China – Vietnam: Agreements on Investment, Strategic Mineral Extraction, Trade
Two Asian countries will work to create “a true multipolar world”
For China, developing relations with Vietnam represents an absolute priority at both the regional and global levels of cooperation. Chinese Foreign Minister Wang Yi said this during talks in Beijing with Vietnamese diplomatic chief Bui Thanh Son. The topics discussed during the meeting ranged from high-level bilateral strategic communication to economic cooperation, trade, investment, sustainable development, new green energy sources, and, finally, cooperation in the production of so-called “critical minerals,” including lithium and rare earth elements.
The Chinese foreign minister expressed his hope for closer cooperation between China and Vietnam in defense of international “justice and fairness.” “Both countries,” Wang Yi emphasized, “should practice true multilateralism and continue to support each other in their own interests.”
A separate topic was the situation in the East China Sea. Wang Yi said the current disagreement “needs to be properly resolved” and insisted on the need to “accelerate consultations on drafting a ‘Code of Conduct’ in the South China Sea.”
On the occasion of Vietnam’s foreign minister’s visit to China, the Chinese car maker Chery said it will “invest 800 million dollars to build a factory in Vietnam’s coastal province of Thai Binh.” The new plant will be operated by a joint venture consisting of Omoda&Jaecoo, a unit of Chery, and Vietnam’s Geleximco. The plant will produce up to 200,000 Omoda and Jaecoo electric vehicles per year.