Vietnam - China trade turnover close to 140 billion USD in 10 months

Friday, 10/11/2023 10:15
China is the second largest export market of Vietnam in Jan-Oct 2023, with an estimated turnover of 49.5 billion USD, a year-on-year rise of 5%, according to the Ministry of Industry and Trade.

This increase is a bright spot in the country’s exports in the context of exports to most major markets decreasing.

Vietnam - China trade turnover close to 140 billion USD in 10 months. (Photo: VNA)

Meanwhile, China is still Vietnam’s largest import market with an estimated turnover of 89.7 billion USD, a year-on-year decresae of 10.2%. Thus, the total two-way import-export turnover between Vietnam and China has been estimated at 139.2 billion USD in the first 10 months of the year.

Over the past time, the Ministry of Industry and Trade promoted trade promotion solutions to the Chinese market. Recently, the ministry organized a conference to promote trade, investment and trade connections between Vietnam and China’s Chongqing. This is a large market, but trade turnover between the two sides accounts for only 3% of the total trade turnover of the two countries.

In the near future, the ministry will coordinate with the Lao Cai People’s Committee to organize the 23rd Vietnam - China International Trade Fair from November 10 to 15 at Kim Thanh Exhibition and Convention Center.

In addition, the Prime Minister has signed Decision 1199/QD-TTg dated October 14, 2023, approving the planning of border gates on the Vietnam - China land border in 2021 – 2030, with a vision to 2050. The land border includes Quang Ninh, Lang Son, Cao Bang, Ha Giang, Lao Cai, Lai Chau and Dien Bien provinces.

According to the planning, by 2030, the Vietnam - China border line will have 26 border gates, including 14 international border gates, 12 bilateral border gates with 20 customs clearance or specialized roads for transporting goods and 1 special opening or border gate./.