Durian is one of Vietnam's main export products to China (Photo: VNA) Vietnam’s exportsto China continue to be a bright spot in the context that many major economiesaround the world are facing difficulties, which strongly impacts Vietnam's foreigntrade activities.
According tothe Ministry of Industry and Trade, in the first quarter of2024, import and export activities to China - Vietnam's largest tradingpartner - continued to show a positive recovery.
Vietnam'sexports to the country hit an estimated 12.68 billion USD, up 5.2%, rankingsecond after the US, while spending 29.4 billion USD on imports fromChina, up 24.4% year-on-year, maintaining its position as Vietnam's largestimport market. Last year, two-way trade reachedapproximately 171.2 billion USD, accounting for over 25% of Vietnam's totalimport-export turnover.
Chinaconsistently maintains its position as Vietnam's largest importer of fruits andvegetables with 14 key agricultural exports, marking up 61.5% of the SoutheastAsian nation’s total fruit and vegetable export turnover.
Othercontributors to the turnover of Vietnam’s exports to China include computers,electronic products, and components; mobile phones and components; cameras,camcorders, and components; machinery, equipment, spare parts; and processedfoods.
Representative of the Vietnam Trade Office in Beijing Luong Van Tai said China's economy shows positivesigns of recovery, therefore if Vietnamese goods meet standards, it will bevery advantageous to enter this market.
The stableVietnam-China trade cooperation has contributed to promoting bilateral tradedevelopment, he added.
With its advantages in market size, consumption trends, and geographicallocation, China remains a key market for Vietnamese exports. Realising its commitments under the ASEAN-China Free Trade Agreement, Chinahas reduced tariffs on over 8,000 products imported from Vietnam.
Furthermore,as the shipping charges are rising, many Chinese businesses havebeen seeking import sources in surrounding regions, including high-qualityagricultural products and fruit from Vietnam.
However, experts said that China is no longer an "easygoing" market as before but a highly competitive one now, especially for agricultural and fruit products.
To capitaliseon existing advantages, ministries, sectors, localities, and especiallybusinesses need to change their approach and improve the quality of their exports,they said, adding that Vietnamese businesses should strictly adhere toregulations regarding product quality and origin traceability to penetratedeeper into this large market.
The TradePromotion Agency under the ministry has recommended actively exchanging and connecting information relatedto market demand and trade regulations and policies of China, and activelyparticipating in international trade fairs and exhibitions to establish directconnections and boost trade activities, thus fostering stable, long-term, andeffective economic and trade cooperation.
DeputyDirector of the agency Hoang Minh Chien said the ministry has been sending delegations of Vietnamese businesses to various Chinese localities and tradefairs there, while welcoming many delegations of Chineselocalities and enterprises./.
With its advantages in market size, consumption trends, and geographicallocation, China remains a key market for Vietnamese exports. Realising its commitments under the ASEAN-China Free Trade Agreement, Chinahas reduced tariffs on over 8,000 products imported from Vietnam.
Furthermore,as the shipping charges are rising, many Chinese businesses havebeen seeking import sources in surrounding regions, including high-qualityagricultural products and fruit from Vietnam.
However, experts said that China is no longer an "easygoing" market as before but a highly competitive one now, especially for agricultural and fruit products.
To capitaliseon existing advantages, ministries, sectors, localities, and especiallybusinesses need to change their approach and improve the quality of their exports,they said, adding that Vietnamese businesses should strictly adhere toregulations regarding product quality and origin traceability to penetratedeeper into this large market.
The TradePromotion Agency under the ministry has recommended actively exchanging and connecting information relatedto market demand and trade regulations and policies of China, and activelyparticipating in international trade fairs and exhibitions to establish directconnections and boost trade activities, thus fostering stable, long-term, andeffective economic and trade cooperation.
DeputyDirector of the agency Hoang Minh Chien said the ministry has been sending delegations of Vietnamese businesses to various Chinese localities and tradefairs there, while welcoming many delegations of Chineselocalities and enterprises./.
VNA
