Chinese expert positive on Vietnamese economic and diplomatic development

He outlined his belief that the Vietnamese economy will continue its growth trend and will reap more outstanding achievements ahead in 2025.

According to Weiwei, although Gross Domestic Product (GDP) growth figures for this year have not yet been announced, when presenting a report on the results of the implementation of the socio-economic development plan for 2024 and socio-economic development plan ahead for 2025 at the National Assembly (NA), 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%.

This forecast means Vietnam’s economic data stand out in terms of the global economic recovery following the COVID-19 pandemic.

Regarding trade, the past nine months of has witnessed Vietnamese import-export turnover soar 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.

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

According to the common perceptions reached by both nations’ leaders, the project to build a smart border gate between both sides is being comprehensively accelerated. Once completed, it 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.

In terms of the tourism sector, the first half of the year saw the number of international visitors to Vietnam surge by 58.4% compared to the same period from last year, while in May alone, the nation welcomed 357,000 Chinese tourists, making the northern neighbour as the largest source of incoming tourists.

Foreign direct investment is also viewed as an important bright spot. According to statistics, throughout the reviewed period the country attracted US$17.3 billion in foreign investment capital, representing an annual rise of 8.9%, the highest level seen in many years.

China was at the top of the list of new investment projects in Vietnam, fully demonstrating the importance that Chinese enterprises attach to the Vietnamese market. The projects which have created a large number of local jobs are in industrial parks in Bac Giang, Bac Ninh, and Binh Duong provinces.

Assessing Vietnamese diplomatic achievements, the Chinese researcher said that in 2024 Vietnamese diplomatic work also obtained important results, whilst its influence in the international arena has also continuously increased.