VN, China promote trade ties
VN, China promote trade ties
The Viet Nam-China trade relationship has seen strong development. China is now Viet Nam’s key export market and its biggest trade partner, said Bui Huy Son, director of the Viet Nam Trade Promotion Agency under the Ministry of Industry and Trade.
Son told a conference to help businesses of the two countries search for co-operation opportunities held in Ha Noi yesterday that bilateral trade had seen a high growth rate. With cultural similarities and favourable geographical locations, China was a potential trade market for Viet Nam.
According to the Vietnamese General Department of Customs, by the end of September this year, Viet Nam’s exports to China reached $22.2 billion in January-September period, marking a year-on-year increase of 62.2 per cent. Its imports also rose by 15.9 per cent to $41.7 billion. Viet Nam’s total import-export turnover with China was $63.9 billion or 25.1 per cent higher from the corresponding period last year.
China’s Customs Department said Viet Nam had become the country’s biggest trade partner in ASEAN and its 9th biggest overall.
Notably, since the beginning of the year, Chinese imports from ASEAN countries have fallen by one per cent. However, its import turnover from Viet Nam has maintained double digit growth.
According to a representative from the Chinese Ministry of Commerce, trade opportunities between the two countries are set to expand thanks to the two countries strengthened bilateral relationship.
The visits of high ranking leaders from the two countries in recent years together with co-operation agreements are evidence of growing ties, he said.
In the last two decades, Viet Nam has actively integrating into the world economy. This creates a favourable environment for the two countries’ firms to operate in each other.
Viet Nam and China also signed investment co-operation agreements at the event, aiming to balance trade between the two countries, enhance exports of Vietnamese products to China and attract Chinese firms to Viet Nam.
The event was attended by leaders from the two countries’ ministries, agencies and associations and more than 100 import-export companies of dragon fruits, rubber, tra fish, rice and garment and textiles.
