AsemconnectVietnam - Although import-export turnover has decreased in the past 4 months, China still maintains its position as one of the most important markets for Vietnamese goods.

According to data from the Ministry of Industry and Trade, in the first four months of 2023, export turnover from Vietnam to China reached 16.4 billion USD, down by 7.9% year – on - year. China is still Vietnam's second largest export market and the largest market for Vietnamese agricultural products.
Since China opened its border on January 8, the export of goods to this market was expected a lot, but the real figure was not as high as expected. For example, with seafood products, according to the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius exports to this market have not recovered because the average export price has decreased. Moreover, the consumption demand of this market recovered more slowly than expected. By the end of April, Vietnam's seafood exports to China were estimated at 435 million USD, down by 37%.
Opening up after the Covid-19 epidemic, China's real estate market remained quiet and industrial profits fell deeply, the economy faced constant headwinds, making the recovery ability slow and no chance of sustainability sign. China's own domestic production is also struggling because customer spending is weaker than expected.
Vietnam - China trade is expected to prosper in the coming time
Regarding imports, China was Vietnam's largest import market with an estimated turnover of 33.2 billion USD after 4 months. However, this number also decreased by 13.4% compared to the same period last year.
Although there was a decrease, but in the context of difficult trade and compared with many other markets, China is still the main consumption market of Vietnam with diversified products.
The Ministry of Industry and Trade forecasts that in the second quarter of 2023, Vietnam's export turnover to China will have a certain improvement. However, China is no longer an easy market as before, not all goods are accepted by the Chinese market. On the other hand, although China's economy is large, it still mainly exports, because China has been and will be the world's factory. China's exports are very similar to those of Vietnam, which creates both advantages and challenges for Vietnamese goods.
The Ministry of Industry and Trade pointed out that the Chinese economy has set a plan and is aiming for high-quality growth, covering most areas of the economy. This also means that China has and will continue to place higher requirements on the standards of both exports and imports. This is an inevitable and irreversible trend and requires manufacturers and exporters of goods in the world in general and Vietnam in particular to change and adapt.
In the coming time, in order for export activities to the Chinese market to recover and develop sustainably, the Ministry of Industry and Trade recommends that enterprises, especially enterprises producing and exporting agricultural products and foodstuffs, need to pay attention to research and urgently complete registration procedures before exporting agricultural products and food to the Chinese market.
The enterprises should also coordinate with Chinese partners to diversify export routes of goods through border gates, avoiding focusing on certain border gates or taking advantage of Vietnam's sea transport and intermodal rail transport to minimize the risk of causing congestion at the border gates during the peak season.
On the other hands, the enterprises should also carefully study information, signals and regulations and standards of the market, fully comply with the conditions of business registration, quality standards, testing and quarantine, packaging, and traceability.
They also need to increase attendance at international fairs and exhibitions organized by localities and central agencies of the two countries in order to strengthen direct connection after the prolonged restriction of the epidemic.
In the near future, the Ministry of Industry and Trade will also organize many large-scale trade promotion activities in the Chinese market, in which, the Asia-Africa Market Department will have some activities aimed at the traditional market of Guangxi) and new markets located deep within China (Shandong, Hebei). This is an opportunity for Vietnamese enterprises to expand the market.
CK
Source: VITIC/congthuong.vn