Zürcher Nachrichten - China, Vietnam sign agreements after Xi warns protectionism 'leads nowhere'

EUR -
AED 4.177326
AFN 64.248282
ALL 98.603594
AMD 442.732432
ANG 2.049757
AOA 1037.224306
ARS 1335.637918
AUD 1.776293
AWG 2.049996
AZN 1.927266
BAM 1.953313
BBD 2.294658
BDT 138.082982
BGN 1.957254
BHD 0.428672
BIF 3336.858772
BMD 1.137307
BND 1.490489
BOB 7.853002
BRL 6.458313
BSD 1.136443
BTN 96.925745
BWP 15.558055
BYN 3.719332
BYR 22291.217425
BZD 2.282873
CAD 1.577371
CDF 3272.032136
CHF 0.942237
CLF 0.02782
CLP 1067.56745
CNY 8.287578
CNH 8.291895
COP 4856.300939
CRC 572.865606
CUC 1.137307
CUP 30.138636
CVE 110.124792
CZK 24.947628
DJF 202.122677
DKK 7.4665
DOP 67.44354
DZD 150.526007
EGP 57.954779
ERN 17.059605
ETB 151.457437
FJD 2.564512
FKP 0.857883
GBP 0.85368
GEL 3.116266
GGP 0.857883
GHS 17.218078
GIP 0.857883
GMD 81.328532
GNF 9841.383684
GTQ 8.752779
GYD 237.77518
HKD 8.824348
HNL 29.463229
HRK 7.536023
HTG 148.479654
HUF 406.523558
IDR 19113.581635
ILS 4.123455
IMP 0.857883
INR 96.967876
IQD 1488.791421
IRR 47894.841328
ISK 144.915871
JEP 0.857883
JMD 180.03079
JOD 0.806467
JPY 162.33522
KES 147.110826
KGS 99.306696
KHR 4549.168123
KMF 494.160974
KPW 1023.512091
KRW 1630.335287
KWD 0.348675
KYD 0.947086
KZT 587.31708
LAK 24577.492499
LBP 101830.651967
LKR 340.892987
LRD 227.298611
LSL 21.208711
LTL 3.358172
LVL 0.687946
LYD 6.219082
MAD 10.540887
MDL 19.632831
MGA 5114.443459
MKD 61.545391
MMK 2387.327049
MNT 4029.612599
MOP 9.081857
MRU 45.028275
MUR 50.985236
MVR 17.520245
MWK 1970.673664
MXN 22.274862
MYR 4.973459
MZN 72.787637
NAD 21.208711
NGN 1831.939626
NIO 41.82638
NOK 11.843398
NPR 155.082553
NZD 1.89907
OMR 0.437874
PAB 1.136443
PEN 4.194223
PGK 4.70397
PHP 64.068489
PKR 319.439789
PLN 4.272326
PYG 9096.338806
QAR 4.142789
RON 4.97754
RSD 117.06992
RUB 94.616891
RWF 1622.919473
SAR 4.266132
SBD 9.481708
SCR 16.230597
SDG 682.957323
SEK 10.920604
SGD 1.492039
SHP 0.893745
SLE 25.873828
SLL 23848.740909
SOS 649.467405
SRD 41.866547
STD 23539.958924
SVC 9.944339
SYP 14787.434943
SZL 21.19901
THB 38.016195
TJS 12.07522
TMT 3.991948
TND 3.392681
TOP 2.663686
TRY 43.577737
TTD 7.711182
TWD 36.938614
TZS 3053.66903
UAH 47.386053
UGX 4166.658487
USD 1.137307
UYU 47.66889
UZS 14637.235567
VES 94.751231
VND 29602.964201
VUV 136.248934
WST 3.152931
XAF 655.117162
XAG 0.033917
XAU 0.000341
XCD 3.073629
XDR 0.817934
XOF 655.117162
XPF 119.331742
YER 278.924534
ZAR 21.380119
ZMK 10237.12784
ZMW 31.964023
ZWL 366.212394
  • RBGPF

    -0.4500

    63

    -0.71%

  • RYCEF

    0.3400

    9.84

    +3.46%

  • BCC

    2.7600

    96.09

    +2.87%

  • SCS

    0.2000

    9.95

    +2.01%

  • BCE

    -0.2100

    22.01

    -0.95%

  • NGG

    0.5500

    72.26

    +0.76%

  • GSK

    0.4700

    37.5

    +1.25%

  • CMSC

    0.1700

    22.33

    +0.76%

  • RIO

    1.4900

    61.69

    +2.42%

  • RELX

    0.4700

    53.17

    +0.88%

  • JRI

    0.1100

    12.6

    +0.87%

  • VOD

    0.0100

    9.31

    +0.11%

  • CMSD

    0.1600

    22.45

    +0.71%

  • AZN

    1.0400

    69.55

    +1.5%

  • BP

    0.4000

    29

    +1.38%

  • BTI

    -0.0600

    42.45

    -0.14%

China, Vietnam sign agreements after Xi warns protectionism 'leads nowhere'
China, Vietnam sign agreements after Xi warns protectionism 'leads nowhere' / Photo: NHAC NGUYEN - POOL/AFP

China, Vietnam sign agreements after Xi warns protectionism 'leads nowhere'

China and Vietnam signed dozens of cooperation agreements Monday, strengthening ties between the communist-run countries after Chinese leader Xi Jinping warned that protectionism "leads nowhere" and that a trade war would have "no winners".

Text size:

Xi is in Vietnam for the first leg of a Southeast Asia tour, as Beijing tries to present itself as a stable alternative to an erratic US President Donald Trump, who announced -- and then mostly reversed -- sweeping tariffs this month.

The Chinese president was welcomed to Hanoi Monday with a 21-canon salute, a guard of honour and rows of flag-waving children at the presidential palace, before holding talks with Vietnam's top leaders including General Secretary To Lam.

The two neighbours signed around 40 cooperation agreements. Details were not immediately available but prior to the visit it was expected that deals would be reached in areas including trade and aviation.

Xi's visit comes almost two weeks after the United States -- manufacturing powerhouse Vietnam's biggest export market in the first three months of the year -- slapped a 46 percent levy on Vietnamese goods as part of a global trade blitz.

Although the reciprocal tariffs on Vietnam and most other countries have been paused, China still faces enormous levies and is seeking to tighten regional trade ties and offset their impact during Xi's first overseas trip of the year.

Xi is in Vietnam Monday and Tuesday, before visiting Malaysia and Cambodia on a tour that "bears major importance" for the broader region, Beijing has said.

Speaking during a meeting with Lam Monday, Xi said Vietnam and China were "standing at the turning point of history... and should move forward with joint hands."

Xi earlier urged the two countries to "resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment".

He also reiterated Beijing's line that a "trade war and tariff war will produce no winner, and protectionism will lead nowhere" in an article published on Monday in Vietnam's major state-run Nhan Dan newspaper.

Vietnam's top leader To Lam said in an article posted on the government's news portal on Monday that his country "is always ready to join hands with China to make cooperation between the two countries more substantive, profound, balanced and sustainable".

- 'Bamboo diplomacy' -

Vietnam was Southeast Asia's biggest buyer of Chinese goods in 2024, with a bill of $161.9 billion, followed by Malaysia with Chinese imports worth $101.5 billion.

Firming up ties with Southeast Asian neighbours could also help offset the impact from a closed United States, the largest single recipient of Chinese goods last year.

Xi is visiting Vietnam for the first time since December 2023.

China and Vietnam, both ruled by communist parties, already share a "comprehensive strategic partnership", Hanoi's highest diplomatic status.

Vietnam has long pursued a "bamboo diplomacy" approach -- striving to stay on good terms with both China and the United States.

The two countries have close economic ties, but Hanoi shares US concerns about Beijing's increasing assertiveness in the contested South China Sea.

China claims almost all of the South China Sea as its own but its claims are disputed by the Philippines, Malaysia, Vietnam, Indonesia and Brunei.

The Chinese leader insisted in his article on Monday that Beijing and Hanoi could resolve those disputes through dialogue.

"We should properly manage differences and safeguard peace and stability in our region," Xi wrote.

"With vision, we are fully capable of properly settling maritime issues through consultation and negotiation," he said.

Vietnam's Lam said in his article on the government news portal that "joint efforts to control and satisfactorily resolve disagreements... is an important stabilizing factor in the current complex and unpredictable international and regional situation".

After Vietnam, Xi will visit Malaysia from Tuesday to Thursday.

Malaysian Communications Minister Fahmi Fadzil said Xi's visit was "part of the government's efforts... to see better trade relations with various countries including China".

Xi will then travel on Thursday to Cambodia, one of China's staunchest allies in Southeast Asia and where Beijing has extended its influence in recent years.

burs-aph/tc

D.Smith--NZN