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China has the financial resources and the competitive advantages, Woodward said, adding that "investment coming from China will grow probably at a higher rate than European investment."

China has set up a massive coal chemical project in Ordos, the Inner Mongolia autonomous region, marking another step in the diversified and clean use of its abundant coal reserves.

China is in the middle of capacity cuts in the bloated coal and steel sectors. Last year's annual targets to slash steel capacity by around 50 million tons and coal by at least 150 million tons were fulfilled in August and October, respectively.

China is an important market not only for Vietnam but also for the Association of Southeast Asian Nations, or ASEAN, in general.

China is several months ahead of other countries in dealing with the virus, so its model of economic resuscitation after the peak of the virus will also serve as a model as other countries come out of their quarantines.