Vietnam News Today (Jan. 22): Vietnam, Switzerland Issue Statement on Advancing Partnership

	Vietnam News Today (Jan. 20): Vietnam Attends ASEAN Foreign Ministers' Retreat in Malaysia
	Vietnam News Today (Jan. 21): Vietnam, Czech Republic Establish Strategic Partnership

PM Pham Minh Chinh (L) and Permanent Vice Premier of the State Council of China Ding Xuexiang. (Photo: VNA)

Vietnam treasures and gives top priority to ties with China: PM

Prime Minister Pham Minh Chinh met with member of the Politburo Standing Committee of the Communist Party of China (CPC) and Permanent Vice Premier of the State Council of China Ding Xuexiang on the sidelines of the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, on January 21.

Chinh conveyed warm greetings and New Year wishes from General Secretary of the Communist Party of Vietnam (CPV) Central Committee To Lam, State President Luong Cuong, National Assembly Chairman Tran Thanh Man, and himself to General Secretary of the CPC Central Committee and President of China Xi Jinping, Premier Li Qiang, Chairman of the Standing Committee of the National People's Congress Zhao Leji, and Chairman of the National Committee of the Chinese People's Political Consultative Conference Wang Huning.

Both sides expressed their pleasure at the positive development of the bilateral Comprehensive Strategic Cooperative Partnership and the building of a Vietnam - China Community with a shared future that carries strategic significance, especially the recent successful phone talks between Lam and Xi, during which they announced the launch of the Vietnam-China Year of Humanistic Exchange and the 75th anniversary of diplomatic ties.

Affirming Vietnam's consistent policy of treasuring and giving top priority to its relationship with China, Chinh affirmed Vietnam's support for China's global initiatives on development, security and civilisation proposed by Xi, believing that they will bring shared benefits to all countries, cited VNA.

Ding asserted that China places great importance on its relations with Vietnam and believed that under the leadership of the CPV led by General Secretary to Lam, Vietnam will successfully hold the 14th National Party Congress and usher into a new era of development.

Looking ahead, Chinh suggested facilitating the exchange of all-level delegations, effectively realising cooperation agreements, deepening connectivity between the two economies, with a focus on major and symbolic projects, especially those on capital, technology and human resource training to develop standard-gauge rail routes connecting Lao Cai - Hanoi - Hai Phong in 2025, Lang Son - Hanoi, and Mong Cai - Ha Long - Hai Phong in the coming time.

Along with traditional cooperation areas, he proposed both sides step up partnerships in science-technology, innovation, and those of China’s strength like big data, cloud computing, quantum technology, and microbiology. He called for China's assistance to Vietnam in realising the historic Resolution 57 on breakthroughs in sci-tech, innovation and national digital transformation.

Lauding and agreeing with Chinh’s directions, Ding stressed that China stays ready to step up exchanges and cooperation with Vietnam in line with six major orientations agreed upon by the senior leaders.

He suggested accelerating specific progress in key areas, especially projects symbolising the bilateral relationship, activities marking the Year of China - Vietnam Humanistic Exchange and the 75th anniversary of diplomatic ties, while firmly building the China - Vietnam Community with a shared future that carries strategic significance.

UNCTAD leader hails Vietnam’s role in global trade

Vietnam has emerged as a prime example of how trade and investment can drive inclusive growth and development, according to Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).

In a recent interview ahead of the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, where Prime Minister Pham Minh Chinh is leading a high-ranking Vietnamese delegation, Grynspan emphasized that UNCTAD advocates for trade and investment as essential drivers of inclusive development, with Vietnam standing out as a prime example.

She expressed her admiration for Vietnam’s socio-economic progress, commending its efforts in improving the well-being of its citizens and achieving sustainable development.

Grynspan highlighted Vietnam’s successes in three key areas: education, logistics and seaports, and innovation—pillars that have supported the country’s growth, according to VOV.

Photo: VOV

She also noted Vietnam’s strong commitment to multilateral cooperation, demonstrated through its active participation in global forums such as the WEF. This year marks Prime Minister Chinh’s second consecutive attendance at the Davos meeting, which Grynspan deemed highly significant.

The WEF meeting provides an excellent platform for Vietnam to present its achievements and share its development model with the world, she added.

Vietnam, Switzerland issue statement on advancing partnership

Vietnam and Switzerland issued a statement on advancing the bilateral partnership, following the talks between Prime Minister Pham Minh Chinh and Swiss President Karin Keller-Sutter in Davos on January 21, VNA reported.

The talks between Vietnamese Prime Minister Pham Minh Chinh and Swiss President Karin Keller-Sutter in Davos on January 21 afternoon (local time). (Photo: VNA)

The following is the full text of the statement:

STATEMENT ON ADVANCING THE PARTNERSHIP BETWEEN THE SOCIALIST REPUBLIC OF VIETNAM AND THE SWISS CONFEDERATION

1. During the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, on January 21st 2025, Prime Minister of the Socialist Republic of Vietnam, H.E. Phạm Minh Chính, met with the President of the Swiss Confederation, H.E. Karin Keller-Sutter. The two leaders exchanged views on bilateral relations, domestic developments, and regional and international issues of mutual interest, stressing the importance of dialogue and cooperation in a spirit of friendship and mutual respect.

2. President Karin Keller-Sutter noted Vietnam’s growing role as a partner in the region, while Prime Minister Phạm Minh Chính underlined the great importance of the friendship and multifaceted cooperation with Switzerland. The delegations agreed to deepen the bilateral ties, in principle in the form of a comprehensive partnership that reflects the priorities of the current collaboration.

3. Recognizing the central role of economic ties in the broader bilateral relations, the two leaders highlighted the potential to deepen mutual economic engagement and explore new opportunities to enhance the complementarities of their economies. They agreed to enhance their efforts and take concrete steps to reach an early conclusion in the current negotiations for a Free Trade Agreement between Vietnam and the European Free Trade Association (EFTA).

4. President Karin Keller-Sutter expressed Switzerland’s intention to continue supporting Vietnam through the 2025-2028 Cooperation Programme under the auspices of the Swiss State Secretariat for Economic Affairs, committed to supporting Vietnam’s aspirations of becoming a resilient sustainable high-income economy. The two sides agreed to strengthen dialogue and cooperation in areas of mutual interest such as innovation, green finance, intellectual property, and the exchange of experiences in building and developing an international financial center in Vietnam.

5. Recognizing the benefits of educational and cultural exchanges, both sides agreed to further explore the potential for expanding joint academic initiatives, training programmes and tourism cooperation. Areas such as innovation, technology and knowledge sharing were identified as promising avenues for further engagement.

6. The role of people-to-people contacts and of the respective diasporas in promoting mutual understanding and building bridges between the two countries was also recognised as an important aspect of the relationship.

7. Both Leaders noted the opportunities for promoting innovation, scientific and technological cooperation, including partnerships between research institutions and possible joint initiatives to support scientific development, such as the initiatives for funding joint scientific research activities through the Swiss National Science Foundation (SNSF) and Vietnamese National Foundation for Science and Technology Development (NAFOSTED). They also exchanged views on strengthening efforts to address environmental challenges and promote climate resilience, in particular in the context of the Paris Agreement.

8. Both sides reaffirmed the value of cooperation in multilateral fora. They reaffirmed the importance of working together to contribute to prosperity and regional and global stability, strengthening efforts to address global challenges, including environment protection, climate action and water security. Both sides voiced their support for multilateralism and a world order based on international law and the fundamental principles of the UN Charter. They reaffirmed the importance of maintaining peace, stability, security, safety, and freedom of navigation and overflight in the South China Sea and the importance of resolving disputes by peaceful means in accordance with international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS 1982).

9. The two Leaders expressed their confidence in the future of Vietnam-Switzerland relations and their resolve to work more closely together to promote the common interests of both nations.

Vietnam-Belarus visa-free travel agreement takes effect January 30, 2025

Vietnam and Belarus have officially implemented a visa exemption for ordinary passport holders, allowing 30-day stays per visit and enhancing bilateral ties.

Signed on December 8, 2023, in Hanoi by Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and Belarusian Deputy Minister of Foreign Affairs Evgeny Shestakov, the agreement reflects a significant milestone in the long-standing friendship between the two countries.

Under the agreement, citizens holding ordinary passports from both nations can stay visa-free for up to 30 days per visit, with a maximum cumulative stay of 90 days within a year.

Strengthening Vietnam-Belarus relations

Witnessed by Prime Minister Pham Minh Chinh and Belarusian Prime Minister Roman Golovchenko, the signing ceremony marked a step forward in facilitating cooperation and cultural exchange between the two countries.

The agreement is part of Vietnam’s broader efforts to foster international tourism, particularly welcoming Belarusian tourists, cited VNN.

Prime Ministers Pham Minh Chinh and Roman Golovchenko witnessed the signing of the visa exemption agreement between Vietnam and Belarus on December 8, 2023.

It also aims to promote cultural exchange, market exploration, and the overall growth of bilateral relations in various sectors, including trade, security, and education.

A foundation of mutual cooperation

Vietnam and Belarus have maintained a strong political and diplomatic relationship, characterized by regular exchanges of delegations and high-level meetings.

The visa exemption agreement for diplomatic and official passports, signed in 1993, laid the groundwork for this new development. Since 2015, Belarusian citizens have already enjoyed visa-free entry into Vietnam, regardless of passport type.

This latest agreement reflects Vietnam’s commitment to establishing reciprocal and mutually beneficial visa policies with partner countries.

It underscores a shared desire to facilitate travel and strengthen people-to-people connections, paving the way for deeper collaboration across diverse fields.

Vietnam's exports navigate new challenges and opportunities in 2025

Vietnam's exports will face a new cycle of fluctuations in 2025, with numerous uncertainties arising in the global market, especially due to new policies from the United States, according to economic experts.

Challenges in exports to the US

According to the General Statistics Office, Vietnam’s export turnover in 2024 soared by 14.3% year-on-year to US$405.5 billion, driven by growth across major export markets. Manufacturing remained the primary pillar, contributing nearly 85% of the total export value.

The 2025 Investment Strategy Report, published by VNDIRECT Securities Corporation, stated that Vietnam’s export turnover in 2024 rebounded by 14.3% from the previous year, thanks to the strong performance of machinery, electronic devices, and wood products. The US retained its position as Vietnam's largest export market, with machinery, electronics, and wood products leading the growth.

The report also noted that the US remains Vietnam’s largest export destination and a key contributor to the country’s trade surplus, reflecting the export sector’s reliance on the US economy. Any changes in the US's economic conditions or policies could significantly affect Vietnam's export outcomes. In particular, the new policies introduced by President Donald Trump are expected to continue influencing export turnover.

Export scenarios under US tariff policies

VNDIRECT outlined scenarios for Vietnam’s machinery and equipment exports—the largest category exported to the US—based on different tariff scenarios:

Negative scenario: A 60% tariff on Chinese goods combined with universal tariffs of 10–20% and additional tariffs on Vietnam; Baseline scenario: A 60% tariff on Chinese goods and universal tariffs of 10–20%; Positive scenario: A 60% tariff on Chinese goods without universal tariffs.

In the short term, heightened tariffs may prompt US businesses to accelerate imports and stockpile goods from Vietnam before the new policies take effect. Additionally, exporters could benefit from a stronger US dollar, partially offsetting the impact of tariffs.

In the long term, higher tariffs on Chinese imports could incentivize US companies to shift supply chains to Vietnam, enabling Vietnamese exporters to expand their market share. However, weakened consumer demand could lead to higher import prices due to new tariffs, potentially driving inflation and reducing US consumer spending, which would negatively impact demand for imported goods, cited VOV.

Photo: VOV

At a Q4 2024 press briefing held by the Ministry of Industry and Trade Tran Thanh Hai Deputy Director of the Import-Export Department, affirmed that the US remains Vietnam’s largest export market. In 2024, Vietnam ranked as the US's 8th largest trading partner, accounting for 4.13% of total export turnover to the US.

Hai noted that under President Donald Trump’s administration, the US aims to reduce its trade deficit, boost domestic production, and attract investment, while employing tariffs as a traditional tool. In the past, US tariffs had limited impact on Vietnamese exports. However, heading into 2025, the Ministry of Industry and Trade has outlined two scenarios:

Optimistic scenario: The US maintains its current tariff policies on Vietnamese goods. This, coupled with supply chain shifts, could lead to increased investment and export growth.

Pessimistic scenario: Stricter tariff policies may impact the global economy, affecting Vietnam’s exports. Challenges in China, the US's major trading partner, could also exert pressure on Vietnam. In this case, the ministry will propose measures to the government to support businesses in diversifying markets.

Outlook for major export items

According to VNDIRECT, Vietnam’s key export products are expected to experience significant fluctuations in 2025.

Textiles and garments: Export turnover surged by 33% year-on-year to US$44 billion in 2024, meeting the annual target. Exports became less reliant on the US market as Vietnamese manufacturers expanded globally while maintaining stable orders from the US. Despite challenges such as inflation dampening consumer demand and high clothing inventory levels, many manufacturers secured enough orders for Q1 2025 and received early bookings for Q2. Imports of cotton and yarn surged in late 2024, up by 14% and 18.2% year-on-year, respectively, reflecting ample raw material supplies to meet rising demand.

Pangasius (catfish): Over the past 11 months of 2024, pangasius exports grew by 10% year-on-year to US$1.8 billion. The US led growth due to competitive pricing and limited supply of tilapia, a direct substitute.

In 2025, the US is expected to remain a key market, driven by low pangasius inventory, increasing seafood demand, and rising tilapia prices due to supply constraints and higher tariffs.

Raw fish and fingerling prices dropped by 1.3% and 13.7%, respectively, in 2024, despite a slight price increase in December. Feed prices remained stable and low, supporting gross margins and profitability for Vietnamese exporters.

In addition, a stronger US dollar under President Trump’s administration may offset the impact of higher tariffs, supporting both export volume and revenue.

Dr. Le Quoc Phuong, former Deputy Director of the Trade and Industry Information Center under the Ministry of Industry and Trade, projected that export growth in 2025 could surpass 2024 levels due to recovering global market demand. While new US policies may pose challenges, the US is expected to remain Vietnam's largest export market.

Nguyen Anh Son, Director of the Import-Export Department at the Ministry of Industry and Trade, added that 2025 will likely bring unpredictable global trade fluctuations. The ministry is actively facilitating conditions for local businesses and advising on finalizing legal documents to simplify participation in import-export activities.

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