On Monday, China’s President Xi Jinping emphasized the need for closer trade and supply chain ties with Vietnam, in light of disruptions caused by U.S. tariffs, during his attendance at the signing of numerous cooperation agreements between the two Communist-run nations in Hanoi.
The visit, planned for weeks and part of a wider trip in Southeast Asia, comes as Beijing faces 145% U.S. duties, while Vietnam is negotiating a reduction of threatened U.S. tariffs of 46% that would otherwise apply in July after a global moratorium expires, News.Az reports citing Reuters.
"The two sides should strengthen cooperation in production and supply chains," Xi said in an article in Nhandan, the newspaper of Vietnam's Communist Party, posted ahead of his arrival on Monday. He also urged more trade and stronger ties with Hanoi on artificial intelligence and the green economy.
After he met Vietnam's top leader To Lam, the two countries signed dozens of cooperation agreements, including deals on enhancing supply chains and on cooperation over railways, footage of the documents reviewed by Reuters showed.
Chinese and Vietnamese state media later on Monday reported that 45 agreements were signed.
The content of the agreements was not disclosed and it was unclear whether they involved any financial or binding commitments.
Under pressure from Washington, Vietnam is tightening controls on some trade with China to make sure goods exported to the United States with a "Made in Vietnam" label have sufficient added value in the country to justify that.
"There are no winners in trade wars and tariff wars," Xi said in his article, without mentioning the United States. Later, in a meeting with Vietnam's Prime Minister Pham Minh Chinh, Xi said the two countries should oppose unilateral bullying, according to Chinese state media Xinhua.
One memorandum of understanding signed on Monday is to boost cooperation between the China Council for the Promotion of International Trade and the Vietnam Chamber of Commerce and Industry, which issues certificates on the origins of goods.
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