On October 13, 2024, Vietnam and China solidified their economic relationship by signing several significant agreements. During a meeting between Chinese Premier Li Qiang and Vietnamese Prime Minister Pham Minh Chinh, the two leaders discussed enhancing agricultural trade and improving border customs procedures.
The trade volume between the two countries has seen a notable increase of 21% year-on-year, reaching a total of $148 billion in the first three quarters of this year. Vietnam has called for China to open its market to Vietnamese agricultural products.
In addition to agricultural cooperation, the two nations signed an agreement on cross-border railway transportation. The railway connection will facilitate trade between Kunming in China and Hanoi, as well as the port city of Haiphong in Vietnam, reviving a route originally built during French colonial rule over a century ago.
Furthermore, a deal was made between Vietnam's national payment company and China's Alipay to initiate cross-border payment services, further enhancing financial cooperation between the two countries.