Maintain growth momentum in exports to China

In the context of many major economies in the world facing difficulties, causing a strong impact on Vietnam’s foreign trade activities, exports to China continue to be a bright spot.

However, to maintain growth momentum, domestic businesses need to strengthen trade connections and improve product quality because this is no longer an “easy-going” market.

Checking the quality of exported durian at Chanh Thu Fruit Import-Export Group Joint Stock Company (Ben Tre province).

Vietnam’s second largest export market

According to the Ministry of Industry and Trade, by the end of the first quarter of 2024, export and import activities to the Chinese market, Vietnam’s largest trading partner, continued to recover positively. Of which, Vietnam’s export turnover to China is estimated at 12.68 billion USD, up 5.2%, ranking second after the US. In the opposite direction, import turnover from China is estimated at 29.4 billion USD, up 24.4% over the same period last year, continuing to be Vietnam’s largest import market.

With a leading position, in 2023, the total export and import turnover of Vietnam – China will reach approximately 171.2 billion USD, accounting for more than 25% of the total export and import turnover of the country. China always holds the position of Vietnam’s largest fruit and vegetable export market with 14 officially exported agricultural products, accounting for 61.5% of the country’s total fruit and vegetable export turnover.

In addition, there are also product groups with high export turnover such as computers, electronic products and components; Phones and components; cameras, camcorders and accessories; machinery, equipment, tools and spare parts; processed foods…

Director of Export Sales, Huu Nghi Food Joint Stock Company Duong Thi Thuy said that after 16 years of exporting to China, it has always been an important market, contributing 30% of the company’s total revenue. In 2023, although the market situation is difficult, Huu Nghi’s exports to this market will still increase by 30%. Many of the company’s processed products are accepted by Chinese supermarkets and retail stores, or exported through e-commerce platforms.

According to representative of the Vietnam Trade Office in Beijing (China) Luong Van Tai, the Chinese economy is showing positive signs of recovery, so if Vietnamese goods meet the standards, it will be very convenient to enter the market. this market. In particular, stable trade cooperation between Vietnam and China has promoted bilateral trade to develop well.

To be able to penetrate deeper

With advantages in market size, consumption trends, and geographical location, China is always a key market for Vietnamese export goods. In the process of implementing commitments to the ASEAN-China Free Trade Agreement, China has reduced taxes on more than 8,000 items imported from Vietnam.

In addition, in the context of rising shipping costs, many Chinese businesses have been looking for imported supplies in surrounding areas. The products that have received a lot of attention from Chinese businesses in recent times are foods, candies of all kinds, drinks, bottled juices, seafood, and tropical agricultural products, including agricultural products and fruits. Vietnamese quality.

However, according to experts, China is no longer an “easy-going” market like before, and is also a highly competitive market, especially with agricultural products and fruits from Thailand and Cambodia. To take advantage of available advantages, ministries, branches, localities and especially businesses need to change their approach and improve product quality.

Accordingly, Vietnamese businesses need to strictly comply with regulations on quality and traceability of products and goods to be able to penetrate deeper into this large market, especially potential areas in the South. North, Northeast of China. The Department of Trade Promotion (Ministry of Industry and Trade) recommends that it is necessary to proactively exchange and connect information about market demand and China’s trade regulations and policies; Actively attend international fairs and exhibitions to directly connect and promote stable, long-term and effective trade and economic cooperation.

According to Export Sales Director, Huu Nghi Food Joint Stock Company Duong Thi Thuy, along with participating in trade promotion activities, the business is promoting technology investment to increase export-oriented confectionery production. flavors suitable for the Chinese market with hottrend products for young people to diversify markets and customers. “Currently the company has nearly 10 agents and aims to have 1 general agent in each province of China. Our goal this year will be to maintain export growth above 130%,” said Ms. Duong Thi Thuy.

Deputy Director of the Trade Promotion Department Hoang Minh Chien informed that the Ministry of Industry and Trade has been organizing many Vietnamese business delegations to trade and work at localities and fairs in China to connect directly with trade. as well as welcoming many local delegations and Chinese businesses to work in Vietnam. In addition, the Ministry of Industry and Trade coordinates with border localities such as Lao Cai to organize international trade fairs to enhance trade exchanges between the two sides, promoting growth in export and import turnover…