Business

Vietnam's trade with China expected to hit 200 bln USD

The import - export turnover between Vietnam and China is predicted to approximate and even exceed 200 billion USD in 2024, driven by strong trade improvement in the first half of the year.

Illustrative image (Photo: kinhtetrunguong.vn)
Illustrative image (Photo: kinhtetrunguong.vn)

Hanoi (VNA) – The import - export turnover between Vietnam and China is predicted to approximate and even exceed 200 billion USD in 2024, driven by strong trade improvement in the first half of the year.

The Ministry of Industry and Trade (MoIT) reported that bilateral trade witnessed strong recovery in the first two quarters, hitting nearly 95 billion USD.

The orders from big markets has increased sharply during the period, leading to higher demand for machinery and material imports to serve production for export. As a result, Vietnamese businesses spent 67 billion USD on imports from China and raked in 27.8 billion USD from exports to this market, respectively rising nearly 35% and 5.3% year-on-year.

China remains the biggest supplier of materials for Vietnam, accounting for nearly 37.6% of the country's total import value in the last six months, according to the MoIT.

Thanks to such strong improvement during H1, bilateral trade is forecast to approximate 200 billion USD this year. The figure can reach 190 billion USD if the H1 growth is sustained during the remaining months, and even top 200 billion USD if better recovery is recorded.

Last year, the Vietnam - China trade turnover reached 171.9 billion USD. Of the figure, Vietnam’s exports stood at 61.2 billion USD (up 5.6%), and imports 110.6 billion USD (down 6.6%), respectively making up 17.3% and 33.9% of the country’s total exports and imports.

Businesses have quickly capitalised on advantages generated by the free trade agreements (FTA) with China such as the ASEAN - China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP) to benefit from preferential tariffs.

Insiders said they believes that room remains ample for Vietnam and China to expand trade ties in the time to come.

As scheduled, the 2024 China International Fair for Trade In Services (CIFTIS) will take place in Beijing this September, focusing on such service sectors as energy, posts and telecommunications, finance, education, culture and tourism, and supply chain. It is hoped to further strengthen partnerships between Vietnamese and Chinese businesses./.

VNA
#import - export turnover #Vietnam #China #bilateral trade China Vietnam
Follow VietnamPlus

Post-pandemic recovery

Related News

Vietnam attracts over 11.07 billion USD in foreign investment during the first five months of 2024, up 2% year on year. (Photo: Vietnam Investment Review)

China speeds up investment in Vietnam

An upward trend has been recorded in Chinese recent investments in Vietnam, which is hoped to help fuel the industries the country has demand for such as high technology, renewables, supporting industries, electronics, and green finance.

See more

Deputy Minister of Industry and Trade Nguyen Hoang Long said Vietnam supports ASEAN's stance in developing comprehensive, flexible, and practical strategic approach to strengthen intra-bloc economic autonomy. (Photo: Ministry of Industry and Trade)

Vietnam backs ASEAN’s strategic approach to economic resilience, partnership

Vietnam vows continued close coordination with ASEAN and partner countries to identify cooperation opportunities in potential areas of mutual interest, including effectively leveraging the ASEAN-China Free Trade Agreement (ACFTA 3.0) and the Regional Comprehensive Economic Partnership (RCEP) to address current challenges and work towards a transparent, stable, and fair international trade environment.

The Sun PhuQuoc Airways (SPA) project is expected to bolster Phu Quoc’s tourism. (Photo: VNA)

Investment plan for Sun PhuQuoc Airways approved

Sun PhuQuoc Airways is scheduled to commence operations in the fourth quarter of 2025, with initial routes linking Phu Quoc to prominent economic and tourism centres in Vietnam and abroad.

A view of the conference. (Photo: VNA)

Banks need to promote data analysis to minimise financial crime

The SBV has also recently issued Decision No. 67/QD-NHNN on a digital transformation project aimed at deploying core utilities for the development of the banking sector, ensuring connection with Project 06. Under the project, the SBV requires financial institutions to use the national database on population, identification and electronic authentication for banking activities, thereby supporting digital transformation and enhancing the effectiveness of crime prevention.

Prime Minister Pham Minh Chinh orders preparation to break ground on the Lao Cai – Hanoi – Hai Phong railway line on December 19. (Photo: VNA_

PM sets December 19 launch date for Lao Cai – Hanoi – Hai Phong railway

To meet the December 19 groundbreaking target for the Lao Cai – Hanoi – Hai Phong line at five designated sites, he tasked the Ministry of Construction with drafting a detailed critical path timeline. Meanwhile, Deputy Prime Minister Tran Hong Ha was assigned to oversee execution and inter-ministerial coordination.

A representative of the Ha Nam People’s Committee presents a souvenir to a visiting delegation from the Department of Industry and Tourism of Nagahama city in Shiga prefecture of Japan. (Photo: VNA)

Ha Nam highly evaluates investment capacity of Japanese businesses

Reaffirming Japan’s role as a strategic investor, a local official noted that Japan is currently the second-largest foreign investor in Ha Nam, with over 100 projects in diverse sectors such as mechanical engineering, automobile and motorcycle production, and electronics.

MoIT Minister Nguyen Hong Dien, who is also head of the Government negotiation team, chairs a meeting with team members and representatives from relevant agencies before the first negotiation round. (Photo: moit.gov.vn)

Vietnam, US hold second round of trade negotiations

The two sides exchanged views in an open, straightforward, and constructive manner on the issues of mutual interest, working to clarify the draft agreement's wording and providing information on current policies of each side to lay the groundwork for further steps.

Prime Minister Pham Minh Chinh chairs an online national conference on boosting public investment as a key driver of economic growth in 2025. (Photo: VNA)

PM urges accelerated disbursement of public investment

While chairing an online national conference on boosting public investment as a key driver of economic growth in 2025 on May 20, PM Chinh stressed the need to revitalise traditional growth engines - investment, consumption, and exports, while accelerating new drivers such as science and technology, innovation, digital transformation, circular economy, and knowledge economy.