As the United States has imposed tariffs on Vietnam, some companies are worried about overseas investment and trade in Vietnam. In recent years, the economic and trade cooperation between China and Vietnam has been continuously deepened, and the two sides have achieved remarkable results in many fields. In 2024, bilateral trade between China and Vietnam reached 26065 billion U.S. dollars, up 13.5 percent year on year, and China has remained Vietnam's largest trading partner for more than 20 years in a row.
Solid foundation for China-Vietnam economic and trade cooperation
The scale of trade continues to expand
China is not only Vietnam's largest source of imports, but also its second largest export market. While Vietnam's trade surplus with the US hit a record high in 2024, its exports to China also remained stable, reaching $13.2 billion in the first quarter of 2025.
Improved policy support and cooperation mechanisms
China and Vietnam signed 45 bilateral cooperation agreements at noon local time on April 14, covering connectivity, artificial intelligence, customs inspection and quarantine, Xinhua reported. At the same time, the two sides also issued a joint statement, committed to building a China-Vietnam community of shared future and promoting the deepening of comprehensive strategic cooperative partnership.
China-vietnam People-to-people Exchange Year
This year marks the 75th anniversary of the establishment of diplomatic ties between China and Vietnam and the Year of People-to-people Exchanges. We should hold more friendly activities that are popular and win the hearts of the people, and strengthen cooperation in tourism, culture, media and health.
Future opportunities for China-Vietnam cooperation
China-vietnam cross-border railway cooperation has been deepened, and the feasibility study on the Laogai-Hanoi-Haiphong standard gauge railway has been basically completed. The construction of smart ports is also steadily advancing, such as the Friendship Pass - Friendship freight channel smart port project, which will realize 24-hour unmanned customs clearance operation. China and Vietnam have strengthened cooperation in emerging areas such as digital economy, green economy and clean energy. With the construction of version 3.0 of the China-Asean Free Trade Area and the upgrading of the RCEP, the two sides will usher in more opportunities for cooperation in these areas.
The repeated impact of tariffs
However, it is also worth noting that in 2024, the loss rate of FDI enterprises in Vietnam is as high as 56%, and the cumulative loss amount is 8.85 billion US dollars, and traditional foundry industries such as textiles and electronics are significantly affected by the reduction of orders in Europe and the United States. In addition, from the repeated impact of the current US tariffs to the country's own manufacturing traps, withdrawal of foreign investment and infrastructure bottlenecks, the country's future economic development will remain challenging.
Strategies to address the tariff challenge
Enterprises can improve the added value of products by optimizing the product mix and reduce the impact of tariffs on profits. At the same time, strengthen technology research and development and innovation, enhance product competitiveness, in order to cope with the rising cost pressure caused by tariffs. Actively expand other overseas markets, such as the Belt and Road, the EU, ASEAN, etc. It provides enterprises with more market opportunities and reduces their dependence on the single market.
Although the US tariff policy against Vietnam has brought challenges to some enterprises, the solid foundation of China-Vietnam economic and trade cooperation, Vietnam's economic advantages and potential, and the cooperation opportunities between the two sides in emerging fields all make Vietnam still a good prospect. But is Vietnam worth the long-term investment? In such a complex international trade environment, enterprises need to weigh the advantages and disadvantages.
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