Vietnam – China trade in the first 9 months of 2024 reached nearly 150 billion USD

In the first 9 months of 2024, Vietnam had 10 export groups with a turnover of over 1 billion USD to China, of which 1 group reached more than ten billion USD, which was phones and components (10.86 billion USD).

According to the General Department of Customs and the General Statistics Office, in the first 9 months of 2024, the total import-export turnover between Vietnam and China reached nearly 150 billion USD.

Vietnam’s exports to China in the past 9 months reached nearly 44 billion USD, up 1% over the same period last year.

By the end of September, there were 10 groups of Vietnamese export goods with a turnover of 1 billion USD or more. Of which, there was a group worth tens of billions of USD, which was phones and components, reaching 10.86 billion USD.

The growth rate of imports of goods and input materials from this market also increased to a record. In the first 9 months, Vietnam spent 105 billion USD importing goods from China, up 32.5% over the same period last year (equivalent to an additional turnover of 25.6 billion USD).

There were 15 groups of imported goods from China with a turnover of 1 billion USD or more.

After 9 months, Vietnam’s trade balance was 61.4 billion USD, up 70.1%, exceeding the trade deficit of last year by about 12 billion USD.

Import turnover from the Chinese market is relatively large, however the structure of imported goods from this market is mainly raw materials for production and export, so it is not too worrying.

Imported goods from China, especially raw materials for production, are of good quality and competitive prices. Two-way transportation is more convenient due to the close geographical location, so Vietnamese enterprises prioritize importing from this market.

Meanwhile, Vietnam mainly exports agricultural products to China, the absolute value of which cannot be as high as raw materials for production.

Economic and trade cooperation is the main driving force for Vietnam – China relations. According to Mr. Ly Ngan, Deputy Director of the Asian Department (Ministry of Commerce of China): “Since 2004, China has always been Vietnam’s largest trading partner and since 2016, Vietnam has been China’s largest trading partner in the ASEAN region, in which vegetables and fruits are an increasingly large trade area”.

At a meeting with Chinese Vice Premier He Lifeng on September 30 in Beijing, taking place within the 13th session of the Vietnam-China Economic and Trade Cooperation Committee, Minister Nguyen Hong Dien proposed that China accelerate the pace of opening its market to Vietnam’s strong agricultural products and fruits such as citrus, avocado, custard-apple, rose apple, and cardamom.

At the same time, the Minister also proposed that China soon sign a Protocol on quarantine requirements for some fruits that have been traditionally exported so that Vietnamese agricultural products have more opportunities to reach Chinese consumers.

On the other hand, Minister Nguyen Hong Dien pledged that the Vietnamese Government and the Ministry of Industry and Trade are ready to create the most favorable conditions for Chinese goods and agricultural products to be exported to the Vietnamese market.

Recently, China has created conditions to open its market for many Vietnamese agricultural products such as bird’s nest, fresh durian, fresh coconut and recently frozen durian.

Economic experts say that the door to exporting Vietnamese fruits is opening wide, with many products expected to reach billions of USD in the coming years… Last year, after just over 1 year of opening the door to fresh durian, this product had an export revenue of more than 2 billion USD.

Referring to the economic cooperation between the two countries, Deputy Prime Minister of the State Council of China, He Lap Phong, affirmed that the economic and investment cooperation between the two countries is increasingly developing strongly, deeply, comprehensively and increasingly becoming more substantial.

The evidence is that China imports a large amount of agricultural products from the Asian market and the ASEAN region, in which agricultural products imported from Vietnam account for about 20% of the market share. Vietnamese fruits such as dragon fruit, durian… are widely favored by Chinese consumers.

According to Mr. Ha Lap Phong, China will soon organize the 7th Import Fair in Shanghai. This is an initiative initiated by General Secretary and President Xi Jinping, and interested Vietnamese enterprises can participate. Through the Fair, Vietnamese enterprises can increase the export of high-quality agricultural products to Chinese consumers and other partner markets.

Vietnam and China have been and are each other’s leading economic and trade cooperation partners. China has been Vietnam’s largest trading partner for 20 consecutive years and in the opposite direction, Vietnam is also China’s largest trading partner in ASEAN; it is China’s 5th largest trading country in the world in 2023.

Source: https://baodautu.vn/thuong-mai-viet-nam—trung-quoc-9-thang-nam-2024-dat-gan-150-ty-usd-d227292.html