Vietnam-China bilateral trade crosses $100 billion mark

By Lan Do
Sun, September 10, 2023 | 10:12 am GMT+7

China-Vietnam trade turnover reached nearly $104 billion in the first eight months of the year, according to Vietnam’s General Statistics Office.

Vietnam's export turnover to China was $35.8 billion while it imported $68.1 billion worth of Chinese goods.

Currently, China is an important market for many key export items, such as phones and components; computers, electronic products and components; machinery, equipment, tools and spare parts; vegetables and fruits; and wood.

Exports of all kinds of phones and their components were $16.3 billion last year; followed by $11.9 billion for computers, electronic items and components; $3.8 billion for cameras and camcorders; and $3.7 billion for other machinery, equipment, tools and replacement parts.

Nguyen Thi Tuyet, owner of a durian farm in Dak Lak province, Vietnam's Central Highlands. Photo courtesy of Dan Viet newspaper.

Nguyen Thi Tuyet, owner of a durian farm in Dak Lak province, Vietnam's Central Highlands. Photo courtesy of Dan Viet newspaper.

China is also the largest consumer of Vietnam's vegetables and fruits, accounting for nearly 65% of its export turnover of these items.

According to the General Department of Customs, in the first seven months of 2023, the export value of fruits and vegetables reached $3.1 billion, an increase of 60.5% over the same period in 2022.

VinaFruit general secretary Dang Phuc Nguyen told The Investor that in July 2022, Vietnam signed an important protocol on exporting durians to China, opening a big door for exporting this fruit to the neighboring country.

In the fourth quarter of 2022, fruit export turnover increased strongly. On January 8, 2023, China opened its borders wider, removing Covid-19 restrictions, and shipments of fruit and vegetable across the border began to accelerate.

Nguyen said that Vietnam’s proximity to China made for less shipping time, which was a great advantage.

Prime Minister Pham Minh Chinh has said that by 2025, Vietnam will have an expressway running from the north to the south of the country, further facilitating cross-border trade with China.

Good infrastructure will create favorable conditions for more vegetables and fruits to be exported to China, he said.

Mekong Delta provinces produce about 60% of Vietnam's fruits. With a good transportation system from there to the border, exports to China can be boosted.

Durian export turnover in the first six months exceeded the whole of last year. It could have gone past $1 billion in the first seven months. By the end of this year, durian export turnover can reach $1.5 billion or more, said Vinafruit’s Nguyen.

China accounts for nearly one-third of Vietnam’s total pangasius exports.

In order to boost exports to China, the Ministry of Industry and Trade has proposed that enterprises, particularly those manufacturing and exporting agricultural products and foodstuff, prioritize research of the target market to ascertain the market’s actual requirements.

There is enormous potential for further boosting two-way trade between Vietnam and China in the next few years, experts have said. They have noted that the market capacity is huge, with China's need for Vietnamese goods to serve its billion-person population increasing, while Vietnam requires raw materials from China to support key manufacturing sectors.

Two-way trade is also supported by a number of free trade agreements that have taken effect, such as the China-ASEAN Free Trade Agreement and the Regional Comprehensive Economic Partnership.

Vietnam-China export turnover totaled $175.6 billion in 2022, with Vietnam’s exports and imports totaling $57.7 billion and $117.9 billion, respectively.

Comments (0)
  • Read More
Vietnam needs large, specialized logistics centers to compete better: official

Vietnam needs large, specialized logistics centers to compete better: official

Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.

Economy - Sun, November 3, 2024 | 11:00 am GMT+7

Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco

Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco

Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.

Economy - Sun, November 3, 2024 | 9:00 am GMT+7

Construction majors to continue capitalizing on public investment projects

Construction majors to continue capitalizing on public investment projects

Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.

Companies - Sun, November 3, 2024 | 8:00 am GMT+7

Former Government Office chairman receives $7,900 bribe from property project

Former Government Office chairman receives $7,900 bribe from property project

Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.

Society - Sat, November 2, 2024 | 9:13 pm GMT+7

Thai food giant CP enters public-private partnership to promote food system transformation

Thai food giant CP enters public-private partnership to promote food system transformation

Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.

Companies - Sat, November 2, 2024 | 7:16 pm GMT+7

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.

Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.

Economy - Sat, November 2, 2024 | 2:00 pm GMT+7

Major Vietnamese developer Novaland appoints new CEO

Major Vietnamese developer Novaland appoints new CEO

Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.

Companies - Sat, November 2, 2024 | 10:24 am GMT+7

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.

Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7

ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout

ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout

Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.

Companies - Sat, November 2, 2024 | 9:13 am GMT+7

Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex

Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex

Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.

Industries - Sat, November 2, 2024 | 8:00 am GMT+7

Vietnam becomes Australia’s fastest-growing inbound market

Vietnam becomes Australia’s fastest-growing inbound market

The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.

Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7

Study finds shift in Thai consumers’ spending patterns

Study finds shift in Thai consumers’ spending patterns

Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).

Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7

Energy security, digitalization key to Indonesia's economic growth

Energy security, digitalization key to Indonesia's economic growth

The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.

Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7

Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM

Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM

Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.

Politics - Fri, November 1, 2024 | 9:25 pm GMT+7

Vietnam, Qatar look to tap potential for energy, oil & gas collaboration

Vietnam, Qatar look to tap potential for energy, oil & gas collaboration

Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.

Politics - Fri, November 1, 2024 | 9:02 pm GMT+7