VN becomes sixth largest trading partner of China

According figures compiled by the General Administration of Customs of China, last year's two-way trade turnover reached a record high of US$192.2 billion, up 18.7%, with the nation’s export turnover to China surging by 22.4%, thereby allowing the country to assert itself as their largest trading partner in ASEAN.

Most notably, last year saw the country consistently beat the likes of Australia, and then Germany, to become China's sixth largest trading partner globally.

These encouraging achievements largely came about due to several different factors.

Last year's two-way trade turnover between Vietnam and China hit a record high of US$192.2 billion, up 18.7%, with the former’s export turnover to the latter increasing by 22.4%

Despite these efforts, the impact of the COVID-19 pandemic forced freight charges to continuously increase, causing plenty of difficulties for export-import activities.

The Vietnamese trade counselor of the Vietnamese Embassy in China Dao Viet Anh described how there remains ample room for trade co-operation between the country and China moving forward providing that bilateral ties maintain stable development momentum, in spite of the effects of the pandemic in 2020.

In addition to the complementarity in the commodity structure between the two countries being promoted in an effective manner, it can be said that this year will see mutual trade co-operation continue to grow and reap new achievements in terms of trade turnover.

Last year witnessed the Chinese side open to Vietnamese black jelly products. In line with this, relevant Vietnamese ministries and sectors are pushing ahead with negotiations to ask China to rapidly open their market for key local products that bring high added value.

These include items such as bird's nest, durian, and sweet potatoes, meaning that when these products gain entry into the Chinese market, they will contribute to improving the trade deficit.

Furthermore, the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Europe-Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP) Agreement can be viewed as a factor in luring large Chinese enterprises.

Indeed, many Chinese firms are keen to be involved in investment and production activities in Viet Nam as a means of taking advantage of preferences in the framework of these FTAs, Anh said.

This also represents a contributory factor in promoting trade co-operation between both sides and developing sustainably, he added.

By Hoang Ha