While briefing remarkable results in economic diplomacy and trade exchanges between Vietnam and China in 2024, Counsellor Nong Duc Lai stressed that despite declining trade between China and many of its partners, especially major ones, Vietnam is one of the few partners that has maintained stable trade with China with double-digit growth.
Vietnam is China's fourth-largest trading partner globally and the largest within ASEAN.
He cited data from Chinese customs, which showed that the total import-export turnover between the two countries in the first 11 months of 2024 reached 235.4 billion USD, an increase of 14% year-on-year. The figure exceeded 250 billion USD by the end of 2024.
Notably, exports of Vietnamese agricultural products to China continue to maintain high growth rates.
Market opening for agricultural products has also seen positive results. The two countries have signed protocols allowing the official export of fresh coconuts, frozen durians, and farmed crocodiles from Vietnam to China, contributing to the growth of agricultural exports to China in 2024 and the coming years.
Efforts to facilitate trade continue to be promoted. Since the beginning of the year, customs clearance at border gates has generally been smooth. Local authorities and relevant agencies have actively coordinated to resolve issues to minimise congestion at border gates, often occurring during holidays and peak seasons, thereby reducing additional costs for businesses.
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At the Vietnam Fruit Festival in Beijing |
Trade promotion activities have not only innovated but also expanded in areas to support businesses in connecting with partners and exploring market expansion.
Events such as the Vietnam Fruit Festival in Beijing and the Vietnamese booth at the International Food and Drinks Fair 2024 in Jinan, Shandong Province, have positively impacted Vietnamese agricultural products in penetrating domestic markets and northern regions of China.
Cooperation between localities as well as ministries and sectors of the two sides has also gained practical results, contributing to fostering bilateral trade ties.
Vietnam plans to further leverage its geographical advantages to China, utilise preferential treatment under joint cooperation frameworks, while optimising both bilateral and multilateral cooperation mechanisms to tap into China's 1.4 billion people and large consumer market.
In addition to these achievements, there are still some noteworthy issues in Vietnam-China trade cooperation that need to be addressed promptly, such as a high trade deficit, local warnings regarding food safety standards for agricultural products, and issues related to building and developing brands in the Chinese market.
Regarding the bilateral trade prospects in 2025, counsellor Nong Duc Lai assessed that given the current positive development of bilateral relations, the recent high-level visits have provided new momentum for strengthening bilateral cooperation and facilitated the two countries’ sectors, localities and business to expand collaboration across all sectors, with economic and trade partnerships remaining an important pillar.
During the recent mutual visits by the countries' Party and State leaders, numerous agreements were signed, mainly focusing on economic and trade cooperation, which has provided a stepping stone for collaboration in 2025 and beyond.
Vietnam plans to further leverage its geographical advantages to China, utilise preferential treatment under joint cooperation frameworks such as the ASEAN - China Free Trade Area (CAFTA) and the Regional Comprehensive Economic Partnership (RCEP), while optimising both bilateral and multilateral cooperation mechanisms to tap into China's 1.4 billion people and large consumer market.
