English
Vietnam-China bilateral trade turnover approaching US$100 billion milestone
The Hanoitimes – With an export-import turnover of US$93.69 billion last year, bilateral trade value between Vietnam and China is expected to touch the US$100 billion milestone in 2018.
Reports from the General Department of Customs showed that last year’s bilateral trade value between the two countries was US$21.79 billion higher than the previous year and accounted for 22 percent of Vietnam’s total export and import turnover in the year.
Among the total, Vietnam’s exports to China soared up to 61.5 percent against 2016 to US$35.46 billion. The rising rate was three times higher than Vietnam’s 21.2 percent average export growth rate.
Among the total, Vietnam’s exports to China soared up to 61.5 percent against 2016 to US$35.46 billion. The rising rate was three times higher than Vietnam’s 21.2 percent average export growth rate.
Thanks to the surge, Vietnam’s trade deficit with China reduced significantly to US$22.76 billion last year from US$28 billion in 2016.
Last year saw 13 export items with earning of more than US$1 billion, against six items in the previous year. The new items included seafood with nearly US$1.1 billion, rice with US$1.02 billion, rubber with US$1.44 billion, textile and garment with US$1.1 billion, footwear with $1.14 billion and mobile phones with US$7.15 billion.
During a visit to China last May, President Tran Dai Quang said that Vietnam welcomed Chinese investment and wanted to raise trade with its largest partner to $100 billion.
Vietnam has set a goal of raising trade between both sides by pushing exports of agricultural produce, electronics and consumer goods, while opening doors to allow more Chinese products to enter the local market, Quang said.
The country has been Vietnam’s largest trade partner in recent years, with bilateral turnover reaching nearly $72 billion in 2016. However, Vietnam’s trade deficit with China hit $28 billion in 2016, despite falling 15 percent from the previous year.
Vietnam in turn has been China’s top trade partner and its gateway into Southeast Asia, Quang said.
Besides, China is one of Vietnam’s ten largest investors, with total investment of US$11.2 billion.
“Vietnam is willing to create favorable conditions for Chinese enterprises to do business and invest in Vietnam,” Quang said.
In fact, China and Vietnam are natural partners with complementary economies. To illustrate, Vietnam is in great need of infrastructure development, while China have abundant resources in infrastructure construction, including capital, technology, personnel and experience to share.
Since 2015, the two countries have made tangible progress on the strategic alignment of their development initiatives — China’s Belt and Road Initiative and Vietnam’s “Two Corridors and One Economic Circle” plan.
Major achievements have been in transportation, electricity, manufacturing and construction of industrial parks between the two.
Last year saw 13 export items with earning of more than US$1 billion, against six items in the previous year. The new items included seafood with nearly US$1.1 billion, rice with US$1.02 billion, rubber with US$1.44 billion, textile and garment with US$1.1 billion, footwear with $1.14 billion and mobile phones with US$7.15 billion.
During a visit to China last May, President Tran Dai Quang said that Vietnam welcomed Chinese investment and wanted to raise trade with its largest partner to $100 billion.
Vietnam has set a goal of raising trade between both sides by pushing exports of agricultural produce, electronics and consumer goods, while opening doors to allow more Chinese products to enter the local market, Quang said.
The country has been Vietnam’s largest trade partner in recent years, with bilateral turnover reaching nearly $72 billion in 2016. However, Vietnam’s trade deficit with China hit $28 billion in 2016, despite falling 15 percent from the previous year.
Vietnam in turn has been China’s top trade partner and its gateway into Southeast Asia, Quang said.
Besides, China is one of Vietnam’s ten largest investors, with total investment of US$11.2 billion.
“Vietnam is willing to create favorable conditions for Chinese enterprises to do business and invest in Vietnam,” Quang said.
In fact, China and Vietnam are natural partners with complementary economies. To illustrate, Vietnam is in great need of infrastructure development, while China have abundant resources in infrastructure construction, including capital, technology, personnel and experience to share.
Since 2015, the two countries have made tangible progress on the strategic alignment of their development initiatives — China’s Belt and Road Initiative and Vietnam’s “Two Corridors and One Economic Circle” plan.
Major achievements have been in transportation, electricity, manufacturing and construction of industrial parks between the two.
Source: http://hanoitimes.com.vn/economy/2018/01/81E0C07D/vietnam-china-bilateral-trade-turnover-approaching-us-100-billion-milestone/