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| Durian exports to China grow rapidly. (Photo: congthuong.vn) |
China has become the first market to achieve bilateral trade with Vietnam exceeding USD100 billion since the beginning of this year. According to the General Statistics Office, in the first seven months of 2024, Vietnam's exports to China reached USD33.4 billion, up 7.6% compared to the same period last year, while imports reached USD79.2 billion, up 34.9% compared to the same period last year.
China has been Vietnam's largest trading partner for many years. Since 2018, annual bilateral trade between Vietnam and China has been maintained above USD100 billion. In 2023, trade between the two countries reached USD171.85 billion, with Vietnam's exports reaching USD61.21 billion, an increase of 5.6% compared to 2022.
Vietnam continues to be China's largest trading partner within ASEAN. In terms of goods, Vietnam exports to China items such as mobile phones, components, electronic devices, rubber, agricultural products, seafood, and imports machinery, equipment, raw materials for the textile, leather and footwear industries, steel, construction materials, as well as daily consumer goods.
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| Border gate advantages boost bilateral trade between Vietnam and China. (Photo: congthuong.vn) |
Economic, trade and investment cooperation between the two countries has always maintained strong development momentum. Both sides actively coordinate to gradually resolve difficulties in economic cooperation, investment, and facilitate import-export activities.
Recently, Vietnam and China have signed many bilateral cooperation agreements, as well as multilateral agreements such as the ASEAN-China Free Trade Agreement (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP). China is also promoting participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Moreover, Vietnam's agricultural exports to China have been continuously expanding, making China one of the most important markets for Vietnam's agricultural, forestry, and seafood products. Vietnam's agricultural products, from fruits to processed foods, are establishing a foothold in the Chinese market.
Currently, China is considering procedures to open its market to many types of Vietnamese agricultural and aquatic products, including fresh coconuts, frozen fruits, citrus fruits, avocados, custard apples and wax apples. Other products such as herbal medicines of plant origin, beef, pork, and livestock and poultry products are also being facilitated for import by the neighboring country./.