Rubber production inside a plant. Rubber is among Vietnamese exports to China that reeled highest revenue in the first 11 months of 2018. (Photo: VNA) Hanoi (VNA) – Exports to China havesurged in recent years, with the trend forecast to continue, so Vietnameseenterprises have been urged to keep tabs on the huge market.
According to the General Department ofVietnam Customs, in 2017, trade between Vietnam and China reached 94.3 billionUSD, with Vietnam’s exports hitting 35.4 billion USD.
In the first 11 months of 2018, Vietnameseshipments to China were valued at 37.6 billion USD, up 22 percent year on year,an equivalent to 16.8 percent of the country’s total export value. Exportedgoods that reeled in more than 1 billion USD in the period includedphone-components (8.4 billion USD), electronic devices and components (7.6billion USD), fruit-vegetables (2.5 billion USD), garment-textile (1.38 billionUSD) and rubber (1.2 billion USD).
Speaking at a recent forum on exports toASEAN and China held by the Investment & Trade Promotion Centre of Ho ChiMinh City, Chinese Consul General to Ho Chi Minh City Wu Jun said Vietnam isamong China’s biggest trade partners in ASEAN.
He said to serve demand of its 1.3 billion population,China will sustain its policy of economic openness, win-win benefits, tradeliberalisation and investment facilitation.
According to the diplomat, contracts worth57.8 billion USD were secured at the first China International Import Expo lastNovember. It is expected the country’s imports of goods and services willsurpass 30 trillion USD and 10 trillion USD in the next 15 years, respectively.
He said Vietnam – China trade could grow yetfurther.
However, Vietnamese firms have been warnedto stay alert when carrying out import-export activities with the market.
The Vietnamese trade office in China saidthe country has raised its quarantine standards and conditions for importedagricultural products, and is building examination facilities on par with thoseof the US, Japan and EU nations. As such, Vietnamese exporters should be awareof China’s regulations on product origin and quality.
Meanwhile, several Vietnamese export productsto China are facing fierce competition from Thailand, Indonesia, Cambodia andeven China. For example, Chinese businesses are planning to invest in tra fishproduction, meaning China might reduce imports and Vietnamese exporters shouldcome up with back-up plans. China, surpassing the US, is now the biggestimporter of Vietnamese tra fish.
According to insiders, the context presentsboth opportunities and challenges, requiring Vietnamese enterprises tointensify efforts in market study, brand building and intellectual propertyprotection when doing business with Chinese partners.-VNA
VNA
