Economy - Trade: A bright spot in Vietnam

After more than 15 years of establishing the Comprehensive Strategic Partnership between Vietnam and China, economic and trade cooperation is considered a highlight in the bilateral relationship. Therefore, the visit to China by National Assembly Chairman Vuong Dinh Hue from April 7-12 is expected to create a spillover effect, creating strong momentum and impetus for the development of bilateral relations. In 2023 alone, China is the fourth largest economy investing in Vietnam with a total registered capital of 4.5 billion USD, an increase of nearly 80% compared to 2022. For many consecutive years, China has maintained its position as Vietnam's largest trading partner and Vietnam's second largest export market. In contrast, Vietnam is China's largest trading partner in the Association of Southeast Asian Nations (ASEAN) and China's fifth largest trading partner in the world after the US, Japan, South Korea, and Russia. Currently, the import-export turnover between Vietnam and China has reached over 170 billion USD; in which, the industries that Chinese people love and Vietnam can supply are fresh, dried, processed fruits, etc. The growth potential of these industries is forecast to increase further. Therefore, Vietnamese enterprises, especially those in the agricultural and fruit sector, are very hopeful to be able to participate in this potential market. It can be said that the Vietnam-China trade relationship is taking place very vigorously, achieving many positive results. Businesses on both sides expect that the official visit to China by National Assembly Chairman Vuong Dinh Hue will create new momentum to promote strong, balanced and sustainable development of Vietnam-China economic and trade cooperation.