Vietnam, China bolster trade ties

Vietnam’s trade balance with China is expected to improve after enterprises from the two nations inked investment contracts.

Breakthroughs have been made in two-way trade which surpassed targets set by leaders of both nations, he said, noting that with similarities in culture and geographical location, China is always a top market for Vietnam.

According to statistics from the General Department of Vietnam Customs, bilateral trade revenue reached US$71.9 billion in 2016, a year-on-year increase of 7.9%. Vietnam exported US$21.97 billion worth of products to China while spending US$49.93 billion on Chinese goods.

By the end of September, Vietnam had earned US$22.2 billion from exports to the neighbouring country, surging 62.2% from the same time last year. Its imports from China increased 15.9% to US$41.7 billion.

Statistics from the China’s General Administration of Customs showed that Vietnam has risen to become largest trade partner of China in ASEAN and its ninth largest in the world.

Notably, with China’s foreign trade and imports from ASEAN falling this year, the value of the country’s purchases from Vietnam has continued to grow by double digits.

Zhi Luxun, Deputy Director-General of the Department of Foreign Trade, said that both sides pose huge trade cooperation potential as they enjoy sound bilateral ties.

Visits made by high-ranking Vietnamese and Chinese leaders over the years together with joint statements and cooperative documents are evidence of the opportunities to bolster investment and business cooperation between the two countries.