Business

Vietnam-China trade believed to have ground to reach new height

If Vietnam and China can further optimise their neighbourliness as well as the huge trade potential under the EU-Vietnam Free Trade Agreement (EVFTA), bilateral trade will reach a new height, an official said at an online business matching event on December 17.
Vietnam-China trade believed to have ground to reach new height ảnh 1Le Hoang Tai (centre), Deputy Director of the Vietnamese Ministry of Industry and Trade’s Trade Promotion Agency, speaks at the online business matching event on December 17 (Photo: Ministry of Industry and Trade)

Hanoi (VNA) – IfVietnam and China can further optimise their neighbourliness as well as thehuge trade potential under the EU-Vietnam Free Trade Agreement (EVFTA),bilateral trade will reach a new height, an official said at an online businessmatching event on December 17.

The remark was made by Le Hoang Tai, DeputyDirector of the Vietnamese Ministry of Industry and Trade’s Trade PromotionAgency, during the conference held within the 2020 China-ASEAN Expo (CAEXPO)framework.

He noted that trade between Vietnam and Chinahas been rising rapidly in recent years, which has greatly contributed to eachcountry’s economic growth.

Even amid the COVID-19 pandemic, they have stillrecorded strong increases in bilateral trade.

Data from the ministry show that the twocountries’ trade reached 117.09 billion USD during January-November, including43.145 billion USD of Vietnam’s exports to (up 16 percent year on year) and 73.945billion USD of imports from China (up 7.9 percent).

Tai attributed this outcome to the strongresolve of both countries’ governments and business circles, includingcontributions by the CAEXPO, which have created conditions for localities andenterprises of Vietnam to introduce their potential and foster bilateral trade.

To help Vietnamese and Chinese firms reinforcetrade links, the Trade Promotion Agency has worked actively to provide marketinformation and help them take part in major fairs and exhibitions of the twocountries and seek partners.

With utmost efforts and cooperation goodwill,the two sides’ businesses will surely reap success, and bilateral economic andtrade partnerships will enjoy breakthrough development, he added.

Yang Yanyan from the CAEXPO Secretariat said2020 marks the 70th founding anniversary of China-Vietnam diplomatic ties, andtheir economic and trade links have continued to be intensified. 

Vietnam now ranks seventh in the world and firstin ASEAN among trading partners of China, according to her./.
VNA
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