 demonstrates Vietnam's special regard for this mechanism, contributing to strengthening cooperation between ASEAN and China.

Along with that, this year is also the occasion for Vietnam and China to celebrate the 15th anniversary of the establishment of the Comprehensive Strategic Cooperative Partnership. The presence of the head of the Vietnamese Government implements the common perception of the senior leaders of the two Parties and two countries on enhancing high-level exchanges and contacts, thereby promoting solid political trust and more substantive and effective cooperation.

Vietnam booth at the 19th China-ASEAN Expo. Photo: Moit

In recent years, trade between China and ASEAN has been growing steadily thanks to its geographical advantages, trade agreements such as the ASEAN-China Free Trade Agreement (ACFTA), the Regional Comprehensive Economic Partnership (RCEP) and major trade promotion events such as CAEXPO... In 2022, bilateral trade reached 975.3 billion USD, up 11.2% year-on-year and 2.2 times the figure recorded 10 years ago. China has been ASEAN's largest trading partner for 14 consecutive years.

According to statistics from the Chinese Ministry of Commerce, as of July 2023, the total investment between China and ASEAN countries exceeded 380 billion USD, with more than 6,500 companies established in ASEAN with Chinese direct investment,

The two sides will jointly build innovative models and create new channels for ASEAN countries to integrate into the development of localities across China. The two sides agreed to continue to promote economic, trade and investment cooperation, stabilize supply chains, support market access, and expand cooperation in digital transformation, digital economy, climate change response, energy transition, green and sustainable development, etc.

Earlier, at a meeting on the occasion of attending the 43rd ASEAN Summit, Prime Minister Pham Minh Chinh and Chinese Premier Li Qiang expressed satisfaction with the positive development of Vietnam-China relations; agreed to increase regular contacts between high-ranking leaders and all levels, contributing to promoting increasingly deep cooperation between the two countries.

At the same time, at the 26th ASEAN-China Summit (September 6), within the framework of the 43rd ASEAN Summit and related Summits in Jakarta (Indonesia), Chinese Premier Li Qiang highlighted the importance of the ASEAN-China Comprehensive Strategic Partnership and said that this was achieved thanks to the efforts of both sides, together cultivating strategic trust, mutual support, mutually beneficial cooperation, promoting sustainable and inclusive development.

At this conference, Prime Minister Pham Minh Chinh suggested that as leading trade partners of each other, ASEAN and China need to coordinate closely and join hands to turn the region into a center of economic growth; need to take advantage of geographical proximity, improve the quality of economic, trade and investment cooperation, maintain smooth trade, promote connectivity, ensure production and supply chains, and expand cooperation in developing the digital economy and green economy.

Many opportunities for Vietnam

The China-ASEAN Expo (CAEXPO) is an annual fair held since 2004, initiated by China and received positive response from ASEAN member countries.

Over the past 20 years, the Fair has become a major platform for multilateral economic and trade cooperation between ASEAN and China, attracting a large number of businesses and investors. It is estimated that on average, each fair provides Vietnamese businesses with the opportunity to reach about 50,000 Chinese and other ASEAN businessmen.

This year marks the 20th anniversary of the establishment of the China-ASEAN Strategic Partnership and the 20th anniversary of CAEXPO. Therefore, CAEXPO 2023 will be prepared more elaborately with “Four Comprehensive Upgrades”.

First, comprehensively upgrade the high-level dialogue mechanism. Leaders from China and the 10 ASEAN countries invited to attend will deliver strategic and forward-looking speeches to discuss cooperation and development plans for the new decade, and help enterprises understand the new direction of China-ASEAN cooperation and seize development opportunities.

Second, in order to comprehensively enhance the economic and trade efficiency of ASEAN-China, CAEXPO will be further expanded in scale, enriching investment promotion activities, focusing on key areas of ACFTA version 3.0; ACFTA 3.0 consultation meetings and a number of ministerial-level meetings will be held during the Fair; focusing on supporting enterprises to soon reap the fruits of ACFTA 3.0.

Third, comprehensively upgrade the “Nanning Canal”. CAEXPO 2023 will host more than 20 multi-field high-level forums. This year is the “China-ASEAN Year of Cooperation in Agricultural Development and Food Security”, and the China-ASEAN Agricultural Forum will also be held, providing new opportunities for ASEAN enterprises to leverage their unique agricultural advantages.

Fourth , comprehensively upgrade the Unlimited Cooperation Platform, CAEXPO 2023 improves the construction of the Online Fair, and strengthens the construction of the China-ASEAN Economic and Trade Center and the China-ASEAN Special Commodity Convergence Center, so that enterprises can enjoy the real benefits of “CAEXPO-never-ending”, with the benefits of non-stop exhibition 365 days a year.