Vietnam-China trade exceeds US$205 billion in 2024

Of this, Vietnam’s exports accounted for US$6.17 billion, while imports amounted to US$13.49 billion.

For the entire year, bilateral trade turnover between the two countries reached a record US$205.2 billion, marking a new milestone in two-way trade. This represents an increase of US$33.3 billion compared to 2023.

With this result, China has become the first trading partner with which Vietnam has established trade exceeding US$200 billion.

In 2024, Vietnam’s exports to China totalled US$61.2 billion, a slight decrease of about US$100 million compared to 2023. Meanwhile, imports from China surged to US$144 billion, reflecting a significant increase of US$33.35 billion, or 30.1%, compared to the previous year.

The decline in exports coupled with a sharp rise in imports resulted in a widened trade deficit with China. In 2023, Vietnam’s trade deficit with China was US$49.3 billion, but this figure soared to US$82.8 billion in 2024.

China remains Vietnam’s largest supplier of production inputs. The variety of goods traded between the two nations spans from agricultural products to raw materials, electronics and consumer goods.

China also continues to be Vietnam’s largest trading partner, accounting for 26% of the country’s total trade turnover in 2024.

In recent years, despite a gloomy global trade environment, Vietnam-China trade has consistently demonstrated robust growth.

Most of Vietnam’s imports from China consist of essential goods, including machinery, equipment, tools, spare parts and raw materials for domestic production and export.

According to the Ministry of Industry and Trade, there is still significant room for growth in bilateral trade, thanks to numerous bilateral cooperation agreements and multilateral trade pacts, including the ASEAN-China Free Trade Agreement (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Looking ahead, the upgrade of ACFTA is expected to boost trade and investment further.