China - First partner of Vietnam reaches a trade turnover of 100 billion USD

VCN - By the end of October, China became the first partner to reach a bilateral trade turnover of 100 billion USD, among more than 200 countries and territories that Vietnam has foreign trade relations with.
Vietnam-China trade turnover reaches US$100 billion in ten months Vietnam-China trade turnover reaches US$100 billion in ten months
China, US make up more than 50% of export value for Vietnamese tra fish China, US make up more than 50% of export value for Vietnamese tra fish
Cashew kernel exports prosper when the US and China increase demand Cashew kernel exports prosper when the US and China increase demand
2703-5659-can-can-thyyng-myi-viyt-nam-trung-quyc-1
Chart: T. Binh.

New information published by the General Department of Customs shows in October,the total export turnover of Vietnam to China reached nearly 5.5 billion USD. Total turnover from the beginning of the year to the end of October topped 37.9 billion USD.

By the end of October, there were 10 groups of goods exported to China with turnover of 1 billion USD or more.

Computers, electronic products and components with a turnover of 9.25 billion USD led. Next positions are phones; footwear; vegetables; rubber; machinery, equipment, tools and spare parts.

In October, Vietnam imported goods from China with a turnover of more than 8 billion USD.

From the beginning of the year to the end of October, imports from China exceeded 65.6 billion USD.

Notably, there are 12 groups of goods imported from China with a turnover of 1 billion USD or more. Of which, there are twogroups with turnover of more than 10 billion USD are computers, electronic products and components with more than 14 billion USD and machinery, equipment, tools and spare parts reached more than 13 billion USD.

With a total turnover of more than103.5 billion USD, China continues to be Vietnam's largest trading partner and first market to reach 100 billion USD this year.

China is the largest import market and the second largest export market of Vietnam (after the US).

However, Vietnam's trade deficit with this country is still at a high level of nearly 28 billion USD.

With a gap of tens of billions of USD with the next markets such as the US, South Korea and Japan most likely, by the end of 2020, China will still be Vietnam's only "hundred billion USD" trading partner.

The second largest partner is the US, by the end of October, the turnover is nearly 74 billion USD. If the average turnover maintains as in the past 10 months, by the end of this year, Vietnam-US trade will only be about 90 billion USD.

By Thai Binh/ Phuong Thao

Related News

Fruit and vegetable exports soar, nearing US$6 billion

Fruit and vegetable exports soar, nearing US$6 billion

VCN - According to preliminary statistics recently released by the General Department of Vietnam Customs, in the first half of October (October 1-15), fruit and vegetable exports earned US$296 million.
An export item to China accounts for more than 90%

An export item to China accounts for more than 90%

VCN - In the first nine months of 2024, Vietnam exported 1.76 million tons of cassava and cassava products to China, worth more than US$802 million.
Lao Cai Customs makes history with its first fresh coconuts export clearance

Lao Cai Customs makes history with its first fresh coconuts export clearance

VCN - Nearly 50 tons of fresh coconuts officially exported to China have been cleared by Lao Cai Border Gate Customs Branch (Lao Cai Customs Department).
To successfully export fresh coconuts to China

To successfully export fresh coconuts to China

VCN - The large demand of the Chinese market not only exposes a "golden” opportunity to the Vietnamese coconut industry, but also poses potential risks for businesses if there is no systematic investment in raw material areas as well as strict control over the cultivation, harvesting, and processing processes...

Latest News

EU partners no longer

EU partners no longer 'lenient', Vietnam must adapt through ESG policies

VCN - Legal and economic experts are calling for Vietnam to revamp its policies to align with stringent sustainable development requirements set by European Union (EU) partners.
Changes in Canada

Changes in Canada's trade defense laws

VCN - Canada - a major trading partner of Vietnam - is making many changes in its trade defense investigation regulations, which has a significant impact on Vietnam's export activities.
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.

More News

Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Read More

Your care

Latest Most read
EU partners no longer

EU partners no longer 'lenient', Vietnam must adapt through ESG policies

Legal and economic experts are calling for Vietnam to revamp its policies to align with stringent sustainable development requirements set by European Union (EU) partners.
Changes in Canada

Changes in Canada's trade defense laws

VCN - According to the Vietnam Trade Office in Canada, as of September 2024, Canada has initiated nineteen trade defense investigations on Vietnamese export goods, including twelfth anti-dumping (AD) cases, five anti-subsidy cases and two defense cases.
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Mobile Version