Vietnam’s trade turnover with mainland China inched up 2.1% year-on-year to $234.92 billion in 2022 from $230.2 billion in 2021, regardless of Covid-19 and zero-Covid policy impacts, according to Chinese customs data.
As a result, Vietnam surpassed Australia and Germany to the sixth rank behind the U.S., Japan, Hong Kong, Taiwan, and South Korea.
While Vietnam-mainland China trade grew slightly last year, the latter’s figures with Germany fell by 3.1% to $227.63 billion, and with Australia by 3.9% to $220.92 billion.
Chinese data shows that Vietnam imported goods worth $146.96 billion from its northern neighbor, up 6.8% year-on-year; while earning $87.86 billion from exporting goods, down 4.7%.
Mainland China was the fourth-biggest foreign investor in Vietnam in 2022 with $2.52 billion, according to Vietnam’s Ministry of Planning and Investment. The figure included $1.36 billion of capital in new projects, $1 billion of additional capital in existing projects, and $158.65 million in capital contributions for stake acquisitions.
To date, mainland China is the sixth-biggest foreign investor in Vietnam with $23.35 billion in 3,567 projects. The five leaders are South Korea with $80.97 billion, Singapore with $70.85 billion, Japan ($68.9 billion), Taiwan ($36.43 billion), and Hong Kong ($29.49 billion), according to the ministry.
China removed Covid-19 testing procedures for people and traded goods at border gates with Vietnam on January 8, after about three years of its zero-Covid policy.
According to Vietnamese customs data, Vietnam’s biggest earners from shipments to China in 2022 were mobile phones and components worth $16.26 billion, computers and components ($11.88 billion), camera and spare parts ($3.81 billion), and machines and components ($3.68 billion).
Vietnam’s biggest spending on Chinese imports was for machines and components worth $24.29 billion, computers and components ($24.07 billion), cloths ($9.17 billion), and camera and components ($8.06 billion).