Prime Minister to attend WEF in China, affirming country’s global cooperation role

THE HANOI TIMES — Prime Minister Pham Minh Chinh will lead Vietnam’s delegation to the 16th Annual Meeting of the New Champions hosted by the World Economic Forum (WEF) in Tianjin, China, from June 24 to 27, at the invitation of Chinese Premier Li Qiang and WEF President Børge Brende.

Vietnam’s high-level participation reflects its commitment to regional and global cooperation, particularly in advancing entrepreneurship, innovation, and sustainable development.

The WEF Tianjin 2025 meeting is the organization’s second-most significant annual event after Davos. This year, it is expected to gather over 1,700 participants from governments, businesses, international organizations, and academia worldwide. Leaders of five countries, including Vietnam, Singapore, Ecuador, Senegal, and Kyrgyzstan, have been invited to contribute to key discussions.

Themed “Entrepreneurship in the Age of the New,” the forum will center on five major topics: decoding the global economy amid geopolitical fragmentation, inflation, and supply chain disruptions; China’s economic outlook driven by technological innovation and new-generation industries; industrial transformation, including smart manufacturing and clean energy technologies; investing in people and the planet with a focus on digital skills, climate finance, gender equality, and public-private partnerships; and emerging energy and materials such as renewables, energy storage, green materials, and next-generation nuclear technologies.

Founded in 1971 by Professor Klaus Schwab and headquartered in Switzerland, the World Economic Forum is a nonprofit public-private cooperation platform. With approximately 700 corporate partners spanning various sectors, the forum plays a pivotal role in shaping regional and global agendas.

Deepening Vietnam-China relations

Vietnam-China relations have continued to advance positively in recent years. Following Chinese President Xi Jinping’s state visit to Vietnam in December 2023, both sides issued a joint statement to elevate their comprehensive strategic cooperative partnership and pledged to build a Vietnam–China community with a shared future of strategic significance.

The year 2025 marks the 75th anniversary of diplomatic ties between the two nations (January 18, 1950 – January 18, 2025). In this context, high-level exchanges remain frequent and substantive. General Secretary To Lam held a phone call with President Xi Jinping, launching the Year of China-Vietnam Humanistic Exchange 2025. Prime Minister Chinh was bestowed the title of "Honorary Professor" byTsinghua University.

Bilateral cooperation has been reinforced through reciprocal visits by senior leaders, enhanced local and people-to-people diplomacy, and broader multi-level engagements.

In the first five months of this year, bilateral trade totaled $92.9 billion (up 18.7%), with Vietnam’s exports at $23.5 billion (up 3.2%) and imports at $69.4 billion (up 25%). The trade deficit rose to $45.8 billion, an increase of 40.3%.

China was Vietnam’s top source of newly registered FDI projects in 2024, with 955 projects and $4.73 billion in capital, ranking third in total investment value. As of December 31, 2024, China had 5,111 valid projects in Vietnam with total registered capital exceeding $30.8 billion, accounting for over 6.2% of Vietnam’s total FDI.

In Jan-May period, China ranked third in new FDI registrations in Vietnam, with 453 new projects totaling $1.81 billion. Chinese investors are now present in 55 out of 63 Vietnamese provinces and cities and participate in 19 of 21 FDI sectors.

Tourism also saw a sharp recovery. In 2024, Vietnam welcomed over 3.74 million Chinese visitors, up 114% year-on-year, accounting for more than 21% of total international arrivals and ranking second after South Korea. In the first five months of this year, Chinese tourists topped the inbound market with 2.36 million visits, making up 25.4% of Vietnam’s international arrivals.

Vietnam’s proactive global role

Prime Minister Chinh’s participation at WEF Tianjin 2025 aims to reaffirm Vietnam’s role, stature, and responsibility in promoting peace, stability, and prosperity in the region and beyond.

Vietnam will actively contribute to global discussions on economic and social development solutions and share its perspectives, vision, and development experiences. The forum also provides a platform to promote Vietnam’s image, present its major policies, and foster cooperation with governments, international organizations, and the global business community.