According to the department, the bilateral trade reached 175.6 billion USD in 2022, accounting for approximately 24% of Vietnam's total import-export turnover. In the first five months of this year, the two-way trade value hit 61.5 billion USD, an annual decrease of 14.5%. It is worth noting that Vietnam's exports to and imports from China account for 15% and 32.8% of its respective total figures with the world.
Minister of Industry and Trade Nguyen Hong Dien said China is no longer an easy market as before, and that this big economy have been still exporting many products. Chinese exports are quite similar to those from Vietnam, posing both advantages and challenges for Vietnamese goods, he noted.
For better exports to the market, the minister advised businesses to adapt their production methods towards safety and specific standards, and ensure that their cultivation processes meet traceability requirements.
A representative of the Vietnam Trade Office in China has proposed enterprises further enhance the quality of goods, strictly implement measures for food safety inspections, adhere to packaging regulations, and improve the competitiveness of their products. Improving packaging designs to better suit the market’s consumer preferences is also necessary.
Le Quang Trung, Vice Chairman of the Vietnam Logistics Service Business Association, recommended relevant ministries and sectors to consider establishing a customs clearance centre at Vietnam-China border gates to quickly address any arising issues in the process. Additionally, streamlining administrative procedures between their customs authorities will help shorten the clearance time and expedite the flow of goods, he added.
Given the situation, Prime Minister Pham Minh Chinh’s ongoing official visit to China from June 25 to 28 is expected to further strengthen, expand, and enhance the effectiveness of the countries’ relationship across fields, particularly economy and trade.