China remains Vietnam’s second largest export market in 10 months

Monday, 06/11/2023 17:00
Vietnam’s import and export turnover with China is anticipated to have reached 140 billion USD during the past 10 months of the year, VOV News quoted figures by the Ministry of Industry and Trade.
Dragon fruit is one of Vietnam's key agricultural products exported to China

China remains the country’s second largest export market with an estimated turnover of 49.5 billion USD, representing a rise of 5% on-year.

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

Meanwhile, the northern neighbour continues to be the largest consumer of Vietnamese goods with an estimated turnover of 89.7 billion USD, down 10.2% against the same period from last year. Statistics indicate that the two-way trade turnover is projected to reach US$139.2 billion during the reviewed period.

These achievements can be attributed to the MoIT’s drastic solutions aimed at boosting trade promotion activities to the Chinese market.

This comes as the MoIT recently hosted a conference in a bid to promote trade and investment between the nation and Chongqing of China.

The Ministry plans to co-ordinate efforts with the People's Committee of Lao Cai province to host the 23rd Vietnam - China International Trade Fair in 2023 which will run from November 10 to November 15.

The function 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 Vietnam - 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.

Export regains growth pace

Export turnover is estimated at 32.3 billion USD in October (Photo: VNA) 

The export turnover in October is expected to reach 32.3 billion USD, up 5.3 month-on-month, showing a positive signal given the 6.3% decrease recorded in the previous month, according to Vietnam News Agency.

The agricultural sector continued to have impressive contributions to the export panorama. In the month, agro-fisheries products earned about 3 billion USD, up 18.3% year-on-year.

This is also the only commodity group to record growth in the first 10 months of 2023, with export turnover estimated at 26.7 billion USD, a year-on-year increase of 3.8%.

Rice is one of the products with a high export turnover in the period. Do Ha Nam, Vice President of the Vietnam Food Association (VFA), said that paddy prices in Vietnam are at record highs, pushing domestic rice prices higher than those for export. This is also the reason why Vietnam's rice export prices continue to go against the world tide.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in September, tra fish exports reported positive growth for the first time since the beginning of this year. Although the increase is only 1% over the same period last year, this is still a very good sign for the fisheries sector. Currently, China is Vietnam’s biggest tra fish importer, followed by the US.

In September, tra fish exports report positive growth for the first time since the beginning of this year (Photo: VNA)

To promote import-export growth, the Ministry of Industry and Trade is accelerating negotiations towards the signing of new trade agreements and commitments, including completing and realising a free trade agreement (FTA) with Israel, and signing other FTAs and trade deals with potential partners such as the United Arab Emirates (UAE) and the Southern Common Market (MERCOSUR) to diversify markets, products, and supply chains.

It will support businesses to take advantage of commitments in signed FTAs, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the UK-Vietnam Free Trade Agreement (UKVFTA) to promote exports, through dissemination on rules of origin, issuance of certificate of origin, and opportunities and ways to make the most of advantages brought about by these deals.

The ministry will also coordinate with the Ministry of Agriculture and Rural Development to negotiate with China to further open the market for other Vietnamese fruit and vegetable products such as green grapefruit, fresh coconut, avocado, pineapple, star apple, lemon and melon, while improving efficiency of and regulating the speed of customs clearance at border gates between Vietnam and China.

Ten-month retail sales of consumer goods, services up 9.4%

Revenue from retail sales of goods was nearly 3.99 trillion VND. (Photo: VNA)

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 9.4% to more than 5.1 trillion VND (207.8 million USD) during January – October, Vietnam News Agency quoted figures of the General Statistics Office.

Revenue from retail sales of goods was nearly 3.99 trillion VND, accounting for 78.1% of the total and up 8.3% year-on-year.

Notably, revenue from tourism surged 47.6% to an estimated 30.2 trillion VND as localities nationwide have carried out an array of tourism offerings as well as cultural and sport activities to stimulate travel demand.

It is necessary to sketch out rational solutions and attractive programmes to lure more foreign tourists to fuel consumption. (Photo: VNA)

Strong rise in revenue from retail sales of goods and services was seen in several localities, including Da Nang (143.8%), Khanh Hoa (137.9%), Quang Ninh (94.9%), Ho Chi Minh City (68%), Hanoi (59.5 %), Hai Phong, (47.35%) and can Tho (32.4 %).

Experts said that revenue from retail sales is expected to rise until the end of this year on the back of economic recovery and acceleration of public investment disbursement. However, as domestic consumption remains weak and is on a sluggish recovery due to the lingering impacts of the COVID-19 pandemic, it is necessary to sketch out rational solutions and attractive programmes to lure more foreign tourists, and bolster domestic tourism so as to fuel consumption.

Over the past time, an array of incentives has been implemented by the Government to encourage spending, comprising organisation of discount programmes, reduction of interest rates and personal income tax, and enhanced social welfare support.

The Ministry of Industry and Trade will join hands with competent ministries, sectors and localities to keep a close watch on the market situation, ensure sufficient essential items, and stabilise the market during year-end holidays./.