How have people in Viet Nam responded to the Belt and Road Initiative? What benefits will bilateral cooperation under the Belt and Road framework bring to local communities?
The Vietnamese Government has shown support for the initiative, and expressed willingness to participate actively in it. Some people, however, have qualms, misgivings and doubts about the initiative, and are still discussing what benefits it might bring. Consequently they look forward to the Belt and Road Forum for International Cooperation. Vietnamese President Tran Dai Quang will attend the forum, and this will help these doubters understand the tenet of the initiative and the China-advocated principle of extensive consultation, joint contribution and shared benefits.
The forum will show them that aligning Viet Nam’s development plan with the initiative, and their active participation in it, will bring much-needed benefits, such as improving Viet Nam’s development level, boosting employment and improving its infrastructure.
The Vietnamese economy is exportoriented. Therefore, integrating with the world will advance the country’s development. China is ahead of Viet Nam in this regard, due to having earlier taken the road of reform and opening up. Many people in Viet Nam believe their country can learn much from China’s experience. Its close cooperation with China in such fields as manufacturing, agriculture, electricity and infrastructure is bound to raise development to a new level. tion. China long held a ninth or 10th ranking among all investors in Viet Nam. But with the progress in bilateral ties, last year saw an impressive increase in China’s investment in Viet Nam that took it to the eighth rank. This momentum increased in the first quarter of this year, bringing China to the second position in terms of investment increment among 38 countries and regions that have invested in Viet Nam. As an important link between the two countries, economic and trade cooperation has greatly promoted bilateral relations.
The trade imbalance between the two countries is actually a temporary problem, attributable to the market and to their different stages of development. Viet Nam is now greatly advancing its industrialization and strengthening its manufacturing sector. However, as spare parts and accessories cannot be produced locally, Viet Nam needs to import them from China. Mobile phone accessories are an example. Garment manufacturing is another. Viet Nam now has many garment factories, but still needs to import fabrics and printed and dyed textiles from China. But Viet Nam also exports locally produced clothes to other countries, which generates foreign currency. China mainly imports minerals, agricultural produce and industrial raw materials from Viet Nam.