Viet Nam - China Trade Turnover May Touch US$140 Billion in First Ten Months

1:09:16 PM | 11/9/2023

The two-way trade turnover between Viet Nam and China is estimated to reach US$140 billion in the first 10 months of 2023, according to the Ministry of Industry and Trade.

A cold-chain express train loaded with 875 tons of agricultural products leaves from Zhengzhou, Central China's Henan Province to Ho Chi Minh City in Vietnam on June 26, 2023. China has remained the largest trading partner of ASEAN from January to May, official data showed.

China is Viet Nam's second largest export market with an estimated turnover of US$49.5 billion, representing a year-on-year increase of 5 percent. 

This increase represents a bright spot amid exports to most major markets experiencing a downward trajectory.

Meanwhile, China's exports to Viet Nam was estimated at US$89.7 billion, down 10.2 percent against the same period from last year.

The ministry said it has taken drastic solutions aimed at boosting trade promotion activities to the Chinese market, including organizing a conference recently to spur trade and investment between Viet Nam and Chongqing of China.

The ministry plans to work with the People's Committee of Lao Cai province to host the 23rd Viet Nam - China International Trade Fair in 2023, slated from November 10 to November 15.

The trade fair is expected to accelerate economic and tourism development among Vietnamese and Chinese localities, further promote the growth of export-import turnover through Lao Cai international border gate, and help businesses penetrate into foreign markets.

Moreover, the Prime Minister's recent decision on approving the planning of border gates on the Viet Nam - China land border in the 2021 to 2030 period is anticipated to contribute to raising the two-way trade turnover between both sides moving forward.

By 2030, Viet Nam and China expect to raise the number of border gates to 26, including 14 international and 12 bilateral border gates and one special border gate, located in Quang Ninh, Lang Son, Cao Bang, Ha Giang, Lao Cai, Lai Chau, and Dien Bien provinces.

Source: VGP