Vietnam-China two-way trade recovers impressively

Bilateral trade between Vietnam and China still has significant room for growth, based on numerous bilateral cooperation agreements, as well as multilateral trade agreements such as ACFTA and RCEP.

Container trucks carrying Vietnamese goods for export to China at Kim Thanh International Road Border Gate No. 2. (Source: VNA)

According to the latest information from the General Statistics Office ( Ministry of Planning and Investment ), in the first half of 2024, Vietnam's exports to China reached US$27.8 billion, an increase of 5.3% compared to the same period last year.

Conversely, China is Vietnam's largest import market, with an estimated trade value of $67 billion, an increase of 34.7%. In the first half of the year, the trade deficit with China reached $39.2 billion, an increase of 67.9%.

According to the Ministry of Industry and Trade , despite the challenging developments in the global economy and trade, and geopolitical conflicts, bilateral trade between Vietnam and China is recovering impressively.

China continues to be Vietnam's largest trading partner, its biggest import market, and its second-largest export market.

Bilateral trade between the two countries still has significant room for growth, based on numerous bilateral cooperation agreements, as well as multilateral trade agreements such as the ASEAN-China Free Trade Agreement (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP). Currently, China is pushing for its accession to the Comprehensive and Progressive Trans -Pacific Partnership (CPTPP)...

The Vietnam Trade Office in Beijing (China) reports that the world's second-largest economy is showing very positive signs of recovery. China has implemented numerous import and export management policies, creating favorable conditions for exporting goods to its market if they meet the required standards.

In particular, Vietnam-China trade cooperation remains stable and is projected to yield good results compared to the overall level of trade relations between this Northeast Asian nation and most of its major trading partners worldwide.

Vietnamese exports have many opportunities to penetrate the market of over a billion people, because, in the context of rising shipping costs, many Chinese businesses have been and are seeking import sources in neighboring regions, replacing European businesses.

The products that Chinese businesses have been most interested in recently are processed and manufactured goods, agricultural and aquatic products. In particular, China continues to increase imports of tropical agricultural products, including high-quality fruit products from Vietnam such as durian, watermelon, and bananas.

China has been Vietnam's largest trading partner for many years. Since 2018, bilateral trade between Vietnam and China has consistently remained above US$100 billion. In 2023, trade between the two countries reached US$171.85 billion, with Vietnam exporting US$61.21 billion, a 5.6% increase compared to 2022.

To date, 12 items including fruits and vegetables; bird's nests, fishmeal and some products used in the production and processing of animal feed; and various types of milk and seafood have been officially exported to China, contributing to good growth in export value to this market.

Currently, authorities from both sides are working to complete the procedures for signing a protocol on plant quarantine requirements for fresh coconuts and frozen durians from Vietnam exported to China. Once these two products are officially exported, 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