Vietnam, China boost trade links

Wednesday, 2017-11-08 17:30:14
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At the conference (Credit:
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NDO – A conference to boost trade links between Vietnamese and Chinese enterprises was held jointly by the Vietnam Trade Promotion Agency (under Ministry of Industry and Trade) and Chinese Foreign Trade Department (Ministry of Commerce) in Hanoi on November 8.

At the conference, Director of the Trade Promotion Agency Bui Huy Son said that the trade relations between Vietnam and China have strongly developed. Currently, China is a key market for Vietnamese exports as well as one of the largest trading partners of Vietnam.

According to the statistics released by the General Department of Vietnam Customs, Vietnam – China total trade turnover reached US$71.9 billion in 2016, a year-on-year increase of 7.9%. Last year, Vietnam’s exports to China reached US$21.97, up 28.4%; while import turnover from China was US$49.93 billion, up 0.9%; and trade deficit was recorded US$27.9%, down 13.67%.

By the end of September 2017, Vietnam’s export-import turnover to China reached US$63.98 billion, a year-on-year increase of 25.1%.

According to Chinese Customs, Vietnam rose to become China’s first major trading partner in the ASEAN bloc and the ninth largest trading partner in the world.

Zhi Luxun, deputy director-general of the Department of Foreign Trade at the Chinese Ministry of Commerce, said that the potential, opportunities and spaces for economic and trade cooperation between the two countries will continue to open in the coming time.

The official visits made by senior leaders from the two countries over the past years, particularly in 2016 and 2017, as well as joint statements and cooperation documents will enhance the investment and business cooperation for Vietnam and China, he added.

At the conference, Vietnamese and Chinese enterprises signed investment contracts, thus contributing to the enhancement of export capability of Vietnam’s commodities to Chinese market as well as attracting investment from Chinese businesses to Vietnam.