Vietnam becomes China’s sixth largest trading partner

Vietnam has become the sixth largest trading partner of China in 2020, up two places compared with2019.

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Illustrative image

According to preliminary statistics from Vietnam Customs, two-way trade revenue between Vietnam and China reached US$133.09 billion in 2020, up 13.8% on2019 despite the negative economic effects of the COVID-19 pandemic.

Vietnam posted export revenue from China of US$48.9 billion in 2020, up 17.9%, and import revenue of US$84.1 billion, up 11.5% over the same period in 2019. Thus, Vietnam suffered a trade deficit of US$35.2 billion, an increase of 3.74% against 2019.

China continues to be the country’s largest tradingpartner, the largest commodity supplier to the market and the second largest export market of Vietnam (after the US).

The main growth driver of Vietnam-China trade in 2020 is the growth of manufacturing and processing goods with revenue of US$37.07 billion, up 20.06% and construction materials with revenue of US$3.12 billion, up 104.09%.

However, several traditional Vietnamese goods faced difficulties in their export activities to China including agricultural and aquatic products with export revenue of US$6.8 billion in 2020, down 3.3% compared to 2019.

According to statistics from China Customs, Vietnam is the eighth largest commodity supply market and the fifth largest export market of China.