Hanoi (VNS/VNA) - Bilateral trade between Vietnam and China is reaching the threshold of 100 billion USD in the first six months of this year.
According to the Ministry of Industry and Trade, the bilateral trade between the two countries is recovering impressively despite ongoing global economic difficulties and geopolitical conflicts.
China remains the largest trading partner, the largest import market and the second largest export market of Vietnam in the world.
Updates from the General Statistics Office showed that Vietnam’s exports to China reached 27.8 billion USD in the first half of this year, up 5.3% over the same period last year. Vietnam imported goods worth 67 billion USD from China in the reviewed period, up 34.7%.
Vietnam ran a trade deficit worth 39.2 billion USD with China in the period, up 67.9%.
There is significant potential to promote trade between the two countries with a number of trade deals such as the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).
China is also applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The Vietnam Trade Office in Beijing said that the Chinese economy is recovering positively. The Chinese Government is also issuing policies on import-export management which will create favourable conditions for exports into this market if products meet quality standards.
The trade office pointed out that Vietnam has plenty of opportunities to increase exports to China. Chinese enterprises are showing interests in buying manufacturing and processing and agricultural products, especially fruits from Vietnam such as durians, watermelons and bananas.
𒁏 To date, a dozen agricultural products are exported officially to China, with negotiations being completed for the official export of fresh coconuts and frozen durians./.
Vietnamese Prime Minister Pham Minh Chinh and Chinese Vice Premier Zhang Guoqing attended and delivered speeches at a conference on the two countries’ cooperation in transport infrastructure and the role of their businesses, held in Beijing on June 27.
Deputy Prime Minister Tran Luu Quang hosted a reception for Deputy Director of the State Ethnic Affairs Commission of China Bianba Zhaxi in Hanoi on June 25, during which Quang expressed his belief that the visit will help foster relations between the two countries in the field.
Economic, trade, and investment cooperation between Vietnam and China has continuously deepened and become a highlight in their bilateral relations in recent times. China is Vietnam’s largest trading partner and its second-largest export market. Meanwhile, Vietnam is China's largest trading partner within the Association of Southeast Asian Nations (ASEAN) and its fifth-largest trading partner globally, following the US, Japan, Republic of Korea and Russia.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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