According to the Ministry of Industry and Trade, in the first 9 months of 2023, China was our country's second largest export market with an estimated turnover of 42.2 billion USD, up 2.1%. This is the only export market among Vietnam's major export markets to achieve positive growth (up 2.1%), while other major markets all decreased.
On the other hand, China is still Vietnam's largest import market with an estimated turnover of 79 billion USD, down 13.6% over the same period last year.
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| Agricultural products are the main export item to China in the first months of the year (Illustration photo) |
Thus, Vietnam - China trade has officially surpassed the 120 billion USD mark after the first 9 months of the year.
To achieve this result, the Ministry of Industry and Trade and localities have implemented effective solutions to facilitate exports to countries sharing borders. In general, basic goods are not congested, even during peak season, contributing to increasing export turnover to the Chinese market.
For example, with durian, to facilitate the export of this fruit to China, Lao Cai Border Gate Customs Branch has prioritized the green lane and provided maximum support for procedures. Previously, a fruit truck had to complete 4-5 documents related to plant quarantine, but now it has been reduced to only 1 type of document. Thanks to the facilitation solutions of the unit and the functional forces at the border gate, the customs clearance time for durian and other agricultural export products is only about 5 minutes/shipment.
Therefore, although it has only been processed here for 1 year, durian has become the export commodity group with the largest turnover at Lao Cai International Border Gate Customs Branch.
In particular, within the framework of Prime Minister Pham Minh Chinh's official visit to the People's Republic of China and his attendance at the 14th Annual Pioneers Meeting of the WEF in China, in the spirit of the common understanding reached at the meetings and talks between Prime Minister Pham Minh Chinh and General Secretary, President of China Xi Jinping, Chinese Premier Li Qiang, on June 28, Minister of Industry and Trade Nguyen Hong Dien had an important bilateral meeting with Chinese Minister of Commerce Wang Wentao.
At the meeting, Minister Nguyen Hong Dien asked the Chinese Minister of Commerce to actively promote the expansion of bilateral trade and economic and trade cooperation with Chinese localities to support Vietnamese goods to penetrate deeper into the domestic market of this country.
In addition, Minister Nguyen Hong Dien proposed promoting the improvement of customs clearance efficiency at border gates, establishing a Vietnam Trade Promotion Office in Haikou (Hainan province - China) in 2023, creating favorable conditions for Vietnamese export goods to transit Chinese railways to third countries.
Emphasizing the importance of the Memorandum of Understanding between the Ministry of Industry and Trade and the Ministry of Commerce of China on enhancing cooperation to ensure the supply chain of goods between Vietnam and China, Minister Nguyen Hong Dien said that the two sides need to develop an action plan to implement the Memorandum of Understanding, building a logistics network connecting the supply chain between the two countries from raw material areas, industrial parks, manufacturing plants of the two countries to ports/border gates and distribution centers in localities of the two countries.
The Ministry of Industry and Trade also recommends that businesses should strive to improve product quality to conquer the market because China currently applies very high standards for quality management of imported products. At the same time, efforts should be made to cooperate with large Chinese distribution chains to bring goods deep into the domestic market.
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