RCEP heats up Vietnam – China trade ties

Since the Regional Comprehensive Economic Partnership (RCEP) took effect two years ago, it has heated up trade between China and Vietnam, with a total of 382 cross-border freight trains having been launched from China's Guangxi to Vietnam as of December 31, 2023.
A Chinese freight train departs for Vietnam (Photo: people.com.cn)
A Chinese freight train departs for Vietnam (Photo: people.com.cn)

According to Chinese media, the trains transported 205,400 tonnes of import and export goods, of which the volume of China’s exported goods reached 129,500 tonnes, up 69% and 77% against 2020 and 2021, respectively.

The variety of goods has expanded from 102 to over 620 types in 2023, including industrial machinery, technology products, automotive parts, and regional specialties.

Products carried by the trains now come from more than 20 cities inside and outside Guangxi, such as Guangdong, Zhejiang, and Shanghai.

Since late June 2023, goods have been regularly delivered via Vietnam – China freight train service, with three trains every week on average.

The RCEP, which entered into force on Jan. 1, 2022, comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners, China, Japan, the Republic of Korea, Australia and New Zealand.

NDO