More efforts needed to maintain export growth to China: Insiders
Exporters should further strengthen trade connections and improve the quality of their goods to sustain export growth to China as this is no longer a "lenient" market, said insiders.
Vietnam’s exports to China continue to be a bright spot in the context that many major economies around the world are facing difficulties, which strongly impacts Vietnam's foreign trade activities.
According to the Ministry of Industry and Trade, in the first quarter of 2024, import and export activities to China - Vietnam's largest trading partner - continued to show a positive recovery.
Vietnam's exports to the country hit an estimated US$12.68 billion, up 5.2%, ranking second after the US, while spending US$29.4 billion on imports from China, up 24.4% year-on-year, maintaining its position as Vietnam's largest import market. Last year, two-way trade reached approximately US$171.2 billion, accounting for over 25% of Vietnam's total import-export turnover.
China consistently maintains its position as Vietnam's largest importer of fruits and vegetables with 14 key agricultural exports, marking up 61.5% of the Southeast Asian nation’s total fruit and vegetable export turnover.
Other contributors to the turnover of Vietnam’s exports to China include computers, electronic products, and components; mobile phones and components; cameras, camcorders, and components; machinery, equipment, spare parts; and processed foods.
Representative of the Vietnam Trade Office in Beijing Luong Van Tai said China's economy shows positive signs of recovery, therefore if Vietnamese goods meet standards, it will be very advantageous to enter this market.
The stable Vietnam-China trade cooperation has contributed to promoting bilateral trade development, he added.
With its advantages in market size, consumption trends, and geographical location, China remains a key market for Vietnamese exports. Realising its commitments under the ASEAN-China Free Trade Agreement, China has reduced tariffs on over 8,000 products imported from Vietnam.
Furthermore, as the shipping charges are rising, many Chinese businesses have been seeking import sources in surrounding regions, including high-quality agricultural products and fruit from Vietnam.
However, experts said that China is no longer an "easygoing" market as before but a highly competitive one now, especially for agricultural and fruit products.
To capitalise on existing advantages, ministries, sectors, localities, and especially businesses need to change their approach and improve the quality of their exports, they said, adding that Vietnamese businesses should strictly adhere to regulations regarding product quality and origin traceability to penetrate deeper into this large market.
The Trade Promotion Agency under the ministry has recommended actively exchanging and connecting information related to market demand and trade regulations and policies of China, and actively participating in international trade fairs and exhibitions to establish direct connections and boost trade activities, thus fostering stable, long-term, and effective economic and trade cooperation.
Deputy Director of the agency Hoang Minh Chien said the ministry has been sending delegations of Vietnamese businesses to various Chinese localities and trade fairs there, while welcoming many delegations of Chinese localities and enterprises.
