Vietnam’s trade balance with China is expected to improve after enterprises from the two nations inked investment contracts. 
(Photo: VNA)

Hanoi (VNA) – Vietnam’s trade balance with China is expected to improve after enterprises from the two nations inked investment contracts at a trade connection conference in Hanoi on November 8.

The event, held by the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade and China’s Foreign Trade Department under the Ministry of Commerce, was attended by representatives from sectors, departments, associations and more than 100 import-export enterprises from the two countries.

Bui Huy Son, Head of the Vietnam Trade Promotion Agency, said that Vietnam-China trade ties have been growing and China is one of the biggest trade partners of Vietnam.

Breakthroughs have been made in two-way trade which surpassed targets set by leaders of both nations, he said, noting that with similarities in culture and geographical location, China is always a top market for Vietnam.

According to statistics from the General Department of Vietnam Customs, bilateral trade revenue reached 71.9 billion USD in 2016, a year-on-year increase of 7.9 percent. Vietnam exported 21.97 billion USD worth of products to China while spending 49.93 billion USD on Chinese goods.

By the end of September, Vietnam had earned 22.2 billion USD from exports to the neighbouring country, surging 62.2 percent from the same time last year. Its imports from China increased 15.9 percent to 41.7 billion USD.

Statistics from the China’s General Administration of Customs showed that Vietnam has risen to become largest trade partner of China in ASEAN and its ninth largest in the world.

Notably, with China’s foreign trade and imports from ASEAN falling this year, the value of the country’s purchases from Vietnam has continued to grow by double digits.

Zhi Luxun, Deputy Director-General of the Department of Foreign Trade, said that both sides pose huge trade cooperation potential as they enjoy sound bilateral ties.

Visits made by high-ranking Vietnamese and Chinese leaders over the years together with joint statements and cooperative documents are evidence of the opportunities to bolster investment and business cooperation between the two countries.-VNA