Business

Trade, cooperation – bright spot in Vietnam-China relations

Economic cooperation and trade has been a bright spot in the overall relations between Vietnam and China over the past 15 years since the two countries set up their comprehensive strategic cooperative partnership.
Trade, cooperation – bright spot in Vietnam-China relations ảnh 1Exporting goods through Mong Cai border gate, Quang Ninh province (Photo: VNA)
Hanoi (VNA) – Economic cooperation and trade hasbeen a bright spot in the overall relations between Vietnam and China over thepast 15 years since the two countries set up their comprehensive strategiccooperative partnership.

China is currently Vietnam’s largest trade partner, whileVietnam is China’s biggest partner among the ASEAN countries and the fourthglobally.

Statistics showed that since 2008, two-way trade has risen nine folds from 20 billion USD to nearly 180 billion USD in 2022, with Vietnam’sexports of about 58 billion USD and imports of nearly 120 billion USD.

As of October, the import-export turnover between the twocountries had reached nearly 140 billion USD, with Vietnam’s exports of 50billion USD, up 5.1%, accounting for 17% of Vietnam’s total exports.

Meanwhile, China has risen to the fourth position among the countries andterritories investing in Vietnam.

According to Minister of Industry and Trade Nguyen Hong Dien, Vietnam and Chinashare land, sea and waterway borderlines, with nearly 400km of land border crossingseven northern localities of Vietnam. This is an advantage for the two sides topromote cooperation in economy, especially border and border gate trade.

Nong Duc Lai, Trade Counselor of the Vietnamese Embassy inChina, held the Vietnamese and Chinese economies have a highly supplementary leveland great potential. The two sides are accelerating the opening of the marketfor many types of agricultural and aquatic products and food products of eachother.

At the same time, they have also promoted thesigning of a protocol on trade of agricultural products, while working closelytogether in making quarantine and customs clearance activities easier, thus openingup bright prospects for extensive cooperation in investment and trade, he said.

Hoang Minh Chien, Deputy Director of the Trade PromotionAgency under the Ministry of Industry and Trade, advised businesses to tapopportunities to strengthen partnership with China in a stable and sustainablemanner.

However, Minister Dien held that trade between Vietnam andChina has yet to match the potential of the two sides, stressing the need toupgrade the infrastructure system serving trade activities and theimplementation of measures to promote economic and trade ties with China./.
VNA
#Vietnam and China #China #border gate trade #land border #Vietnam-China relations #Vietnam #Vietnam news #Vietnam News Agency
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