Vietnam-China trade moves towards US$100 billion in first half 2024
VOV.VN - The bilateral trade between Vietnam and China is reaching the threshold of US$100 billion in the first half of this year, with bilateral trade recording positive recovery despite on-going global economic difficulties and geopolitical conflicts.
According to the Ministry of Industry and Trade, China remains the country’s biggest trade partner, the largest import market, and is the second largest export market to Vietnam.
Statistics compiled by the General Statistics Office indicate that Vietnamese exports to China hit US$27.8 billion in the first half of the year, up 5.3% year on year.
Its imported goods from China stood at US$67 billion in the reviewed period, up 34.7%, while the country ran a trade deficit worth US$39.2 billion with China, up 67.9%.
There exists huge potential to promote trade between the two countries with a number of trade deals such as ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).
The Vietnamese Trade Office in Beijing said that the Chinese economy is recovering positively. In addition, the Chinese Government is also issuing policies on import-export management which will offer favourable conditions for exports into this market if products fully meet quality standards.
The Trade Office pointed out that the country boasts a wealth of opportunities to increase exports to China. Chinese enterprises are therefore showing a keen interest in buying manufacturing and processing and agricultural products, especially fruits from Vietnam such as durians, watermelons, and bananas.
To date, a dozen agricultural products are officially being exported to the neighbouring country, with negotiations being finalized for the official export of fresh coconuts and frozen durians.
