Exports of goods to China have improved in recent months, bringing eight-month export turnover to this market to 35.79 billion USD, up 0.1% over the same period.
Impressive export to China
A report from the Ministry of Industry and Trade shows that in the first eight months of 2023, Vietnam exported goods to China worth 35.79 billion USD, an increase of 0.1% over the same period last year.
In the general context of gloomy global trade, positive growth to China is really meaningful, this is also one of the few export markets of our country to maintain positive growth in the past 8 months. .
On the contrary, China is Vietnam’s largest import market with an estimated turnover of 68.13 billion USD, down 17% over the same period last year.
According to the General Department of Customs, in 2018, the scale of bilateral trade turnover between Vietnam and China reached 100 billion USD, marking the first market to reach this record number.
In 2022, Vietnam – China export turnover reaches 175.56 billion USD, an increase of 5.47%, of which Vietnam’s exports reach 57.7 billion USD, an increase of 3.18%, imports reach 117,000 USD. 86 billion USD, an increase of 6.63%, Vietnam’s trade deficit is 60.17 billion USD.
According to Chinese data, the total import-export turnover between Vietnam and China in 2022 will reach 234.9 billion USD, an increase of 2.1% compared to 2021. Of which, Vietnam exports 87.9 billion USD. USD, down 4.7%; Imports from China reached 146.9 billion USD, an increase of 6.8%.
Vietnam continues to hold the position of China’s largest trading partner in ASEAN and China’s 4th largest trading partner by individual country (after the US, Japan, and South Korea).
Currently, China is an important market for many key export product groups such as: Phones and components; computers, electronic products and components; machinery, equipment, tools and spare parts…
Last year alone, exports of all types of phones and components reached 16.3 billion USD, an increase of 7.1%; Computers, electronic products and components 11.9 billion USD, up 7.3%; Cameras, camcorders and components reached 3.8 billion USD, up 28.2%; Other machinery, equipment, tools and spare parts reached 3.7 billion USD, an increase of 28.3%…
Notably, China is still the largest customer of Vietnamese fruits and vegetables in the past 8 months, accounting for nearly 65% of turnover with 2.3 billion USD.
In 2022, the authorities of Vietnam and China signed many protocols on quarantine requirements for a series of Vietnamese agricultural and fruit products, including durian, passion fruit, bird’s nest, sweet potato. China is also considering allowing Vietnamese fresh coconuts to be officially exported to this market by signing the Coconut Export Protocol.
Thanks to the Durian Export Protocol to China signed in July 2022, this product quickly reached a turnover of 1.2 billion USD in 8 months, of which 95% was exported to China. At this time, durian is still continuously closing large export orders from Chinese importers.
Up to now, Vietnam has 293 durian growing areas and 115 durian packing facilities that have been granted official export codes by China.
Ms. Ngo Tuong Vy, General Director of Chanh Thu Fruit Import-Export Group Joint Stock Company, said that China’s standards for importing goods, especially agricultural products, are increasingly high, but creating a boost for industries, Enterprises must invest methodically to export sustainably.
“In 2023, although China strictly controls technical barriers and food safety and hygiene, with increasingly high quality and competitive prices, Vietnamese fruits are favored by Chinese consumers. With the current growth rate, fruit export forecasts in the remaining months of 2023 will continue to be positive,” Ms. Tuong Vy emphasized.
The potential for growth in Vietnam-China trade is still large
The potential for two-way trade growth between Vietnam and China is considered to be very large in the coming years. The foundation is the large market capacity and China’s demand for Vietnamese goods to serve the billion-people market continues to increase, while Vietnam needs raw materials from China to serve production.
According to statistics from the Ministry of Agriculture and Rural Development, up to now, Vietnam has had 13 agricultural products officially exported to China, including: bird’s nest, sweet potatoes, dragon fruit, longan, rambutan, mango, jackfruit, watermelon, banana, mangosteen, lychee, passion fruit and durian.
At the same time, two-way trade is supported by a number of free trade agreements that have taken effect, such as the China-ASEAN Free Trade Agreement; The Regional Comprehensive Partnership Agreement (RCEP), helps facilitate trade, customs, increase opportunities for preferential tariffs… for businesses of the two countries.
A favorable signal is that China continues to open its import market for Vietnamese agricultural products, improve customs clearance efficiency, and strengthen economic and trade cooperation between Vietnam and Chinese localities.
According to Deputy Minister of Industry and Trade, Mr. Do Thang Hai: “Vietnamese goods are increasingly gaining a position in the market of billions of people, but along with great demand, requirements for goods standards are also higher, forcing domestic manufacturers to Countries must comply and standardize production processes. This market is no longer easy-going..”.
From now until the end of the year, exports of goods to China will witness faster growth, due to increased consumer demand at the end of the year, in which, some agricultural products entering the Chinese market will increase sharply, such as the commodity group vegetables, rice…
Commodities that declined sharply in the first 8 months of the year such as wood, seafood, and cassava may recover slightly.
As a large fruit export enterprise, Vina T&T Group said it is exploiting the Chinese market very effectively to increase exports of valuable agricultural products such as durian, dragon fruit, etc.
Mr. Nguyen Dinh Tung, General Director of Vina T&T Group, said that Thailand has exported durian to China for many years and has a large distribution network, but Vietnam also has the advantage of having a year-round source of durian. Therefore, since the end of last year, Vina T&T Group has “joined hands” with Sunwah Group (Hong Kong, China) to export 90,000 tons of official fresh durian to China in 2023.
In order for export activities to the Chinese market to recover and develop sustainably, the Ministry of Industry and Trade recommends that businesses, especially those that produce and export agricultural and food products, should pay attention to research and urgently complete Complete registration procedures before exporting agricultural products and food to the Chinese market.
Coordinate with Chinese partners to diversify export routes of goods through border gates, avoid focusing on a few certain border gates or take advantage of Vietnam’s sea transport routes and intermodal rail transport routes. – China, limit the risk of congestion at border gates during peak season.
Carefully research information, signals and market regulations and standards, fully comply with the conditions for business registration, quality standards, quarantine testing, packaging, and traceability source…