📋 Tender Overview
Within the framework of the 47th ASEAN Summit and related summits, the signing ceremony of the Protocol to upgrade the ASEAN - China Free Trade Agreement (ACFTA 3.0) took place at the Kuala Lumpur Convention Center, Malaysia, with the witness of senior leaders of ASEAN countries and China. Minister of Industry and Trade Nguyen Hong Dien, on behalf of the Government of Vietnam, signed the Protocol. On the morning of October 28, within the framework of the 47th ASEAN Summit and related summits, the signing ceremony of the Protocol to upgrade the ASEAN - China Free Trade Agreement (ACFTA 3.0) took place at the Kuala Lumpur Convention Center, Malaysia, with the witness of senior leaders of ASEAN countries and China. Prime Minister Pham Minh Chinh led the Vietnamese delegation to attend the signing ceremony. Immediately after the high-level ceremony, Minister of Industry and Trade Nguyen Hong Dien, on behalf of the Government of Vietnam, signed the Protocol. ASEAN and China signed the Framework Agreement on Comprehensive Economic Cooperation in November 2002. Based on the Framework Agreement, the two sides continued to negotiate and sign Agreements on Trade in Goods (effective from July 2005), Agreement on Trade in Services (effective from July 2005). 2007), Investment Agreement (effective from February 2007). 2010), thereby establishing the ASEAN - China Free Trade Area, referred to as the ACFTA Agreement. The ACFTA Agreement has brought many important benefits to Vietnam, ASEAN countries and China, contributing to expanding markets, reducing production costs and promoting business cooperation in the region, creating a foundation for stable and sustainable economic cooperation. Since taking effect in 2005, ASEAN - China trade turnover has increased nearly 9 times, reaching 968 billion USD 2024. China has been ASEANs largest trading partner since 2009, and is also the third largest foreign investor in the region. Particularly for Vietnam, China is the leading trade partner with total two-way turnover in 2024 reaching more than 205 billion USD. The Protocol demonstrates the strong commitment of member countries to the regional economic integration process. In 2020, in the context of many fluctuations and changes in the global economy, ASEAN and China agreed to upgrade the ACFTA Agreement. The two sides officially launched upgrade negotiations on November 11, 2022 based on the declaration of senior leaders of ASEAN and China at the 25th ASEAN-China Summit taking place in Cambodia. After 9 official negotiating sessions over 2 years, on October 10, 2024, ASEAN and China announced their agreement to complete the upgrade negotiations at the 27th ASEAN-China Summit taking place in Laos. Accordingly, countries conduct a legal review of the Protocol to be able to implement internal procedures for signing the Protocol. The Protocol to upgrade the ACFTA 3.0 Agreement signed on the occasion of the 47th ASEAN Summit and related Summits has important significance, demonstrating the strong commitment of member countries to the regional economic integration process, promoting connection of supply chains, and contributing to the economic development of member countries. tablets. On the Vietnamese side, the Protocol to upgrade the ACFTA Agreement is expected to help further strengthen economic cooperation between Vietnam and one of the most important, traditional economic partners in the region, further facilitate trade and investment between the two countries, and promote sustainable development and prosperity for the people. Anh ThoSee more
