Vietnam reportedly incurred a huge trade deficit of over US$11 billion with its neighbor of China in 2008, 57 times higher than that in 2001, said Vietnam News Agency.
The figure also made up 62.82 per cent of the country’s total trade deficit during the year, said the agency.
Bilateral trade between Vietnam and China last year reached US$21 billion, of which, Vietnam’s export were only equal to nearly one-third of its imports.
The Southeast Asian country mainly exports crude oil and raw materials to its neighbor meanwhile buying completed products with higher values.
Currently, Vietnam exports 35 goods items to China, including crude oil, coal, rubber, seafood, farm product, wood and wooden products.
The country also imports about 90 kinds of commodities from its neighbor, such as iron, cloth, petroleum products, machinery, equipment, fertilizer, electronics, computers, automobiles, plastics, textiles and garments, pharmaceutical materials, electricity and paper.
China is among the top trade partners with Vietnam. China buys up to 15 per cent of Vietnam’s exports, behind the U.S. with 20 per cent and the EU with 25 per cent. Two-way trade is expected to hit US$25 billion by 2010. (VNS)
Vietnamese
