Vietnam’s cooperation with China in implementing the latter's Belt and Road Initiative (BRI) is expected to help tighten connectivity between China and the Southeast Asian region, said Nguyen Chi Dung, Minister of Planning and Investment, at a policy dialogue titled 'Belt and Road Initiative as a Catalyst for Regional Cooperation and Development.'

The dialogue was held as part of the eighth Belt and Road Summit, themed 'Prospering on a Decade of Cooperation,' on Wednesday and Thursday in Hong Kong.

This year's edition of the BRI Summit, which marks the 10th anniversary of the Belt and Road Initiative, attracted nearly 6,000 participants, including government officials and business leaders from some 70 countries and regions.

Data from the Vietnamese Ministry of Planning and Investment revealed that Chinese firms had invested in nearly 4,000 projects in Vietnam, with a total pledged capital of US$26 billion as of August this year, putting China in sixth place among 143 countries and regions pouring investment into Vietnam.

From January through August of this year, China remained the second-largest investor in Vietnam, with a total registered investment of $2.7 billion.

In addition, China was Vietnam's biggest trade partner and its largest supplier of goods, as well as the second-largest buyer of Vietnamese products.

Addressing the policy dialogue, Minister Dung said Vietnam has effectively implemented three breakthrough strategies in terms of institutional reforms, infrastructure development, and human resource improvement over the past few years.

Vietnam is also currently focusing its efforts on bolstering growth with a science-technology and innovation-centric approach, beefing up digital transformation, green transition toward the goal of achieving net-zero emissions by 2050, and becoming a high-income country by 2045.

Minister Dung spoke highly of the role of Hong Kong in acting as a bridge between itself, Shenzhen, Guangzhou, Vietnam, and other Southeast Asian nations, especially in the fields of science-technology, innovation, investment, finance, trade, logistics, and transportation.

To ensure the BRI remains a catalyst for cooperation and development in the region, Minister Dung proposed that Vietnam, China, and other regional countries and territories tighten policy connectivity as well as boost information exchange and experience sharing.

Countries in the region should also facilitate the development and connectivity of transport systems, particularly rail links, as well as provide appropriate conditions to promote trade, he suggested.

For BRI projects to generate practical and sustainable outcomes, the countries taking part in the BRI need to jointly strengthen their cooperation ties so that they are on a par with international practices, the Vietnamese official elaborated.

The BRI was first announced by Chinese President Xi Jinping during his visits to Indonesia and Kazakhstan in late 2013, with the aim of building regional cooperation and connectivity in five main fields related to policy, transportation, finance, trade, and people-to-people exchange.

Over the past decade, more than 100 countries and international organizations have joined the BRI.

So far, over 3,000 BRI projects, valued at close to $1 trillion, have been carried out around the globe.

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