Of the 20 countries and territories importing Vietnamese products, China has been the largest for the last two years, with two-way trade exceeding 100 billion USD.
Vietnam posted a trade deficit of more than 34 billion USD with China last year.
Though China is a major trade partner, the growing deficit over recent years is becoming a source of some alarm.
The Ministry of Industry and Trade has said that to cut the trade deficit and any over-reliance on China, especially amid the COVID-19 pandemic, Vietnam must upgrade its trade mechanisms. The country also needs to identify ways to take part in global value chains at a higher level, thus keeping pace with other developed countries in the region and the world./.
VNA
