Vietnam becomes biggest trade partner of China in ASEAN

Vietnam has surpassed Malaysia to become the biggest trade partner of China in ASEAN, Hu Suojin, Trade Counsellor of the Chinese Embassy in Vietnam, said at a press conference in Hanoi on July 26.

vietnam becomes biggest trade partner of china in asean hinh 0
At the press conference held by the the Chinese Embassy in Vietnam on July 26 (Photo: VNA)
According to the diplomat, trade between Vietnam and China was estimated at around US$66 billion in the first half of 2018, with the average monthly total for bilateral trade during the period breaking records to exceed US$10 billion.

In June alone, China’s trade value with Vietnam reached US$11.2 billion, higher than the figure with Malaysia, at US$9.3 billion.

China-Vietnam trade grew 28.8% from the same period last year, compared to the 15.5% annual growth of China-Malaysia trade.   

The year-on-year growth rates of Chinese exports to Vietnam and of Vietnamese exports to China were at 23.5% and 37.4%, respectively. In February, China surpassed the US to become the biggest export market of Vietnam.

In terms of investment, Hu said the inflow of Chinese investment into Vietnam is growing in line with the country’s overseas investment growth.

In 2017, China’s foreign direct investment (FDI) in Vietnam exceeded US$2.1 billion, the highest level to date.

Since the beginning of 2018, China has invested US$330 million in 163 new projects in Vietnam, ranking 6th among international investors in the Southeast Asian country.

Chinese contractors have also undertaken projects in Vietnam for about US$6 billion per year on average. In the first half of the year, the figure was US$2.4 billion.

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