Vietnam-China trade likely to reach $100 billion

Bilateral trade between Việt Nam and China will touch a record high of US$100 billion this year, after reaching $93.69 billion last year, experts predict.

Last year’s two-way trade was $21.79 billion higher than in 2016 and accounted for 22 per cent of Việt Nam’s total import-export value, according to statistics from the General Department of Customs.

Vietnamese exports to China experienced a significant yearly increase of 61.5 per cent to over $35.46 billion. That helped to reduce Việt Nam’s trade deficit with China to $22.76 billion last year from $28 billion in 2016.

Telephones, a major item of export, recorded the highest turnover of $7.15 billion, up $6.35 billion compared to that of the previous year, according to the latest data.

Last year also saw 13 staple products with export earnings of more than $1 billion, up by six staples against the previous year. The new items include seafood, with nearly $1.1 billion in export earnings, rice ($1.02 billion), rubber ($1.44 billion) and footwear ($1.14 billion).

The Ministry of Industry and Trade says bilateral trade ties between the two countries have been growing in the past few years.

China is one of Việt Nam’s largest trade partners and is also a key export market, the ministry said.

Besides trade, China is currently one of the 10 biggest foreign investors in Việt Nam, with a total registered investment capital of more than $12.1 billion.

During a visit to China last May, President Trần Đại Quang urged Vietnamese and Chinese firms to continue initiating innovative ideas to create a new momentum for bilateral economic partnership.

He suggested Chinese companies invest in infrastructure, logistics and electronics and support industries while protecting the environment and engaging in social activities in Việt Nam.

President Quang asked the two sides to facilitate access to each other’s markets.