Vietnam – China trade maintains a stable growth momentum

With many advantages in economic and trade cooperation, over the past time, trade exchange between Vietnam and China has maintained a stable and sustainable growth momentum. China continues to be Vietnam’s largest trading partner, largest import market and second largest export market.

Vietnamese durian is a very popular product in the Chinese market.

Largest trading partner

Statistics from Vietnam Customs show that the scale of Vietnam – China trade in 2022 will reach 175.56 billion USD, an increase of 5.47% compared to 2021. Of which, exports to China will reach 57.7 billion USD. billion USD, up 3.18%; Imports from China reached 117.8 billion USD, an increase of 6.63%.

According to the latest report of the Ministry of Industry and Trade, in the context of exports to most major markets decreasing, China is the bright spot. Specifically, in the 11 months of 2023, export turnover to China is estimated to reach 55.98 billion USD, reversing from a decrease of 2.2% to an increase of 6.2% after 11 months, accounting for 17.3% of the total turnover. national export quota. China is Vietnam’s largest import market with an estimated turnover of 99.6 billion USD, down 9.0% over the same period last year. Trade deficit from China is estimated at 43.65 billion USD, down 23.1% over the same period last year.

In 2008, the export-import turnover of the two countries only reached 20.8 billion USD. By 2022, the total export-import turnover of the two countries will reach 175.5 billion USD, an increase of more than 8 times.

​Agricultural products and food are one of the commodity groups with large export turnover to China. Of the total agricultural, forestry and fishery export turnover estimated at 47.8 billion USD in the past 11 months, the export value to China increased by 18% over the same period and this market also accounts for 23% of the proportion of agricultural exports. Vietnam’s forestry and fisheries.

Meanwhile, the Vietnam Association of Seafood Exporters and Producers said that by the end of November, China had surpassed the US to become Vietnam’s largest customer.

Sharing specifically at the 12th meeting of the Vietnam – China Economic and Trade Cooperation Committee held at the end of November 2023, Chinese Minister of Commerce Vuong Van Dao informed: Many agricultural products Vietnam’s exports to China are being consumed very strongly and are very popular with consumers. For example, after only 10 months since China opened its market for durian (end of 2022), Vietnam’s export turnover of this specialty has reached more than 2 billion USD. It is forecasted that next year, this result will even exceed.

The 12th session of the Vietnam – China Economic and Trade Cooperation Committee took place at the end of November, in Hanoi.

Exploit available space and advantages

China shares a border with Vietnam and has many border gates. On the other hand, China has a bilateral cooperation agreement with Vietnam, as well as multilateral agreements between Vietnam and China such as the ASEAN-China Free Trade Agreement (ACFTA) and the Comprehensive Partnership Agreement. region (RCEP)…. These are great advantages for bilateral trade to continue to accelerate in the coming time.

According to experts, the potential of the Chinese market is still very large, especially the potential for trade cooperation with localities deep in the continent and the Northern region.

Minister of Industry and Trade Nguyen Hong Dien stated a number of measures to promote trade between the two countries such as: Supporting Vietnamese businesses to build brands in the Chinese market; accelerate the process of opening the market for Vietnamese agricultural products; promoting the signing of the Framework Agreement on Rice Trade…

The head of Vietnam’s Ministry of Industry and Trade also proposed that China expand the list of border gates between China and Vietnam that are allowed to import agricultural products, aquatic products, and food; Strengthen economic and trade cooperation and work coordination between the Ministry of Industry and Trade, Vietnamese localities and Chinese localities. At the same time, effectively deploy signed agreements such as the “Memorandum of Understanding on strengthening cooperation to ensure the supply chain of goods between Vietnam and China”; Support, create favorable conditions and give incentives for Vietnamese businesses to increase their presence, rent warehouses and export through China’s e-commerce pilot zones or free trade pilot zones.

As for China, the head of the Ministry of Commerce of this country affirmed that he attaches great importance and is ready to coordinate and implement measures to facilitate customs clearance to ensure the interests of Vietnamese farmers. The Chinese side will provide a favorable business environment and create conditions for Vietnamese businesses to develop their brands and build a foothold in the Chinese market.

“Vietnam has built national pavilions on some of China’s major e-commerce platforms. Many Vietnamese products are very popular and sell well. Economic and trade relations with localities play an important role in promoting healthy and stable economic and trade cooperation between the two countries,” said Mr. Vuong Van Dao.

The Chinese Minister of Commerce also said that he continues to support the establishment of Vietnamese trade promotion offices in China, asking the Vietnamese side to increase exchanges and reach consensus with the project localities. Plan to establish a trade promotion office in the near future.