Vietnam Rakes in US$1Bln from Exports to China So Far This Year

The Southeast Asian country of Vietnam has so far this year earned around US$1 billion from exports to its neighboring country of China, up over 25 per cent on-year and making up 31.25 per cent of the year’s estimated value, said the Ministry of Trade (MoT).

 

Local exports to the foreign country are very diverse with 15 export items, but staple goods are rubber, seafood, cashew nut, vegetables, fruit, raw minerals and fuel.

 

According to statistics in 2004 of the Chinese Customs Department, the total values of Vietnamese exports accounted for small rates on China’s import map. Crude export revenue made up only 4.3 per cent of the total, rubber of 11.8 per cent, coal of 15.2 per cent, rice of 11.2 per cent, footwear of 9.3 per cent, fruit of 5.3 per cent, toys of 1.09 per cent, frozen fishes of 1.02 per cent, vegetable oil of 0.41 per cent, plastic products of 0.34 per cent and cable of 0.18 per cent.

 

At present, the foreign country is Vietnam’s third largest export market and still remains a potential market for local exporters. China is estimated to spend a large investment of around $850 billion for imports from now until 2010.

 

Vietnam expects to earn $3.2 billion from exports to China in 2006, up 8.07 per cent against 2005, estimated the MoT, adding that the figure is still modest in comparison with the expected two-way trade value of $10 billion this year.
Vietnam Economic Times