Vietnam-China two-way trade approaches 170 billion USD mark after 10 months

The latest report from the General Statistics Office shows that in the first 10 months of 2024, the two-way trade turnover between Vietnam and China reached 168.5 billion USD.

In which, export turnover of goods to China reached 117.7 billion USD, up 31.6% over the same period. Import turnover from China to Vietnam reached 50.8 billion USD, up 2.1% over the same period. Trade deficit with China was 66.9 billion USD, up 68.5%. China is still the largest import market for Vietnamese goods.

In 2003, Vietnam and ASEAN signed the Framework Agreement on Comprehensive Economic Cooperation to establish a Free Trade Area (FTA) with China and in 2020, the two countries also simultaneously signed and are implementing the Regional Comprehensive Economic Partnership (RCEP). The above two FTAs, together with Vietnam and China establishing a comprehensive strategic cooperative partnership in 2008, have strongly promoted the development of bilateral trade. In 2024, Vietnam and China are working with ASEAN countries to promote negotiations to upgrade the ASEAN-China FTA to version 3.0 to open up more economic and trade opportunities for countries in the region in general and the two countries in particular.

Fresh coconut is one of the products favored by the Chinese market (Photo: Vina T&T)

Since 2004, China has always been Vietnam's largest trading partner. Bilateral trade growth in the past 10 years has been at double digits. Currently, China is Vietnam's second largest export market and largest import market. With many advantages in economic and trade cooperation, over the years, trade exchange between Vietnam and China has maintained a stable and sustainable growth momentum.

In terms of goods, Vietnam exports to China items such as mobile phones, components, electronic equipment, rubber, agricultural products, seafood... and imports from the Chinese market products such as machinery, equipment, raw materials for garment production, leather shoes, iron and steel, construction materials..., as well as daily necessities.

In terms of exports, agricultural products are the main products that Vietnam exports to China. In particular, durian is a "hot" product of Vietnam that is very popular in the Chinese market. In addition, China also favors longan, lychee, mango, fresh coconut, etc. from Vietnam.

Speaking to reporters from the Industry and Trade Newspaper, Mr. Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association said that Vietnam has the advantage of being close to the Chinese market - the world's largest fruit and vegetable market with an annual demand of up to 20 billion USD. The close geographical location helps keep logistics costs for Vietnamese fruits and vegetables low, promoting fruit and vegetable exports to this market.

Recently, China has opened its doors to Vietnamese coconuts. Regarding fresh coconuts, the Vietnam Fruit and Vegetable Association assessed that the Chinese market's demand for importing this product is very large and tends to grow steadily, with each year being higher than the previous year. Meanwhile, China's coconut output only meets about 10% of domestic consumption demand, the rest is imported. Therefore, if this product is officially exported to the Chinese market, it will help Vietnam's fruit and vegetable exports continue to grow positively. According to the Vietnam Fruit and Vegetable Association's calculations, when the Fresh Coconut Export Protocol is signed, if well prepared, the coconut industry can earn an additional 300 - 400 million USD/year from this market.

According to the General Department of Customs, in 2023, bilateral import-export turnover will reach 171.2 billion USD. Of which, Vietnam's exports to China will reach 61.2 billion USD, up 6.4% compared to 2022 (equivalent to an increase of 3.7 billion USD). Imports of goods from China in 2023 will reach 110.64 billion USD. In 2024, two-way trade turnover between Vietnam and China is expected to reach 200 billion USD.

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