Efforts made to spur Vietnam - China trade ties
China is currently Vietnam’s largest import source and second-largest export market, while Vietnam is its northern neighbour’s eighth-largest trade partner. China is also the first trade partner of Vietnam to surpass the 100 billion USD milestone.
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./.
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