Vietnam becomes sixth largest trading partner of China

The nation has surpassed Germany for the first time to become China's sixth largest trading partner, marking a positive achievement in trade relations between both sides, according to data released by the General Administration of Customs of China.

Dao Viet Anh, the Vietnamese trade counselor of the Vietnamese Embassy in China

Dao Viet Anh, the Vietnamese trade counselor of the Vietnamese Embassy in China

In acknowledgment of the change, a VOV correspondent based in Beijing conducted an interview with Dao Viet Anh, the Vietnamese trade counselor of the Vietnamese Embassy in China, regarding the encouraging feat.

With regard to the achievements recorded in trade exchanges between both sides amid the ongoing novel coronavirus (COVID-19) pandemic, Anh said with the epidemic serving to seriously harm the global economy, along with global trade, co-operation between the country and China can be seen as a bright spot. Indeed, there are plenty of positive results that exceeded initial expectations when the pandemic initially broke out.

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.

Firstly, the drive and active participation of Government leaders, competent ministries, sectors, and localities to remove difficulties in trade co-operation and the exchange of goods between both sides which were severely hit by blocked border gates and seaports due to the impact of the COVID-19 pandemic.

The active involvement of the Government along with local agencies helped to open up trade flows, thereby greatly facilitating trade exchange activities between the two countries and allowing them to rapidly return to normal.

Secondly, the complementarity in the import and export structure of both nations was fully utilised as an important premise in trade turnover as a means of growing in a sustainable manner throughout the past year.

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%

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%

Thirdly, the advantage of geographic location has favourable conditions for the transportation of goods and logistics activities between the two countries through a range of persified types of freight transportation, including roads, waterways, railways, leading to transportation costs and journey times being greatly reduced. Despite these efforts, the impact of the COVID-19 pandemic forced freight charges to continuously increase, causing plenty of difficulties for export-import activities.

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 Vietnam 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.

In order to effectively utilise the Chinese market, the Vietnamese trade official underscored the need for domestic enterprises to thoroughly research the needs, samples, packaging, and tastes of Chinese consumers. This is alongside import and export, quarantine, and customs clearance regulations, as a means of devising a suitable and effective access and penetration strategy for their market.

Vietnamese businesses must also seriously comply with regulations and safety standards set out by international organisations. In addition, thorough attention should be paid to the production and processing of agricultural products in line with relevant standards, such as GLOBALGAP, VIETGAP, and other food safety standards implemented by Chinese regulations. This should be done to ensure that the products of Vietnamese enterprises abide by the food safety standards and can pass their customs clearance activities.

It is therefore necessary to be proactive in becoming involved in trade promotion activities, major fairs, and exhibitions throughout the northern neighbour as a means of promoting and introducing products. This can be done in combination with market studies, and direct connection with Chinese businesses and importers.

It is also essential to develop a team of staff who are proficient in the Chinese language and knowledgeable about their culture who can perform well with regard to the task of connecting, maintaining contacts, and exchanging import-export operations with Chinese partners, Anh emphasised.

english.vov.vn

Related News

Bright spots at the beginning of the year

Bright spots at the beginning of the year

VCN - Production and business activities of enterprises have been vibrant since the first days of the year, thanks to which, many economic indicators in the first 2 months of 2024 are positive and positive. This is the fulcrum of trust and motivation for businesses to continue to develop.
Urging issuance of e-invoices in petroleum retail

Urging issuance of e-invoices in petroleum retail

VCN - The Government, the Prime Minister, the Ministry of Finance and other agencies have issued many instructions to implement electronic invoices on every sale at petroleum retail stores. Besides the achieved results, this work still has difficulties. The tax sector has been taking drastic action to urge the coverage of e-invoices in the petroleum retail trading.
Vietnam experiences a trade surplus of over US$11 billion in two months

Vietnam experiences a trade surplus of over US$11 billion in two months

VCN - The trade turnover between Vietnam and China reach over US$27 billion only in two months

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version