Vietnam Aims for US$5B Goods Exports to China This Year

Vietnam has targeted to reap US$5 billion from exporting goods to China in 2009, up from US$4.536 billion last year, the Ministry of Industry and Trade (MoIT) told a seminar on boosting exports to China on July 24.

 

In the first half of this year, Vietnam exported US$1.97 billion worth of goods to China, making up 7.2 per cent of the country’s total export turnover during the time, but only accounting for 0.4 per cent of China’s total import value, said the MoIT.

 

Vietnam’s H1 imports from China reached US$6.9 billion, leading to the country’s huge trade deficit of US$4.93 billion, added the MoIT.

 

In order to realize the country’s export target to China this year, the MoIT proposed some measures such as organizing more trade promotion activities in the neighbor, and creating goods delivery systems at border gates with China and improving cross-border payment services.

 

China has remained Vietnam’s largest trading partner since 2004, said the ministry, adding that bilateral trade in 2008 reached US$20.18 billion, including Vietnam’s exports of US$4.536 billion and imports of US$15.65 billion.

 

The two sides had also agreed to boost bilateral trade to US$25 billion in 2010, including US$6.4 billion worth of Vietnam’s exports. (Sagion Liberation, The People)