Chinese Expert Hails Vietnamese Economic and Diplomatic Development Achievements in 2024

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Vietnamese Prime Minister Pham Minh Chinh noted that Vietnamese GDP in 2024 is projected to exceed 6.8%, whilst the GDP growth target for 2025 is expected to reach 7%. Weiwei believes this forecast means Vietnam's economic data with outstanding economic recovery following the COVID-19 pandemic.

The project to build a smart Vietnam-China border gate is being comprehensively accelerated will improve the “intelligence index” of the border gate’s clearance capacity and rapidly promote bilateral trade and investment (Photo: baotintuc.vn)

In the past nine months of has witnessed Vietnamese import-export turnover rise by 16.3% on-year, with export turnover up by 15.4% and import turnover up by 17.3%, with a trade surplus reaching nearly US $20.8 billion.

Also, China-Vietnam economic and trade co-operation maintained strong growth momentum with bilateral trade turnover hit US $130.78 billion. Meanwhile, Vietnamese import turnover from China stood at US $92.5 billion, up 34.25% over the same period from last year.

The project to build a smart Vietnam-China border gate is being comprehensively accelerated will improve the “intelligence index” of the border gate’s clearance capacity and rapidly promote bilateral trade and investment. In addition, collaboration efforts between the two sides in the fields of mechanical equipment, and electronic products, is also increasingly close.

Foreign direct investment is considered a bright spot. As the country attracted US$17.3 billion in foreign investment capital, it achieved the highest annual rise in many years of 8.9%.

China was at the top of the list of new investment projects in Vietnam. This milestone demonstrates the importance that Chinese enterprises attach to the Vietnamese market. The foreign expert said that the projects that have created many local jobs are in industrial parks in Bac Giang, Bac Ninh, and Binh Duong provinces.

Vietnamese diplomatic work also obtained important results in 2024, whilst its influence in the international arena has also continuously increased. The senior leaders of both sides established a new historical position in building a community of a shared future which carries strategic significance, thereby opening a new chapter in developing relations between the two Parties and the two nations in the new era as a means of stepping up practical co-operation across multiple fields. For example, after taking office as General Secretary of the Communist Party of Vietnam, To Lam chose China as the destination of his first overseas trip, demonstrating his recognition of great importance to the relationship between the two countries.

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