Vietnam-China trade turnover hits nearly US$130.8 billion

Of the figure, Vietnam’s export value was US$38.28 billion, up 3.9% year-on-year.

Vietnam had 10 items with export turnover of more than US$1 billion each, including phones and components; computers, electronic products and components; cameras, camcorders and components; fruits and vegetables; and machinery, equipment, tools, and spare parts.

Meanwhile, the country imported goods worth US$92.5 billion from China, surging by 34.25% compared to the same period last year.

As a result, Vietnam ran a trade deficit of US$54.22 billion with China in the reviewed period, exceeding the figure of 2023 by nearly US$5 billion.

Imported goods from the Chinese market are mainly products and raw materials for production of exports such as machinery, equipment, chemicals and chemical products, plastics of all kinds and plastic products, textile materials, leather and footwear, iron and steel, and construction materials.

In recent years, despite the sluggish global trade, Vietnam's import-export growth with China has remained one of the standout bright spots.

Last year, the two-way trade hit US$171.2 billion. Of the figure, Vietnam's exports stood at US$61.2 billion (up 6.4%), and imports US$110.6 billion (down 6.6%).

Currently, China is the first market with two-way trade with Vietnam exceeding US$100 billion in the January - August period. The import-export turnover between the two countries averagely reaches about US$16 billion per month.

With the strong improvement in trade during the first half of 2024, the Vietnam-China trade is forecast to approach the US$200-billion mark this year.