China, Vietnam seek rail and hi-tech ‘interconnection’ as trade, investment skyrocket
- Commerce minister Wang Wentao met Vietnamese Prime Minister Pham Minh Chinh on Saturday in Ho Chi Minh City
- Vietnam offered support to China’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade pact
Manufacturing heavyweights China and Vietnam have stepped up talks toward improving economic ties that could give Chinese railway contractors and hi-tech firms, among others, a stronger hold in the Southeast Asian country.
Chinese Minister of Commerce Wang Wentao told Vietnamese Prime Minister Pham Minh Chinh on Saturday in Ho Chi Minh City that the neighbours should cooperate on “interconnection”.
Pham, meanwhile, advocated the promotion of railway links, according to a statement from the Ministry of Commerce.
He also said Vietnam supported China’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade pact, and that the two sides could discuss trade settlements in their own domestic currencies.
Wang Wentao’s trip came amid Beijing’s efforts to retain a resilient footing in the global supply chain realignment and improve ties with its major trading partners in Southeast Asia.
They want to have some railroads in and out of Vietnam, some short segments first
