According to the Ministry of Industry and Trade, the bilateral trade between the two countries is recovering impressively despite ongoing global economic difficulties and geopolitical conflicts.
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Vehicles transport goods to China via Kim Thanh International Road Border Gate No.2 in Lao Cai Province. China remains the largest trade partner, the largest import market and the second largest export market of Vietnam in the world. |
China remains the largest trading partner, the largest import market and the second largest export market of Vietnam in the world.
Updates from the General Statistics Office showed that Vietnam’s exports to China reached 27.8 billion USD in the first half of this year, up 5.3% over the same period last year. Vietnam imported goods worth 67 billion USD from China in the reviewed period, up 34.7%.
Vietnam ran a trade deficit worth 39.2 billion USD with China in the period, up 67.9%.
There is significant potential to promote trade between the two countries with a number of trade deals such as the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).
China is also applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The Vietnam Trade Office in Beijing said that the Chinese economy is recovering positively. The Chinese Government is also issuing policies on import-export management which will create favorable conditions for exports into this market if products meet quality standards.
The trade office pointed out that Vietnam has plenty of opportunities to increase exports to China. Chinese enterprises are showing interests in buying manufacturing and processing and agricultural products, especially fruits from Vietnam such as durians, watermelons and bananas.
To date, a dozen agricultural products are exported officially to China, with negotiations being completed for the official export of fresh coconuts and frozen durians.
Source: VNA