Deputy PM outlines three measures to deepen ASEAN–China cooperation for shared prosperity

Deputy Prime Minister Mai Văn Chính called for joint efforts to build a peaceful, stable and business-friendly environment that supports sustainable development and contributes to regional and global prosperity.

Việt Nam is ready to deepen economic cooperation with ASEAN, China and other partners, embracing a strategy of 'harmonised interests and shared risks' as it leverages its fast-growing economy and market of over 100 million people.

Deputy Prime Minister Mai Văn Chính called for joint efforts to build a peaceful, stable and business-friendly environment that supports sustainable development and contributes to regional and global prosperity.

He made these remarks at the opening ceremony of the 22nd China–ASEAN Expo (CAEXPO) and the China–ASEAN Business and Investment Summit (CABIS) held on Wednesday in Nanning, Guangxi, China.

This year’s CAEXPO and CABIS take place as ASEAN and China prepare to formally sign the Protocol to Upgrade the China–ASEAN Free Trade Area (ACFTA) 3.0 later this year. Deputy PM Chính expressed confidence that the events would be a resounding success, injecting fresh momentum into bilateral cooperation and boosting trade and economic growth across the region.

He highlighted that ASEAN–China trade cooperation has grown impressively over the past three decades, underpinned by strong political relations. China has been ASEAN’s largest trading partner since 2009 while ASEAN has been China’s largest trading partner since 2020. China remains a leading foreign investor in many ASEAN member states.

Over its 21 editions, CAEXPO and CABIS have made significant contributions to these achievements, becoming a symbol of economic, trade and investment cooperation between China and ASEAN.

ASEAN nations, including Việt Nam, continue to recognise China’s important role in promoting regional cooperation and shared prosperity. Việt Nam is currently China’s fourth-largest trading partner and Chinese FDI in Việt Nam has surged in recent years, ranking first in terms of new project numbers.

Strategic connectivity projects, particularly in rail and road transport, are being accelerated, paving the way for smoother trade flows and people-to-people exchanges between the two countries and between ASEAN and China as a whole.

Deputy PM Chính stressed that amid global and regional economic challenges and rising trade barriers, it is crucial to strengthen trust, uphold the spirit of cooperation, resolve issues based on rules and ensure that the interests of all parties are balanced.

He put forward three key proposals for future cooperation.

Firstly, he suggested further opening markets and facilitating trade. ASEAN and China should actively expedite procedures for signing and ratifying ACFTA 3.0 this year, align domestic legal frameworks with the new commitments and help businesses fully leverage the agreement’s benefits. This would boost bilateral trade, attract more investment into the region and foster shared prosperity.

Secondly, Deputy PM Chính emphasised enhancing strategic connectivity. He called for deeper infrastructure links, especially rail and road, to facilitate intra-regional trade and extend ASEAN’s and China’s reach to Central Asia and Europe.

Việt Nam is accelerating the construction of railway and highway links with China, Laos and Cambodia to complete a multimodal transport network that better connects ASEAN with China and the Eurasian continent.

Thirdly, he highlighted promoting science and technology cooperation. ASEAN and China should expand investment and cooperation in frontier fields such as the digital economy, green economy, science and technology and innovation; foster high-quality human resources; and seize opportunities from the Fourth Industrial Revolution, including artificial intelligence.

Deputy PM Chính also underscored Việt Nam’s pride in being an active contributor to the success of the previous 21 editions of CAEXPO and CABIS. This year, Việt Nam is once again one of the largest participants, with nearly 200 booths showcasing a wide range of high-quality products in sectors where Việt Nam has strong complementarities with China and ASEAN markets, including agricultural produce, processed foods, consumer goods, homeware, furniture and handicrafts.

The 22nd China–ASEAN Expo (CAEXPO) runs from September 17 to 21, bringing together more than 3,200 businesses from 60 countries. The exhibition covers over 160,000sq.m, with one-third of the space reserved for international pavilions showcasing the latest outcomes of cooperation between ASEAN countries and China.

This year’s expo is held under the theme: 'Digital intelligence drives development – Innovation shapes the future – Seizing new opportunities from ACFTA 3.0 to build a community with a shared future.'