China is officially Vietnam’s key export market and biggest trade partner, according Vietnam News.
Bùi Huy Sơn, director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, told a business conference in Hanoi this week (8 November) that bilateral trade had experienced a high growth rate, the site said.
Vietnam’s total exports to China reached US$22.2bin in January-September, a year-on-year increase of 62.2 per cent, according to the Vietnamese General Department of Customs. Its imports also rose by 15.9 per cent to US$41.7bn.
China’s Customs Department said Vietnam 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 Vietnam has maintained double-digit growth, Vietnam News said.
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.