Việt Nam-China trade exceeded $205 billion in 2024

Kim Thành International Border Gate No 2 in northern province of Lào Cai. — VNA/VNS Photo

Việt Nam-China trade reached US$19.66 billion in December 2024, according to the General Department of Customs.

Of this, Việt Nam’s exports accounted for $6.17 billion, while imports amounted to $13.49 billion.

For the entire year, bilateral trade turnover between the two countries reached a record $205.2 billion, marking a new milestone in two-way trade. This represents an increase of $33.3 billion compared to 2023.

With this result, China has become the first trading partner with which Việt Nam has established trade exceeding $200 billion.

In 2024, Việt Nam’s exports to China totalled $61.2 billion, a slight decrease of about $100 million compared to 2023. Meanwhile, imports from China surged to $144 billion, reflecting a significant increase of $33.35 billion, or 30.1 per cent, compared to the previous year.

The decline in exports coupled with a sharp rise in imports resulted in a widened trade deficit with China. In 2023, Việt Nam’s trade deficit with China was $49.3 billion, but this figure soared to $82.8 billion in 2024.

China remains Việt Nam’s largest supplier of production inputs. The variety of goods traded between the two nations ps from agricultural products to raw materials, electronics and consumer goods.

China also continues to be Việt Nam’s largest trading partner, accounting for 26 per cent of the country’s total trade turnover in 2024.

In recent years, despite a gloomy global trade environment, Việt Nam-China trade has consistently demonstrated robust growth.

Most of Việt Nam’s imports from China consist of essential goods, including machinery, equipment, tools, spare parts and raw materials for domestic production and export.

According to the Ministry of Industry and Trade, there is still significant room for growth in bilateral trade, thanks to numerous bilateral cooperation agreements and multilateral trade pacts, including the ASEAN-China Free Trade Agreement (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Looking ahead, the upgrade of ACFTA is expected to boost trade and investment further.