Abstract: In recent years, Vietnam’s economy has developed rapidly, and its economic and trade relations with China have become closer. Vietnam has become China’s main trading partner in ASEAN, and China is also its largest trading partner. The scale of China’s direct investment in Vietnam continues to increase. Nevertheless, the issue of bilateral trade imbalance between China and Vietnam has further highlighted, and there are still some obstacles and problems in cross-border investment. At the same time, it is witnessed that Vietnam’s pace of reform is accelerating. Taking advantages of the opportunities brought about by the great powers game, Vietnam increases its efforts in opening up to the outside world, and undertakes a large number of industrial transfers. China should continue to develop sound economic and trade relations with Vietnam and other ASEAN countries, further expand the space for cooperation between China and Vietnam, ASEAN, adhere to the concept of seeking common ground while reserving differences, common development, mutual benefit and win-win results, and mutual growth, and strive to become a model of South-South cooperation in the “the Belt and Road” initiative. On the one hand, we should promote the liberalization and facilitation of bilateral trade and investment, fully tap into the potential of new land sea channels, strengthen investment, planning, and think tank cooperation, and further stimulate the enthusiasm of regions such as Guangxi and Yunnan. On the other hand, we should pay attention to analyze and prevent risks to Vietnam’s economic and social development, especially its foreign investment enterprises and capital markets.

Keywords: the Belt and Road; Vietnam; industry transfer; economic and trade cooperation

Reprinted from Guangxi Economic Journal, 2024,42(01):15-24.