HÀ NỘI ( WNAM MONITORING): In the first 11 months of this year, Việt Nam’s exports to China amounted to US$55.2 billion, down 0.9 per cent, according to the General Statistics Office. But imports from China surged by 29.7 per cent to $130.2 billion.
China remains Việt Nam’s largest import market, with a trade deficit of $75 billion, up 67.7 per cent.
This brings the total bilateral trade value between Việt Nam and China to $185.4 billion as of November.
On average, monthly trade turnover between the two nations reached $16.8 billion. If this pace continues, by the end of the year, bilateral trade turnover could hit $200 billion. This is a record number, equivalent to nearly one-fourth of the country’s total import-export turnover.
This target is deemed achievable, as the year-end period typically sees a surge in trade activities driven by holiday and New Year demand.
Agricultural products are Việt Nam’s primary exports to China. In the first 10 months, Việt Nam’s agricultural exports to China reached nearly $10 billion, an 11.6 per cent increase year-on-year.
Việt Nam has established official export channels for 14 key agricultural products to China, including durians, bird’s nests, sweet potatoes, dragon fruits, longans, rambutans, mangoes, jackfruits, watermelons, bananas, black jelly, mangosteens, lychees and passion fruit.
Durian and dragon fruit are especially popular among Chinese consumers. The import volume of these items accounts for about one-fifth of ASEAN’s agricultural imports to China.
The Ministry of Agriculture and Rural Development also signed three protocols with China’s General Administration of Customs. These agreements formally allowed the export of fresh coconuts, frozen durians and crocodiles to the Chinese market.
Lê Quốc Phương, former Deputy Director of the Industry and Trade Information Centre under the Ministry of Industry and Trade, highlighted that while Việt Nam’s import turnover from China is relatively substantial, it is not overly concerning. This is because the majority of imports consist of raw materials and components essential for production and export activities.
He said that Chinese imports, particularly raw materials for production, are known for their good quality and competitive pricing.
The geographic proximity between the two countries facilitates efficient two-way transportation, making China a preferred source of imports for Vietnamese businesses.
In 2023, the total bilateral trade turnover between Việt Nam and China reached $171.9 billion.
