Efforts made to spur Vietnam – China trade ties

China is currently Vietnam’s largest import source and second-largest export market, while Vietnam is its northern neighbour’s eighth-largest trade partner. China is also the first trade partner of Vietnam to surpass the 100 billion USD milestone.

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Of the 20 countries and territories importing Vietnamese products, China has been the largest for the last two years, with two-way trade exceeding 100 billion USD.

Vietnam posted a trade deficit of more than 34 billion USD with China last year.

Though China is a major trade partner, the growing deficit over recent years is becoming a source of some alarm.

The Ministry of Industry and Trade has said that to cut the trade deficit and any over-reliance on China, especially amid the COVID-19 pandemic, Vietnam must upgrade its trade mechanisms. The country also needs to identify ways to take part in global value chains at a higher level, thus keeping pace with other developed countries in the region and the world./.

VNA