The Hanoitimes - Concluding the bilateral trade meeting between Vietnam and China, enterprises from both countries have signed Memorandum of Understandings on investment, with an aim to rebalance the trade relation between two countries.
On November 8 in Hanoi, Trade Promotion Agency of the Vietnam’s Ministry of Industry & Trade in collaboration with the Foreign Trade Agency of the China Ministry of Trade have jointly held the bilateral trade meeting and contract signing ceremony between enterprises of two countries. Attending the meeting are leaders and representatives of the two agencies, as well as related administrative agencies, associations and more than 100 enterprises from Vietnam and China.
According to the Trade Promotion Agency, at present, the trade relation between Vietnam and China has been improving significantly. China currently is the priority market of Vietnam on exporting, as well as is the biggest trading partner of Vietnam. Trade relation for many times has exceeded expectation of leaders from the two countries. With many similarities in culture and custom, as well as advantage on geographic location, China has been the biggest trade market and high potential for Vietnam. Statistics from the Vietnam Customs showed that, trade value between Vietnam and China in 2016 reached 71.9 billion USD, up 7.9% compared to 2015. In which, Vietnam export to China reached 21.97 billion USD, up 28.4%. China’s import to Vietnam was 49.93 billion USD, up 0.9%; thus, the trade surplus of China is 27.9 billion USD, reducing 13.67% compared to 2015.
China is Vietnam's biggest trading partner on fruits and vegetable.
As of September 2017, Vietnam’s export to China reached 22.2 billion USD, up 62.2%, import from China reached 41.7 billion USD, up 15.9%, total trade of Vietnam and China is 63.98 billion USD, up 25.1%. According to China Customs, in 2016, Vietnam has become the biggest trading partner of China in ASEAN, and the 9th biggest trading partner of China in the world. In particular, in the context of China’s export continues decreasing since the beginning of the year, which has shown no sign of recovery yet, China’s import from ASEAN also decreased (average import of China from ASEAN reduced 1%), but China’s import from Vietnam has been increased in two-digit number.
Representative of the Foreign Trade Agency of the China Ministry of Trade said, potential, opportunities and room for economic and trade cooperation between the two countries will be continue improving in the coming time, due to some favorable conditions, such as the growing bilateral relation between two countries. Moreover, official visits of leaders from the two countries in recent years, especially in 2016 and 2017, along with joint statement and cooperative agreements signed have proved the the relation between two countries are on the rise. As such, it is the opportunities to increase cooperation and investment through the process of Vietnam’s global economic integration.
In less than 20 years, Vietnam has become one of the most active economy integrated in the world. This is a favorable environment for enterprises from two countries, especially leading Chinese enterprises to join Vietnam’s market and realizing ideas, cooperative opportunities into specific projects and contracts.