During a three-day visit to Hanoi, Chinese Premier Li Qiang and Vietnamese officials signed ten agreements on Sunday, encompassing areas such as agricultural cooperation and cross-border QR code payments. This collaboration aims to enhance the relationship between the two neighboring countries.
As Vietnam’s largest trading partner, China plays a crucial role in its manufacturing sector, with bilateral trade increasing by 21% in the first three quarters of the year, reaching $148 billion compared to the same period last year.
The signing ceremony followed a meeting between Li and Vietnamese Prime Minister Pham Minh Chinh, where they discussed strengthening economic ties and agricultural cooperation. Prime Minister Chinh urged China to enhance agricultural trade, facilitate access for Vietnamese farm products, and improve customs clearance at the borders, according to state broadcaster Vietnam Television (VTV).
Additionally, the two nations agreed to update progress on cross-border railway links and conduct site surveys. Prime Minister Chinh emphasized the importance of effectively implementing the signed documents related to railway cooperation and modern railway development.
While both countries have expressed interest in enhancing rail connectivity, specific plans and estimated costs for upgrades have not yet been revealed. The primary rail route connects Kunming in Yunnan, China, to Hanoi and Haiphong, Vietnam. This railway, built by the French over a century ago, remains operational in Vietnam, while China has shifted to high-speed rail options.
On Saturday, the National Payment Corporation of Vietnam and China’s UnionPay International also signed an agreement to facilitate cross-border payments between the two nations, further solidifying their economic collaboration.