AsemconnectVietnam - According to the latest report of the Ministry of Industry and Trade, China was our country's second largest export market after the first 11 months of the year with an estimated turnover of 55.98 billion USD, an increase of 6.2%, accounting for 17.3% of the total export turnover of the country.

China was Vietnam's largest import market with an estimated turnover of 99.6 billion USD, down by 9.0% over the same period last year.
Thus, the import-export turnover between Vietnam and China has reached 155.58 billion USD after the first 11 months of the year.
This result is achieved thanks to the efforts of ministries, branches and localities in well implementing solutions on exporting to countries sharing a common border, including China. Since China reopened its borders earlier this year, basic goods have not been congested, even during peak seasons, contributing to increased export turnover to the Chinese market.
"China is currently the only market among Vietnam's major export markets to achieve positive growth (our country's exports to China reversed from a decrease of 2.2% at the beginning of the year to an increase of 6.2% after 11 months) while the exports to the other major markets all decreased" - Ministry of Industry and Trade pointed out.
Recently, the Government, the Ministry of Industry and Trade and other ministries and branches have made efforts to negotiate to open the Chinese market for Vietnamese goods. In 2023, the Prime Minister has worked in China twice and each time proposed that the Chinese Government open the door to Vietnamese agricultural products with 4 product groups such as frozen durian, chili, watermelon, and medicinal herbs. The negotiation work to open the market has been pushed up very strongly.
The Ministry of Industry and Trade has also implemented many solutions to promote trade promotion into the Chinese market. At the end of November of 2023, the Ministry of Industry and Trade of Vietnam and the Embassy of Vietnam in China coordinated with the China Trade Promotion Commission (CCPIT) to organize the "Vietnam Trade and Trade Promotion Conference- China" aims to promote economic, trade and investment cooperation between the two countries.
Mr. Hoang Minh Chien - Deputy Director of the Department of Trade Promotion (under the Ministry of Industry and Trade) said that with many advantages in economic and trade cooperation, in recent times, the trade exchange between the two countries has maintained the table and sustainable growth; the total import-export turnover between Vietnam and China in 2022 reached over 175 billion USD, an increase of 5.5% compared to 2021. China continued to be the largest trading partner; the largest import market and the second largest export market, after the US.
“The Trade Promotion Department has been proactively coordinating with the Embassy, the Vietnam Trade Office in China and localities to organize many Vietnamese business delegations to trade and work in localities and fairs in China to connect direct trade with Chinese businesses, as well as welcome many local delegations and Chinese businesses to work in Vietnam" - Mr. Hoang Minh Chien shared.
Regarding agricultural products, Mr. Nguyen Minh Tien - Director of the Center for Agricultural Trade Promotion shared that in the Chinese market, the demand for agricultural products on e-commerce platforms is very large, so The Agricultural Trade Promotion Center has supported subjects and businesses on social networks such as Tik Tok Shop, Taobao, etc and on improving their capacity to sell livestream products; as well as survey forms of e-commerce through bonded warehouses.
Many e-commerce businesses in China in the mainland provinces have policies to form bonded zones. When Vietnamese businesses put imported products into bonded warehouses and organize livestreams on e-commerce platforms, they are very suitable for Chinese consumption trends and can benefit from local Chinese policies in reducing storage costs, facilitating customs work and inspection procedures. In that trend, supporting businesses to promote sales on e-commerce platforms is an inevitable trend and gradually businesses can apply e-commerce not only in Vietnam but also across borders.
CK
Source: VITIC/congthuong.vn