Chinese President Xi Jinping warned that protectionism "leads nowhere" and that a trade war would have "no winners", state media said, as he kicked off the first leg of his three nation South-east Asia tour with Vietnam, on Monday.
Xi’s first overseas visit of the year, which began in Hanoi, will also see him visit Cambodia and Malaysia, as Beijing strives to strengthen its ties with China’s neighbours and offset the impact of devastating tariff imposed and now largely paused by the US.
As reported by China's Xinhua news agency soon after he arrived in Hanoi, he looked forward to an "in-depth exchange of views with Vietnamese leaders on issues concerning ties between the two parties and countries that have a global impact".
Mr Xi writing for Vietnam’s state-run Nhan Dan newspaper on Monday, called on Vietnam to “resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment”, Beijing’s Xinhua news agency said.
“Trade war and tariff war will produce no winner, and protectionism will lead nowhere,” he added.
Beijing is trying to present itself as a potential alternative and more stable partner when juxtaposed with the US, which levied some of the most punishing tariffs across the region.
At 46% the tariff from the US came as a shock for Vietnam, as they tried to placate the Trump administration. A manufacturing power house, American tariffs since paused, risks a heavy blow to Hanoi plans of economic expansion.
The US is the single largest export market for Vietnam accounting for 30% of its GDP. Its trade surplus against Washington, is another point of vulnerability, which has grown in recent years to over $123bn, owing to global manufacturing relocation from China after the first Trump administration's tariff imposition.
In contrast, China is Vietnam’s top import source. It depends on dragon for raw material and other materials, which in turn is used to manufacture goods to export to the US.
Vietnam, as many other South-east Asian countries, has tried to maintain a neutral stance and avoid picking sides between the US and China, maintaining a delicate balancing act. And will look to avoid antagonizing either of them, as it host Chinese president and attempts to persuade Washington to lower tariffs.
According to Vietnam’s deputy Prime Minister Bui Thanh Son, during the visit, Beijing and Hanoi will sign approximately 40 cooperation agreements across multiple sectors.
Vietnam’s leader, To Lam, wrote in an article published in state media on Monday that Hanoi wanted to boost cooperation in defense, security and infrastructure, especially on rail links.
Xi’s first overseas visit of the year, which began in Hanoi, will also see him visit Cambodia and Malaysia, as Beijing strives to strengthen its ties with China’s neighbours and offset the impact of devastating tariff imposed and now largely paused by the US.
As reported by China's Xinhua news agency soon after he arrived in Hanoi, he looked forward to an "in-depth exchange of views with Vietnamese leaders on issues concerning ties between the two parties and countries that have a global impact".
Mr Xi writing for Vietnam’s state-run Nhan Dan newspaper on Monday, called on Vietnam to “resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment”, Beijing’s Xinhua news agency said.
“Trade war and tariff war will produce no winner, and protectionism will lead nowhere,” he added.
Beijing is trying to present itself as a potential alternative and more stable partner when juxtaposed with the US, which levied some of the most punishing tariffs across the region.
At 46% the tariff from the US came as a shock for Vietnam, as they tried to placate the Trump administration. A manufacturing power house, American tariffs since paused, risks a heavy blow to Hanoi plans of economic expansion.
The US is the single largest export market for Vietnam accounting for 30% of its GDP. Its trade surplus against Washington, is another point of vulnerability, which has grown in recent years to over $123bn, owing to global manufacturing relocation from China after the first Trump administration's tariff imposition.
In contrast, China is Vietnam’s top import source. It depends on dragon for raw material and other materials, which in turn is used to manufacture goods to export to the US.
Vietnam, as many other South-east Asian countries, has tried to maintain a neutral stance and avoid picking sides between the US and China, maintaining a delicate balancing act. And will look to avoid antagonizing either of them, as it host Chinese president and attempts to persuade Washington to lower tariffs.
According to Vietnam’s deputy Prime Minister Bui Thanh Son, during the visit, Beijing and Hanoi will sign approximately 40 cooperation agreements across multiple sectors.
Vietnam’s leader, To Lam, wrote in an article published in state media on Monday that Hanoi wanted to boost cooperation in defense, security and infrastructure, especially on rail links.
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