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Vietnam-China trade turnover reaches US$100 billion in ten months

20:23 | 16/11/2020

China has retained its position as Vietnam’s largest trade partner and has become the first market to reach US$100 billion in terms of bilateral trade turnover, with this figure being achieved by the end of October, according to data released by the General Department of Vietnam Customs.

October alone witnessed Vietnam’s total export turnover to the northern neighbour reach approximately US$5.5 billion, bringing total turnover throughout the ten-month period to over US$37.9 billion, with ten commodity groups exceeding US$1 billion in revenue.

Furthermore, the nation spent US$8 billion on imports from China in October, bringing total import turnover from the Chinese market to more than US$65.6 billion during the opening ten months of the year.

Despite a number of positive signs, recent developments relating to trade tensions between the United States and China, along with the novel coronavirus (COVID-19) pandemic, are predicted to affect Vietnamese import-export activities in the near future.

As a means of facilitating the export of goods to China, the Ministry of Industry and Trade (MoIT) has simplified administrative procedures, made institutional reforms, and improved the investment climate in order to reduce costs for businesses.

Moreover, the MoIT has also enhanced online public services, deployed a national single-window mechanism, and co-ordinated alongside relevant agencies to assess China’s import needs, with a specific focus on a number of major export items.

The MoIT has also moved to open a trade promotion office in the localities of Hangzhou and Zhejiang in an effort to strengthen connectivity for Chinese businesses who are seeking business opportunities with local firms.

Source: VOV