On the morning of October 28, 2025, within the framework of the 47th ASEAN Summit and related Summits, the signing ceremony of the ASEAN-China Free Trade Agreement (ACFTA 3.0) took place at the Kuala Lumpur Convention Center, Malaysia, with the participation 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 signed the Protocol on behalf of the Vietnamese Government.
ASEAN and China signed a Framework Agreement on Comprehensive Economic Cooperation in November 2002. On the basis of the Framework Agreement, the two sides will continue to negotiate and sign the Agreement on Commodity Trade (effective from July 2005), the Agreement on Trade and Services (effective from July 2007), the Agreement on Investment (effective from February 2010), thereby establishing the ASEAN - China Free Trade Zone, abbreviated as the ACFTA Agreement.
The ACFTA has brought many important benefits to Vietnam, ASEAN countries and China, contributing to market expansion, 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 nine times, reaching 968 billion USD in 2024. China has been ASEAN's largest trading partner since 2009 and is the third largest foreign investor in the region. For Vietnam alone, China is the leading trading partner with a total two-way turnover in 2024 reaching more than 205 billion USD.
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 upgrading negotiations on November 11, 2022 based on the statements of the ASEAN and China Summits at the 25th ASEAN - China Summit held in Cambodia.
After 9 official negotiation sessions over 2 years, on October 10, 2024, ASEAN and China announced their agreement to complete the upgrading negotiations at the 27th ASEAN - China Summit held in Laos. Accordingly, countries are conducting 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 was signed on the occasion of the 47th ASEAN Summit and related Summits of great significance, demonstrating the strong commitment of member countries to the regional economic integration process, promoting the connection of supply chains, contributing to the economic development of member countries.
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 traditional and important economic partners in the region, facilitate trade and investment between the two countries, promote sustainable development and prosperity for the people.
