Vietnam-China bilateral trade still has much room for growth, based on many bilateral cooperation agreements, as well as multilateral trade agreements such as ACFTA and RCEP.
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| Container trucks carrying Vietnamese goods exported to China at Kim Thanh International Road Border Gate No. 2. (Source: VNA) |
Latest information from the General Statistics Office (Ministry of Planning and Investment), in the first half of 2024, Vietnam's goods exports to China reached 27.8 billion USD, up 5.3% over the same period.
On the other hand, China is Vietnam's largest import market with an estimated turnover of 67 billion USD, up 34.7%. In the first half of the year, the trade deficit with China reached 39.2 billion USD, up 67.9%.
According to the Ministry of Industry and Trade, despite difficult developments in the global economy, trade, and geopolitical conflicts, two-way trade between Vietnam and China is recovering impressively.
China continues to be Vietnam's largest trading partner, largest import market and second largest export market.
Bilateral trade between the two countries still has much room for growth, based on many bilateral cooperation agreements, as well as multilateral trade agreements such as the ASEAN-China Free Trade Agreement (ACFTA), the Regional Comprehensive Economic Partnership Agreement (RCEP). Currently, China is promoting its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)...
The Vietnam Trade Office in Beijing (China) informed that the world's second largest economy is showing very positive signs of recovery. China has issued many policies on import and export management, in which if goods meet standards, it will create favorable conditions for export to this market.
In particular, Vietnam-China trade cooperation has been maintained stably, and is expected to achieve good results compared to the general level of trade relations between this Northeast Asian country and most major trading partners in the world.
Vietnam's export goods have many opportunities to penetrate deeper into the market of more than a billion people, because, in the context of high shipping costs, many Chinese enterprises have been looking for import sources in neighboring regions, replacing European enterprises.
The products that Chinese enterprises have been interested in recently are industrial processing and manufacturing products, agricultural and aquatic products. In particular, this country continues to increase the import of tropical agricultural products, including quality Vietnamese fruit products such as durian, watermelon, banana, etc.
China has been Vietnam's largest trading partner for many years. Since 2018, bilateral trade between Vietnam and China has always remained above 100 billion USD. In 2023, trade between the two countries will reach 171.85 billion USD, of which Vietnam will export 61.21 billion USD, up 5.6% compared to 2022.
Up to now, 12 items of vegetables and fruits; bird's nest, fish meal and some products serving the production and processing of animal feed; dairy products and various types of seafood have been officially exported to China, helping the export value to this market grow well.
Currently, the authorities of both sides have been working hard to complete the procedures to sign a protocol on phytosanitary requirements for fresh coconuts and frozen durians exported from Vietnam to China. When the door is opened for these two products to be officially exported, the export turnover to China is expected to continue to increase.
Source: https://baoquocte.vn/thuong-mai-2-chieu-viet-nam-trung-quoc-phuc-hoi-an-tuong-277152.html
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