According to the Ministry of Industry and Trade, the China remains the biggest trade partner, the largest import market and the second largest export market to Vietnam.
Statistics from the General Statistics Office indicated that Vietnam’s exports to China hit US$27.8 billion in the first half of this year, up 5.3% on-year.
Vietnam’s imported goods from China stood at US$67 billion in the reviewed period, up 34.7%, while the nation ran a trade deficit worth US$39.2 billion with China, up 67.9%.
There is 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 Vietnam’s 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 offer favourable conditions for exports into this market if products meet quality standards.
The trade office pointed out that Vietnam has a wealth 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.
To date, a dozen agricultural products are officially to the neighbouring country, with negotiations being finalized for the official export of fresh coconuts and frozen durians.
