| In the first 8 months of 2023, Vietnam - China import and export turnover exceeded 100 billion USD. Vietnam - China import and export is about to reach 140 billion USD. |
According to the latest report of the Ministry of Industry and Trade, China is our country's second largest export market after the first 11 months of the year with an estimated turnover of 55.98 billion USD, an increase of 6.2%, accounting for 17.3% of the country's total export turnover.
On the other hand, 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.
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| Vegetables and fruits are the main export items to China in recent times. |
Thus, the import-export turnover between Vietnam and China reached 155.58 billion USD after the first 11 months of the year.
This result was achieved thanks to the efforts of ministries, sectors and localities in implementing effective solutions for exports to countries sharing borders, including China. Since China reopened its borders earlier this year, goods have not been congested, even during peak season, contributing to increasing export turnover to the Chinese market.
"China is currently the only market among Vietnam's major export markets to achieve positive growth (our country's exports to China reversed from a 2.2% decrease at the beginning of the year to a 6.2% increase after 11 months) while other major markets all decreased" - the Ministry of Industry and Trade pointed out.
In recent times, the Government, the Ministry of Industry and Trade and other ministries and sectors have made efforts to negotiate the opening of the Chinese market for Vietnamese goods. In 2023, the Prime Minister visited China twice and each time proposed that the Chinese Government open the market for Vietnamese agricultural products with 4 groups of products such as frozen durian, chili, watermelon, medicinal herbs, etc. It can be said that the negotiation work to open the market has been pushed very strongly.
The Ministry of Industry and Trade has also implemented many solutions to promote trade in the Chinese market. At the end of November 2023, the Ministry of Industry and Trade of Vietnam and the Vietnamese Embassy in China coordinated with the China Council for the Promotion of International Trade (CCPIT) to organize the "Vietnam-China Trade and Investment Promotion Conference" to enhance economic, trade and investment cooperation between the two countries.
Mr. Hoang Minh Chien - Deputy Director of the Trade Promotion Agency (Ministry of Industry and Trade) said that with many advantages in economic and trade cooperation, in recent times, trade exchange between the two countries has maintained a stable and sustainable growth momentum: the total import-export turnover between Vietnam and China in 2022 reached over 175 billion USD, an increase of 5.5% compared to 2021. China continues to be the largest trading partner, the largest import market and the second largest export market of Vietnam, after the US.
“The Trade Promotion Agency has been proactively coordinating with the Embassy, the Vietnamese Trade Office in China and localities to organize many Vietnamese business delegations to trade and work in localities and fairs in China to connect direct trade with Chinese businesses, as well as welcome many local delegations and Chinese businesses to work in Vietnam” - Mr. Hoang Minh Chien shared.
Regarding agricultural products, Mr. Nguyen Minh Tien - Director of the Agricultural Trade Promotion Center shared that in the Chinese market, the demand for agricultural products on e-commerce platforms is very large, so the Agricultural Trade Promotion Center has supported entities and businesses to go to social networks such as Tik Tok Shop, Taobao... At the same time, improving their capacity to be able to sell live stream. Along with that, surveying forms of e-commerce through bonded warehouses.
Many e-commerce enterprises in China in the inland provinces have policies to form bonded zones. When Vietnamese enterprises put products into bonded warehouses and organize livestreams on e-commerce platforms, it is very suitable for Chinese consumption trends and can enjoy local Chinese policies in reducing storage costs, facilitating customs work and inspection procedures. In that trend, supporting enterprises to boost sales on e-commerce platforms is an inevitable trend and gradually enterprises can apply e-commerce not only in Vietnam but also across borders.
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