During the January to October period, Vietnamese businesses spent US$50.8 billion on imports from China and raked in US$117.7 billion from exports to this market, marking respective annual rises of 2.1% and 31.6%.
Notably, Vietnam ran a trade deficit worth US$66.9 billion with China throughout this period, up 68.5% compared to the same period last year.
China remains Vietnam’s largest trading partner, largest import market, and second largest export market in the world.
The two countries have significant potential to promote trade with a number of trade deals in place such as the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Vietnam exports a range of products such as mobile phones, components, electronic equipment, rubber, agricultural products, and seafood to the northern neighbor. In contrast, it imports products such as machinery, equipment, raw materials for garment and leather shoe making, iron and steel, construction materials, and other household utensils.
Among the exported agricultural products, durian is the major export item which is most preferred by Chinese consumers. In addition, Vietnamese longans, lychees, mangoes, and fresh coconuts are among their favourite products.
Last year, the two-way trade value between the two countries reached US$171.2 billion.
